Degussa Singapore Latest

Back on November 3, 2015, I blogged about how Degussa, a leading international player in the precious metals world, had just opened its first Asian branch in Singapore. Yesterday, I came across an article on The Edge Markets website about Degussa Singapore. Jeffrey Tan reported:

Degussa Singapore is part of an expansion plan driven by Germany-based Degussa Goldhandel to tap the Asian market. The latter sees Asia as a “critical market” and Singapore as its “key stepping stone” to expand into the region.

“Trust is the most important thing in our business. Our goal [here] is not to push sales, but tell customers who we are [and] what we are doing. [We want] to build up the trust base,” [Degussa Singapore managing director Michael] Kempinski tells Personal Wealth in an interview.

Degussa Singapore opened its doors at 22 Orchard Road last October. The boutique outlet offers retail investors an opportunity to invest in precious metals, including a range of investment bars and gold, silver and platinum coins of various weights. It also offers gift collections such as pure-gold cufflinks, watches, writing instruments and money clips.

Beyond that, Degussa Singapore provides clients with an option to store their precious metal assets. These will be kept in safe deposit boxes stored in the vault at the Orchard Road outlet or a Degussa depot in a separate location in Singapore. The company also purchases scrap precious metals at reasonable prices…

(Editor’s note: Bold added for emphasis)

Degussa’s Singapore branch started offering their safe deposit box service in mid-October 2015, Mr. Kempinski advised Offshore Safe Deposit Boxes in an e-mail later that month.


Degussa Chief International Officer Raphael Scherer on CNBC TV
YouTube Video

Tan talked more about secured storage at the Orchard Road facility later in the piece. He added:

A concern of clients is storage security. Kempinski acknowledges that people in Singapore still prefer to store their valuables in banks rather than elsewhere. He emphasises, however, that Degussa Singapore’s storage facilities are equally secure. “We provide the same level of protection. Cisco is protecting the bank; it is also protecting us.”

(Editor’s note: Bold added for emphasis)

I suspect that preference to store private wealth in financial institutions is still common in many parts of the world, including the United States. However, secured storage of valuables outside the banking system is an idea that’s catching on with the public, as recent growth in the global private vault industry demonstrates.

Offshore Safe Deposit Boxes wishes Degussa all the best with its ongoing expansion. An interesting interview, which you can read on The Edge Markets site here. And for more information about Degussa Singapore, you can visit their website here.

By Christopher E. Hill
Offshore Safe Deposit Boxes (www.offshoresafedepositboxes.com)

(Editor’s note: The mention of entities marketing themselves as private vaults outside the U.S. offering safe deposit boxes/lockers at a minimum should not be construed as confirmation of services claimed to be provided or any sort of recommendation. A qualified professional should be consulted prior to making a financial decision based on material found in this weblog. If this recommended course of action is not pursued, then it must be understood that the decision is the reader’s and the reader’s alone. Christopher E. Hill, the creator/Editor of this blog, is not responsible for any personal liability, loss, or risk incurred as a consequence of the use and application, either directly or indirectly, of any information presented on the site.)

Share