Importance of trust and reputation in the bullion industry
For many years, there were reported cases of Singapore wealth builders fallen prey and lost huge chunk of their wealth to various gold scams. This is not surprising as many bullion dealers set up shops following the implementation of GST exemption of investment grade physical precious metals in 2012. To avoid being ripped off by dishonest bullion dealers, always buy from reputable and trustworthy bullion brokers. Don’t ever go for the ones that offer the lowest premiums because good things don’t come cheap, and cheap things don’t certainly come good.
Developing trust is critical in the bullion industry. To this end, BullionStar has recently reported a good FY2015 report. Revenue grew 43.8% as compared to FY2014. This growth was remarkable given that it took place in the wake of falling precious metal prices. Asian demand had been strong as investors took the opportunity to accumulate bullion to their portfolios at a bargain. So clearly, BullionStar’s CEO, Mr Torgny’s bet on Singapore being Asia’s gold hub had paid off.
In terms of financial strength, BullionStar had been profitable since FY2014 and FY2015. The company also has no outstanding long term debts to financial institutions. Going forward, the company foresee that FY2016 will deliver even better results with a slew several features going to be rolled out that would allow international customers to trade with BullionStar.
BullionStar is also fast gaining market share in Singapore. In FY2015, more than 10,700 customers placed order with BullionStar, with the average order being SGD5894 and median order SGD970. 100 gram gold bars was the most popular choice and made up almost half of its products sold. The second most popular product was the 1kg gold bar.
What sets BullionStar apart from its competitors is its extensive use of technology which revolutionizes the traditional way of doing things within the bullion industry. Through its proprietary online trading platform, customers are able to manage their orders efficiently and control their bullion holdings 24/7 online.
Another differentiating selling point of BullionStar is its offering of My Vault Storage, an end-to-end solution for buying, selling and storing bullion. This service addresses the needs of customer wanting full control of their bullion portfolio 24/7. Just imagine you have purchased ten 1kg gold bars which valued about SGD520,000. Would you store them in your home or at a safe and secured vault?
Magically Yours,
SG Wealth Builder
