How to check a bullion dealer is registered in Singapore

Why precious metals dealers must register with the Ministry of Law

The requirement comes from the Precious Stones and Precious Metals (Prevention of Money Laundering) Act 2019, which most people call the PSPM Act. Gold and silver pack a lot of value into a small space and change hands easily, so the law treats dealers in them much like other businesses that handle large sums. Registered dealers take on duties around customer checks, reporting and keeping records.

Registration is not a stamp of approval on the products. The Ministry does not vouch for a dealer's prices or stock either. What registration does tell you is that the business is known to the regulator, has a named company behind it, and has accepted obligations under the Act.

A dealer trading without registration is skipping a legal step. That alone is enough reason to walk away. Whether a dealer is registered is the first question, and you can answer it yourself.

Where to find a dealer's registration number

Each registered dealer is given a registration number by the Ministry of Law. Most will put it where you can see it without asking, typically on the website and often on receipts or in the shop.

Ours is PS20260001016. It is on the About page of bullionking.sg and in the footer of the site. If you are at our counter in Centrium Square and want to check it, ask any of our staff.

If a dealer cannot give you a number, or turns vague when you ask, stop there. A registered business has nothing to gain by being coy about it.

How to confirm the number with the Ministry of Law

A number printed on a website is only a claim until you match it against the Ministry of Law's own information. Look on the Ministry's website for its information on registered precious stones and precious metals dealers. If you cannot find what you need there, contact the Ministry directly.

Look at more than the number itself. The company name should match the one on the dealer's website, receipts and signboard. A real number attached to a different company is a warning sign, not a comfort.

The Ministry of Law's website is the authority on the registration rules and how they apply. Read them there rather than relying on a dealer's summary, ours included.

• Get the registration number from the dealer's website, receipt or counter staff
• Check it against the Ministry of Law's own information
• Make sure the company name and address match what the dealer shows you
• If something does not line up, ask the dealer first, then the Ministry if you are still unsure

Other signs of a dealer you can trust

Registration is the minimum. How a business runs day to day tells you the rest, and a few simple checks cover most of it.

Start with the address. A shop you can walk into, with opening hours on the door, is far easier to hold to account than someone who only deals over a messaging app and meets you in a car park. We are at unit 01-17, Centrium Square, 320 Serangoon Road, open Monday to Saturday 12pm to 8pm and Sunday 2pm to 8pm. No appointment needed.

Next, pricing. Bullion prices follow the world spot price through the day, so a price list printed last week means little. A good dealer shows you the live price and the premium on top before you commit, not after you have said how much you want to spend. Our product pages show the premium on each item, and on weekends, when the world market is closed, we sell at the last closing price.

Then the receipt. It should name the dealer and show the date, with each item listed by weight, purity and price. Keep it somewhere dry. It is your record if a question ever comes up, and it is useful when you sell later.

Authentication: what a careful dealer checks before selling

Counterfeit bars and coins do turn up, and some are convincing. Tungsten is almost as dense as gold, so weighing a bar is not enough on its own. A careful dealer tests stock before it reaches you and can tell you how.

At Bullion King every piece is tested before it is sold. We use a PMV (Precious Metal Verifier), which checks the metal's electrical properties beneath the surface, and XRF testing, which reads the composition of the surface. PAMP bars also go through a Veriscan check, which matches the bar's surface against PAMP's own records. Each test looks at something different, so we use more than one.

Ask any dealer what tests they run. A clear, specific answer is reassuring. A shrug, or a line about the sealed packaging being proof enough, is not.

Payment, ID and buy-back at a registered dealer

How a dealer handles money says a fair bit about it. PayNow and bank transfer leave a record on both sides. We accept both online and in the shop, and at the counter we also take cash and card, with a fee on card.

For larger purchases, above S$20,000, we take your NRIC or passport details, as the PSPM Act requires of every registered dealer. A dealer who offers to skip that on a big cash deal is not doing you a favour.

It is also fair to ask whether a dealer buys back. We buy gold and silver back. The final amount is set at the counter after testing, at that moment's price.