One of Europe’s largest bullion dealers has launched an online shop in Singapore.
Degussa Goldhandel, an award-winning global brand for precious metals, is hoping to replicate the success of its online shop in Germany, which is ranked among the top 20 online retailers. A quarter of all Degussa’s sales in Germany last year were online.
Degussa entered the Asian market in October, opening a boutique store in Singapore. It reports a steady demand for solid gold bars and its safe-deposit boxes, the largest number in a retail boutique. The company says the online shopping platform will provide a discreet option for its customers in Singapore, who will be able to use it to buy such products as investment-grade precious bars and coins.
“From Degussa’s experience in Germany, Spain, Switzerland and the UK, we have seen a trend in our customers making online purchases from the comfort and privacy of their homes and offices,” says Degussa Precious Metals Asia MD Michael Kempinski.
Degussa’s 3000 sqft (278 sqm) Singapore branch on Orchard Rd offers a range of bullion products including gold, silver and platinum coins, investment bars and gift collections such as gold cufflinks and watches, pens, money clips and gold coin collections. Its in-store experts can value and buy gold and silver pieces such as jewellery, coins and ornaments.
Degussa Goldhandel Switzerland has been active in the market since 2012. The group’s head office is in Frankfurt, and there are branch offices in nine German cities as well as Madrid and Zurich. The group has its own precious metals refinery in Germany.