Retail in Asia

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Singapore’s Soo Kee Group to start selling gold bars

Gold Bullion - Retail in Asia

Singapore jeweller Soo Kee Group yesterday made its foray into the potentially lucrative bullion business, marked by the company as one of its key future growth drivers.

The Catalist-listed group launched SK Bullion, a platform providing buying, selling and insured storage services for investment-grade gold, silver and other precious metals.

It will also open a bricks-and-mortar SK Bullion store at Clifford Centre in Raffles Place next month.

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Soo Kee in April bought a 70 per cent stake in a bullion business distributing precious metals in Singapore, Malaysia and Indonesia.

“Today, we are seeing a lot more uncertainty on the world stage. At the same time, we are also seeing growing demand for precious metals like gold, which are known for their safe-haven qualities,” chief executive Daniel Lim told The Straits Times in an interview.

“And in Singapore, people are becoming more sophisticated when it comes to wealth management, so many of them find it quite attractive to park some of their wealth in gold or silver.”

Mr Lim said SK Bullion, which is focused on physical gold and silver products, will offer customers a “one-stop solution”, especially those seeking alternative investments.

(Source: Straits Times)