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buying gold at changi airport

Seattle, Washington
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buying gold at changi airport

Hi, during my travel I have a layover time at Singapore airport. I am planning to buy gold coins. May I know in advance if there are any store inside Singapore airport which sells gold coins? will it be duty free? I saw goldheart, skjewellery, luvenus shops under jewelry category on change airport. Do any of those stores sell gold coins. maple ?

thanks

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1. Re: buying gold at changi airport

There are quite a few jewellers at the airport and at least one whose name escapes me in T1 that seemed to sell nothing but gold.

There is no duty on gold in Singapore anyway. Buying at the airport means you don't have to pay the 7% GST.

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2. Re: buying gold at changi airport

Thanks for your reply..

which kind of coins do we get? Canada maple leaf or Australian coins? how much do they weigh?

Kathmandu, Nepal
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3. Re: buying gold at changi airport

Hello,

I saw some jewelry shops inside the airport but not sure if they sell coins. As they are inside the airport they must sell tax free [GST / 7%]. I am not sure what kind of coins they would sell, you may check with them.

Kottayam, India
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4. Re: buying gold at changi airport

Gold is cheaper in Australia or Singapore ? can somebody help ?

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5. Re: buying gold at changi airport

Always confirm the buying and selling prices for gold bullion items (bullion coins, gold fabrications like necklaces from gold shops, etc.). Confirm that these are the net spreads for you, if you make a purchase. Not some faked spread before possible sneaky add-ons. Know what is a good spread percentage between buying and selling - at home and in other countries where spreads are narrow by global standards. Will Changi airport be a good place for this? You can find out if you know global best-pricing before arriving, then check buying and selling prices in Changi Airport.

It might be good to get familiar with a few Websites on bullion coin sales. Then check with Changi Airport dealers. Then walk away and revisit those Websites using Changi's WiFi. Then, and only then, making a purchase if it seems rational.

If you don't read US coin magazines, you might want to buy one and look through it. And research options for purchasing gold bullion coins near home. E.g. what about Portland, or mail order, for such purchases? If you understand the pricing and risks locally, you would be better prepared for Changi Airport's scene.

Expect to pay cash to avoid credit card surcharges. Make sure that any banknotes you use are in acceptable condition. Expect that, if you want to use currencies other than SGD, to pay a less than optimal exchange rate. Money changers in Changi offer rates that aren't bad by global standards, but which can be beaten by perhaps 2-3% at an in-town money changer like Mustafa. (You can again check the spread between buying and selling rates on the Mustafa FOREX page, and compare those with airport rates. For USD, Mustafa offers about 1% spread between buying and selling rates - stunning efficiency by global standards. Compare that with, perhaps, 20%+ spreads between buying and selling rates at Travelex, or whomever, in Seattle Airport.)

In short, avoid an impulse purchase by being prepared, and by having backup Websites which you can turn to while in the airport. And be prepared to optimize that purchase experience.

Some naive questions about gold in Singapore. If GST is charged on gold items in Singapore, that would seem to make it a bad deal, compared with some other places. Is GST charged on gold items like rings and necklaces at gold shops? (We have Singapore gold items, but purchased by ancestors long before there was a GST.) If so, that would seem to make Singapore uncompetitive compared with, say, Bangkok or Dubai. Ditto on gold bullion coins, compared with other cities. Would costs of business in Changi Airport, vs. the volume of business done, make an airport location good for buying gold? That's where you need to know the spread between buying and selling, and to know what places have the narrowest spreads. Airports may be duty free, and tax free, but nevertheless overpriced (or not) because of their costs of doing business in airports compared with their volume of business and profit model.

Have you seen this page? Check the links in the left sidebar. Those might lead to something..

mas.gov.sg/currency/…2010s.aspx

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6. Re: buying gold at changi airport

There are 2 Luvenus gold stores operating 24 hours in the Terminal 1 and 2 Departure Lounge after immigration ..you can check there .may be you can find all what you want

7. Re: buying gold at changi airport

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