Frequently Asked Questions
Is GST Being included in the final prices?
Most of the bullion Central Precious Metals carries are classified under IPM and are GST exempted.
For bullions that are subjected to GST, our website will indicate that “Selling price is inclusive of GST”.
Do you carry gold items other than what shown on this website?
We carried a wide range of gold bullion products in our stock, only the more popular items are shown on our website, most of them are displayed in our premises. To check for the availability of your desire item, you may call or visit our premise direct.
You can also find some of our unique gold jewelleries collections in our Gold Collection page.
If I receive a quote, how long is the price good for?
If you receive a quote from us without placing an order, either selling or buying, the quote is subject to change immediately. Subsequently if you would like to fix your price with us, we will have base on the current market spot rate and provide you with a new quote.
Do you base your buying/selling price on the current gold price?
Prices on our website are up-to-date during business hours, base on the current market price, are updated continuously to reflect the fluctuations in the spot gold price throughout the trading day.
Can I cancel my order?
As we only transact with you over the counter, you should have agreed the price and have inspected the item carefully, we do not allow cancellation of order once Sale Invoice is issued and fully paid.
I’ve forgotten my password, how do I reset it?
If you’ve forgotten your password you can re-set it via our website.
If you have not logged on before on our website, your Account Executive will need to activate this function – please contact us at 6532 6683 or via email.
Cash Transactions above S$20,000
If I paid cash for S$20,000.00 or more for my gold purchased from you, am I bounded for The Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act?
With effective from 15th October 2014 onwards, Precious Stone and Metals Dealers (PSMDs) are require to submit a Cash Transaction Report (CTR) to Suspicious Transaction Reporting Officer (STRO) for cash transaction conducted with a customer with cash payment of S$20,000 and above (or its equivalent in a foreign currency) for one or more transaction in a single day, will be bounded by the act and is required to provide the information and documents required.
What are the information/documents that I am require to provide in order to complete the Cash Transaction Report if I make cash payment for S$20,000 and more (or its equivalent in a foreign currency)?
Information / documents required to complete the Cash Transaction Report are as follows:
- name of person
- residential address
- date of birth
- proof of ID, such as IC, passport, work permit etc., expiry date if any
- to provide information (item a to f) of original purchaser if you are making payment on behalf
- a copy of the ID will be retained as supporting document to form NP759 to Singapore Police Force, as required.
For more information kindly refer to : https://www.police.gov.sg/e-services/report/suspicious-transaction-report-online-lodging-system/cash-transaction-reporting-regime-for-precious-stones-and-precious-metals-dealers
Investment Precious Metals (IPM)
What is an Investment Precious Metal (IPM) product?
Precious metals in the form of bar, ingot, wafer or coin that meet certain criteria, can qualify as IMP. Importation and local supply of IPM are GST-exempted with effective from 1 Oct 2012.
What are the criteria to qualify as an Investment Precious Metal product?
To qualify as an IPM product, precious metals in the form of bar, ingot, wafer or coin has to be:
- It is gold of at least 99.5% purity, silver of at least 99.9% purity or platinum of at least 99% purity
- It is capable of being traded on the international bullion market.
- For Gold and Silver, refined by a refiner in the current or former “Good Delivery” list of the London Bullion Market Association (LBMA)
- For Platinum, refined by a refiner in the current or former “Good Delivery” list of the London Platinum and Palladium Market (LLPM)
- A refiner who intends to be in the “Good Delivery” List of the LBMA or LLPM and is endorsed by International Enterprise (IE) Singapore
- It bears a mark or characteristic that is internationally accepted as guaranteeing its quality
- It is not a decorative bar, ingot or wafer or a collector’s bar, ingot or wafer
Gold/Silver coins that qualify as IPM are prescribed under the Fourth Schedule to the GST Act. Coins that are listed in the prescribed listed but which are the proof, numismatic or collector’s coins would not qualify as IPM because they are traded as prices largely determined by their rarity, finishing and beauty instead of based on the prices of the precious metals they contain.
Please visit https://iras.gov.sg for more information on IPM