How to choose a gold dealer in Singapore starts with one check that takes two minutes: is the company on the Ministry of Law’s list of registered dealers? After that, compare the dealer’s buy-back terms, storage and insurance arrangements, and what it charges for the way you plan to pay. The checklist below covers ten points, with where to find each answer.
It matters because the gold itself is only part of the risk. In September 2026 the Ministry of Law cancelled one dealer’s registration and suspended five companies; our news report has the details. Gold prices can fall as well as rise; past performance is not a guide; gold pays no interest.
What Registration Does and Does Not Mean
Anyone in Singapore whose business is buying or selling precious metals or stones, or acting as an intermediary, must register with the Ministry of Law’s AML/CFT Division under the Precious Stones and Precious Metals Act. Banks and others regulated by MAS, and pawnbrokers, are exempt.
Registered dealers must check their customers before transactions above S$20,000 in cash or cash equivalents, must not go ahead if they cannot complete the checks, and must file a cash transaction report within 15 business days (Ministry of Law).
Registration is an anti-money-laundering regime. It does not vet a dealer’s prices, storage or financial strength. That is why the rest of the checklist matters.
The short version: registration is the floor, not the finish. A registered dealer can still have high charges, strict buy-back rules or storage terms that do not suit you.
How to Choose a Gold Dealer: The Checklist
| Check | Where to look | What to look for |
|---|---|---|
| 1. On the register | Ministry of Law list of registered dealers (PDF) | The exact company name, and that it is not on the suspended or cancelled list |
| 2. Not on alert lists | MAS Investor Alert List | No entry for the company or website |
| 3. Products qualify as investment gold | The product page and the IRAS e-Tax guide | Bars of at least 99.5% gold from an LBMA Good Delivery refiner; coins on IRAS’s prescribed list |
| 4. Published buy-back policy | The dealer’s sell or buy-back page | Whether it buys gold bought elsewhere, any deductions, payout timing |
| 5. Both prices on the same day | Product pages or a phone quote | The selling and buy-back price for the same item, for the premium and spread |
| 6. Storage terms | The storage page and contract | “Allocated” and “segregated”, metal held in your name, kept off the dealer’s balance sheet |
| 7. Insurance and audits | The storage page | Named insurer or broker, what is covered, audit frequency and who audits |
| 8. Payment charges | The payment page | Card and NETS surcharges; whether PayNow or bank transfer is free |
| 9. Cancellation and minimum fees | Schedule of charges | Cancellation charges, minimum storage fees, withdrawal fees |
| 10. Paperwork | At purchase | An invoice showing the product, weight, purity and price; keep it for resale |
Checks That Catch the Costly Problems
Investment-grade status. IRAS exempts gold bars of at least 99.5% purity from refiners on the current or former LBMA Good Delivery list, carrying a recognised hallmark, and coins on a prescribed list. Decorative bars, pendants with a hole and proof coins do not qualify, so GST applies. See our guide to GST on gold.
Buy-back terms. Some sellers buy back only what they sold. UOB, for example, accepts only gold originally bought from UOB or OUB. Others, such as Silver Bullion, say they buy .999 bullion bought anywhere. Read how to sell gold in Singapore before you buy.
Storage minimums. A daily or monthly minimum can turn a 0.3% headline fee into 1% or more on a small holding. Our comparison of where to buy gold works through S$10,000 at seven providers.
Payment. Card surcharges of 3.3% to 4.5% appear on some dealers’ pages, more than many bars’ premium.
Red Flags
- Guaranteed returns, monthly “profit” payments or buy-back promises above the market price.
- Pressure to pay quickly, to a personal account, or in cash outside the dealer’s premises.
- Someone claiming to be from a bank, MAS, the Ministry of Law or the police asking you to buy gold or hand it over. In an advisory on 20 February 2026, the Singapore Police Force reported at least 18 such cases since the start of that month, with losses of at least $2.9 million, in which victims were told to hand gold, jewellery and watches to fake officials.
Our guide to gold scams and fake gold has more, and the ScamShield helpline is 1799.
What To Do Next
- Check the dealer on the Ministry of Law list and the MAS Investor Alert List on the day you buy.
- Compare a live quote and buy-back price from two dealers with the gold premium calculator.
- Read the reviews of BullionStar, Silver Bullion and Indigo Precious Metals, and our step-by-step guide to how to buy gold in Singapore.
- Do your own due diligence. This checklist is general information, not a recommendation of any dealer.
