Tips For Buying Gold in Mustafa Singapore

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You Can Find All Kinds of Gold Jewelry Like Chains, Necklaces, Pendants, Earrings, Bangles and Even Gold Bars and Coins at Mustafa Centre, Singapore.

Buying Gold in Mustafa Singapore

All sorts of 22k gold jewelry can be found in Mustafa Centre in Little India. A whole floor (Basement 1) of new wing has been dedicated to Indian gold jewelry, investment grade gold bars, coins, and even diamonds, silver and semi-precious stones.

Mustafa Singapore is the top destination for buying gold in Asia.

This 24-hour shopping centre offers one of the biggest gold marts around, with a dedicated floor filled with gold jewelry. The variety is huge and prices are always updated according to the latest gold rates.

One of the reasons Mustafa has become Asia’s popular gold mart is due to the generous tax refund offered to tourists on their purchased gold jewelry. Not only that, Singapore has also remove ALL sales taxes on investment-grade precious metals like gold and silver bullion. Thus, buying gold in Singapore can be very much cheaper than in your own country.

For those reasons, it is a top choice for many savvy travelers who choose to stay in budget hotels near Mustafa Centre for their vacation and spend the rest of their cash on gold instead of on souvenirs.

Mustafa Has All Kinds of Gold for Any Occasion

Gold Jewelry of All Shapes and Sizes in Mustafa Singapore

Trays upon trays of gold bangles of different thickness and designs are available for your rich pickings. The assortment is simply bewildering and you could easily spend hours here choosing the perfect set of gold jewelry.

Lavish displays of gold jewelry can be found on whole of Basement 1 at new wing of Mustafa Center. This sprawling gold jewelry section is most easily accessible from the escalator nearest to Exit 4 doorway, next to the perfume section on Level 1.

The designs here tend to be Indian-influenced, but there are also many simple chains, bracelets and pendants. For a special occasion like an anniversary, you can also find beautiful gold jewelry sets that have been set with gemstones like diamonds and rubies. There’s nothing like giving your wife or your mother a gift that is also a solid investment for the future!

Not interested in jewelry? No problem.


How about buying some gold bars and coins then? You can buy a 1 kilogram 24 karat gold bar in Mustafa Center, which is very hard to find.

Tourists should always remember they shouldn’t be charged sales tax on any gold bullion bought in Singapore. Since 1 October 2012, the authority has exempted investment-grade precious metals from Goods and Services Tax (GST).  For normal gold jewelry, you still have to pay GST but it will be tax-refundable when your purchase is above S$100.

For more info on tax exemption for gold bars and coins in Singapore, please visit GST Exemption for Investment Precious Metals.

Although Mustafa Center operates round-the-clock, the gold jewelry section is open daily from 8.30am to 1.00am only.

Gold Price is Transparent in Mustafa Singapore

Gold Jewelry and Gold Rates in Mustafa Center

Dazzling amount of gold jewelry for sale in Mustafa Center. Latest gold prices are also prominently displayed to ensure transparency and straight-forward buying process.

Gold buyers need not worry about being overcharged in Mustafa Center as the latest gold rates are always posted on large LCD displays found almost anywhere inside the gold jewelry section.

Prices are calculated strictly according to the prevailing rate of gold per gram. Bargaining is also not entertained. This makes buying gold in Mustafa Center a straightforward and transparent affair.

However you should take note that as you are buying jewelry, there will be a fixed percentage added into the price as the workmanship fee.

Get Your Tax Refund Easily

So how do you get your tax refund when buying gold jewelry in Mustafa Center?

It’s actually via a simple process called the GST Refund Scheme. On purchasing your jewelry, you will be charged the sales tax. You then proceed to complete the refund forms that can picked up from any of the GST counters inside Mustafa Center. Together with the original purchase receipts, you can claim the GST refund at Changi Airport.

You can get the tax refunded in the form of cash or have it credited into your credit card of choice. You are not going to get the full tax refund but the payout is still substantial as only a nominal fee is levied for the paperwork handling.

Tourists have to remember that in order to claim tax refund on gold jewelry, there is a minimum purchase amount of S$100.

Keeping Your Gold Safe

Lastly, the question of how to keep your gold safe is probably weighing on your mind. Fortunately, there are a number of cheap hotels near Mustafa Center that offer safe deposit boxes in the room, so that you can still sight-see and shop while safely leaving your gold in the deposit boxes.

Budget hotels near Mustafa Center that offer in-room safe deposit boxes include:

  1. Hotel Grand Chancellor (Best Amenities) – from US$120
  2. Moon Hotel (Boutique-style) – from US$110
  3. Fortuna Hotel (Modern) – from US$100
  4. Santa Grand Hotel Little India (Value-for-Money) – from US$80
  5. Claremont Hotel (No-frills) – from US$70
  6. Arianna Hotel (Basic) – from US$50

Aside from the above, many budget hotels may not offer an in-room safe but they do have a safe at the check-in counter for you to deposit your valuables when you are out for the day.


