SK Bullion Closed Down

[livingston]

Hi, as i used to be one of the frequent metal buyer over there, just notice that it was closed down, anyone know what is the reason?

 

[makav31i]

The answer is in your own post...If everyone "used to be a frequent metal buyer" how are they going to sustain the business...

 

[foxer77]

They only earn a few dollar off the spot price with so many competition around like new shop gold heart bullion , very hard to survive.

 

[dexboi]

Bought over by Soo Kee Jewellery I guess. Already moved into their HQ so it makes business sense to absorb them away.

 

[lifeafter41]

Just stick with UOB......lol

 

[livingston]

Last time they offer good buy back system, now they are gone, how about all those physical gold and silver? sold back to other gold silver shop?
or they close down because many shopper want to sell back their gold and silver, so they prefer closed down?

 

[ctan84]

Face palm.... SK Bullion is a subsidiary of SK Group which owns SK Jewellery in malls around Singapore. The products in the bullion shop can be deployed to be sold in any of their other jewellery shops. For gold & silver that were bought back, they could also be melted in their factories to be made into their retail range of precious metal products.

 

[makav31i]

Face palm.... SK Bullion is a subsidiary of SK Group which owns SK Jewellery in malls around Singapore. The products in the bullion shop can be deployed to be sold in any of their other jewellery shops. For gold & silver that were bought back, they could also be melted in their factories to be made into their retail range of precious metal products.

You even more face palm...Melting Gold or Silver coins that are legal tender are illegal in almost all country...If it is not a legal tender such as rounds and bars, you need the approval of Director of CID to melt the gold or silver rounds or bars in Singapore to prevent money laundering...If no such laws existed, any Tom, Dick and Harry who aquire gold illegally can just melt it into jewelry to sell to pawnshop or elsewhere...

If you look at the price sold at SK Jewelry Shop and the price sold at SK Bullion, I think most people would rather buy from the SK Bullion Shop...If SK Jewelry start selling bullion at bullion price, it would be a competition to their own rounds and jewelry sold at the shops...

 

[foxer77]

Last time they offer good buy back system, now they are gone, how about all those physical gold and silver? sold back to other gold silver shop?
or they close down because many shopper want to sell back their gold and silver, so they prefer closed down?

u can sell it to bullionstar . think the rate not much difference still better than pawn shop.