BullionStar News
Writers Torgny Persson, Koos Jansen
& Hong Kang See

Degussa Singapore Closing its Bullion Store

Friday the 20th of October 2017
Just 2 years after opening its first precious metals store in Asia, on Orchard Road in Singapore, German company Degussa GoldHandel has now surprisingly announced the imminent closure of this store.

According to the Degussa Singapore website:

Degussa Singapore will cease its retail operation at 22 Orchard on the 31 October 2017.

A Singapore branch of Degussa was opened by German company Degussa GoldHandel in October 2015 as part of its international expansion strategy, wherein it saw Singapore as a location that it regarded “as having a high growth potential for Degussa.” Degussa Goldhandel is a shortened version of Degussa Sonne / Mond Goldhandel GmbH, the full name of the German corporate parent.

Degussa operates in Singapore as “Degussa Precious Metals Asia Pte Ltd”, and is known as Degussa Singapore. Degussa Singapore had offered Degussa branded precious metals bars, a range of precious metals coins and collectibles, and storage facilities in the form of safety deposit boxes and other secure storage facilities.

Degussa GoldHandel also operates 10 bullion product stores in Germany as well as branches in Switzerland (Zurich and Geneva) and Spain (Madrid). Degussa GoldHandel also fully owns London bullion dealer Sharps Pixley in central London.

Degussa’s exit from Singapore so soon after committing to the Singaporean and wider Asian market is surprising, but may be related to its loss-making financial position. For the full year ended 31 December 2016, Degussa Precious Metal Asia Pte Ltd registered a net loss of SGD 2.8 million on revenues of SGD 59 million. At the same time, Degussa Singapore’s total liabilities exceeded total assets by SGD 4.35 million. This followed its first full financial year which ran from its... Continue Reading
By: BullionStar
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