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Comments

  1. MURUGESAN.T says:

    i am in india but interest of purchase singapore gold what rules and regulation please explain

    • Hi Murugesan,

      Since 1 Oct 2012, the Singapore has exempted Goods and Services Tax (GST and it’s 7% at current) from investment gold and silver. So as a tourist, if you are buying investment grade gold and silver (gold – at least 99.5% purity, silver – at least 99.9%), you won’t need to pay GST. So you can buy gold here and bring back to India.

      But at your country’s custom side, you may be taxed. For this, you need to check with your relevant authorities.

      I hope this information helps.

      Thanks.

  2. Hi,
    This is me yogesh from India, right now am here in singapore in EP (Employment pass). Is this GST claim policy applied for me ? or it is only applicable who visit singapore under tourist visa ?

    Thanks in advance.

    • Hi Yogesh,

      according to IRAS (Inland Revenue Authority of Singapore), you MUST be a tourist to claim GST refund. If you are gainfully employed here (on employment passes) you are not eligible for GST refund.

      For more information, do visit IRAS website @ http://www.iras.gov.sg for more information.

  3. Hi
    I am Prasad, working in Singapore on Employment Pass, If I want to buy investment grade gold and silver (gold – at least 99.5% purity, silver – at least 99.9%), will GST be charged or not.

    Please let me know

    Thank you

    • Hi Prasad,

      only tourists is able to buy investment grade metals without paying GST. It’s not for foreign workers holding employment passes.

      Thanks.

      • Ah Boon says:

        Not true. All investment grade metals in the LBMA approved list are NOT subject to GST in Singapore. So whether you are a tourist, resident or citizen, you DO NOT have to pay GST.

  4. Reena betcy says:

    Hi
    I’m Reena am in india…i want to buy gold in any form like jeweller,coins or bar…can u plz suggest me a good and trust worthy gold dealer?and give me tips which helps me to shop at best quality and price….

    Thanks.

    • Hi Reena,

      Mustafa has one of the largest gold jewelry department in Singapore. It also sell investment grade gold bars and coins like the American Gold Eagle. You can buy almost anything under one roof here.

      And the prices of gold and silver are displayed on overhead monitors and it’s very transparent so you don’t need to bargain.

      Thanks

  5. Shine Sundramurugan says:

    Hi Seller,

    Does Mustafa accept credit card?? 0% interest free installment for gold bar?

    would like to ask

    Thanks

    • Hi Shine,

      Yes, Mustafa does accept credit card but you will incur additional 2-3% (depending on the type of credit card) bank processing fee. If you pay by cash, you do not need to pay for this additional fee.

      As for installment, you would have to check in person with their sales personnel.

      Thanks.

  6. hi,

    i will be visiting SG as a tourist next month, i am interested in buying that 100g bar. i have 3 questions,

    1. i have heard many times in mustafa they charge u for 24k and actually give you 22k gold. how do i make sure the bar i will buy will be of that 999 purity and 24k.

    2. can i convert that bar into a jewellery, say a a bangle or a chain, to ensure my jewellery is 24k and i in front of my eyes get the result.

    3. will i be getting approx 7% refund on my invoice amount ?

    i hope u understand my query. i would appreciate if the same is ansewred :)

    • Hi Geet,

      Mustafa Center is a well-known and reputable department store in Singapore and if they advertised 24K gold, then it should be 24K gold. You can always buy the gold with the purity stated and take it to another goldsmith shop for verification. The receipt issued will serve as proof which you can use for dispute later if any.

      Also, I have not heard of Mustafa Center offering a service of converting a gold bar into jewellery. Another way for you to do it is to buy the gold bar here and bring back to your home country for jewellery setting.

      For GST, you will not get back the full 7% as there are transaction and processing fees involved. It is close to 6%.

      I hope that answer your questions.

      Thanks.

  7. Howard Lee says:

    I am a Singapore PR, but i live most of the time in Indonesia. I will buy 1kg gold at Mustafa, Singapore ( which means i will not get the 7% GST refund) and i will fly to Indonesia with the 1kg gold. Please confirm that it is ok for me to fly from Singapore to Jakarta with 1kg of gold (security will be ok?). AND that upon arrival in Indonesia the security/customs authorities will have no problems / will not tax me etc.

    • Hi Howard,

      yes, you can carry the gold bar and fly to Indonesia as long you are the carrier and above 18 years old. As for import tax at Indonesia side, do check with their tax department website as we are only familiar with Singapore customs.

      Thanks.

  8. Howard Lee says:

    As a Singapore PR does MUSTAFA have a vault where i can safely store my gold?

  9. Hi,

    As a tourist can we buy gold with my credit card (New Zealand credit card)? Is there any extra fee charged?

    Thanks,
    Sonia.

    • Hi Sonia,

      Yes you can buy with credit card. But you would be charged for the bank transaction fee (usually 2-3% unless you use AMEX which is more). Best is to pay cash and you save on the transaction fees.

