Gold nuggets

[ProjectMayhem]

I have a friend who married an Indonesian girl from a remote village there which literally sits on a gold mine.

Recently he went there and with the permission of the village chief, he started out a crude operation of excavating the ore and making them into crude nuggets which are about 60-70% pure gold and selling it to friends at a slight discount compared to market price.

Now most of these friends he sold these gold to are Malaysians. Somehow they managed to bring this gold back to their country by smuggling it in. And then re-melting them making them into small bars and re-selling it back to the market at about 2-3% discount of market price.

I am wondering how this works and if this can be done legally in Singapore?

What do I need to have to import physical gold into Singapore?

Appreciate some advise.

 

[makav31i]

My advice is to bring the gold ore to Logam Mulia in Indonesia and melt into 999 bars and bring it back to Singapore...only thing is you need to declare it at customs in Singapore but you don't need to pay GST as Logam Mulia is in the LBMA good delivery bars list...if you were to bring in gold nugget you have to pay GST when you bring it into Singapore and you will have a hard time selling or would be offered a low price as no one knows the purity of the gold...One thing to note is that if you want to melt the gold nuggets in Singapore, you need the approval of Director of CID..

So safe yourself the trouble and get Logam Mulia to help melt the gold ores into gold nugget...

 

[ProjectMayhem]

My advice is to bring the gold ore to Logam Mulia in Indonesia and melt into 999 bars and bring it back to Singapore...only thing is you need to declare it at customs in Singapore but you don't need to pay GST as Logam Mulia is in the LBMA good delivery bars list...if you were to bring in gold nugget you have to pay GST when you bring it into Singapore and you will have a hard time selling or would be offered a low price as no one knows the purity of the gold...One thing to note is that if you want to melt the gold nuggets in Singapore, you need the approval of Director of CID..

So safe yourself the trouble and get Logam Mulia to help melt the gold ores into gold nugget...

Thank you for the invaluable info

Wat is LBMA btw?

 

[makav31i]

Thank you for the invaluable info

Wat is LBMA btw?

LBMA stands for the London Bullion Market Association...it has a list of gold or silver bars from refiners which are readily accepted to be traded in the international commodities market...In Singapore context, only gold or silver bars in the LBMA list and the specific gold and silver coins are exempted from GST...all others still need to pay GST..

 

[ProjectMayhem]

What if I want to buy gold nuggets from Philippines instead?

Particularly in the Davao (Mindanao) region.

The only recognised LBMA certification centre there is at Quezon City which is very far away.

Anybody knows any alternative?

 

[makav31i]

What if I want to buy gold nuggets from Philippines instead?

Particularly in the Davao (Mindanao) region.

The only recognised LBMA certification centre there is at Quezon City which is very far away.

Anybody knows any alternative?

Bring the gold nugget to Logam Mulia in Indonesia to melt into bars to bring into Singapore...I know Perth Mint can melt gold into bars..if I remember my last conversation with them correctly, you need to register a company and they only accept gold jewelry, bars and rounds to be melted into perth mint bars...

Are you bringing the gold to Singapore or not?

 

[ProjectMayhem]

Bring the gold nugget to Logam Mulia in Indonesia to melt into bars to bring into Singapore...I know Perth Mint can melt gold into bars..if I remember my last conversation with them correctly, you need to register a company and they only accept gold jewelry, bars and rounds to be melted into perth mint bars...

Are you bringing the gold to Singapore or not?

yes i am intending to bring the gold into singapore but this time round it is not coming from indonesia but from the philippines....is there something like a Logam Mulia in Philippines?

 

[makav31i]

yes i am intending to bring the gold into singapore but this time round it is not coming from indonesia but from the philippines....is there something like a Logam Mulia in Philippines?

The only LBMA certified bars from Philippines is from the Central Bank of Philippines...I don't know if you know anyone inside who can melt the gold nugget to make it into bars for you..I am not sure how you can get it done..so the best option is still to go through Logam Mulia in Indonesia...

If you are intending to bring it to Singapore, do set up a company here...