  10. Deivakumar says:

    Hi,

    Right now I am in India. Next month I am planning to come to Singapore to buy 1 kg gold in visit visa. My cousin is working in singapore. Since he is having NRI status I want to get receipt in his name to import to india. Is possible to get GST return on my name?

  11. Deivakumar says:

    Hi,

    How much % of wastage and making charge is charged in Mustafa for 916 gold jewellery?

    • Hi Deviakumar,

      It has to be in your name as the GST refund is according to the name stated inside your passport.

      As for wastage and workmanship, it’s best to check with Mustafa directly as we are not employees of Mustafa so we wouldn’t know their fees.

      Thanks for dropping by our website.

  12. Hi ..I would like to know if you buy used gold jewellery, I would like to buy new from mustafa in exchange of old. I may have some of old bills but not for all.

    • Hi Soni,

      Sorry to inform you we are not in the business of gold buying/selling. You may check with many of the goldsmith or pawnshops in Singapore to sell your used gold jewellery. Thanks for dropping by our website :)

  13. Hi, When I checked in google for SG for gold price it is showing as S$49+. But when I visited Mustafa site it is showing as S$53.30. Why is that difference? We have to pay S$53.30 + GST right? Do Mustafa sell gold coins? (like 8g, 16g)

    • AKM Iqbal says:

      Hi, I want to know the answer of following question because this is also my question. “Hi, When I checked in google for SG for gold price it is showing as S$49+. But when I visited Mustafa site it is showing as S$53.30. Why is that difference? We have to pay S$53.30 + GST right?

      • Hi AKM,

        there will be a difference as the price in Google is probably the spot price. Mustafa Singapore is a departmental store, they will be doing a markup on the gold before selling it to you. But you need not pay GST as now investment grade gold will not be taxed in Singapore.

        Hope this information will help you.

  14. Hi, I am in Singapore for past 6 months on work permit. I am cancelling my work permit and going back to India. Is this GST refund policy applicable in my case ?
    Thanks in advance

    • Hi Varma,

      you will not be entitled for GST refund as you have been employed for the past 6 months in Singapore. That still applies even you are going to cancel your work permit.

      Thanks for dropping by our site :)

  15. hi i want to visit singapore next month and want to buy 24k gold bar 100gm.so can u tell me the price of per gram in mustafa or give me any website address which is show the exact price in mustafa.so that i can estimate my budget.

  16. Hi admin,

    We are planning to go for golden stud diamond in mustafa
    *please suggest us how to choose diamond(carat,cut),to exist for life long.
    *can you please tell us how you charged per carat for golden diamonod stud
    (Approximate Minimum valuation)

  17. AS A TOURIST, IF I BUY GOLD MORE THAN 100SINGAPORE DOLLARS IN MUSTAFA, AND I GO TO MALAYSIA KL BY ROAD AND RETURN TO OUR COUNTRY FROM KUALALAMPUR, MALAYSIA, HOW WOULD I GET THE GST REFUND????
    OR ELSE
    CAN I GET THE REFUND IN MALAYSIA KL AIRPORT???

    • Hi Dharnesh,

      You would not be able to claim GST if you are going back to Malaysia by road as GST refund can only be claimed by tourists at Changi Airport and Seletar Airport.

  18. kALPESH says:

    HI, I m purchasing 2kg gold in australia, as i want to bring back this gold to india via Singapore. but i want to stay for 4 days in singapore for visit purpose. can you give some information which is below mentions

    1. where should store this 2kg gold in singapore when i arrive in singapore.
    2. do i need pay any tax to on gold at airport, as i m bring back to india after staying four days.

    • Hi Kalpesh,

      You can check out BullionStar (https://www.bullionstar.com/vault/) for storage services. But given your short stay, they may not offer such short service. You may check with them directly from their website or you can store in the hotel’s safe.

      As for paying of tax, you would need to check with the relevant Indian authorities. We are only familiar with Singapore customs. If you have proof that the gold you are bringing in belongs to you (do declare at Singapore customs), then you won’t be taxed.

  19. Jimmy Lim says:

    Hi,
    If Singapore who lives and work abroad can claim GST refund?
    Normally, when buying some electronics stuff, was able to claim GST at the airport.

    So if buy gold jewelery at Mustafa can claim GST?

  20. chandima kuruppu says:

    hai,
    i will come to singapore next week .I am sri lankan, i want to know exchange my jewelary to new desing you jewelary and i can pay to differnt it. plese send me a details before 3rd of august 2014.

  21. chandima kuruppu says:

    hai,
    i will come to singapore next week .I am sri lankan, i want to know exchange my jewelary to new desing for your jewelary and i can pay to differnt it. please send me a details emmeidialy.

  22. Hi,

    I’m planning to visit SG next month. I’m interested to buy gold coins of 24K.. Atleast 2 coins.. What are the basic things i need to know before buying it.

    Also is there any extra money needs to be paid while entering chennai international airport.

    What are basic criterias to get the gold for actual price without paying any extra dollar or Indian money on the airports(Free of cost redemption of taxes).

    Thanks,

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