Tips For Buying Gold in Mustafa Singapore
You Can Find All Kinds of Gold Jewelry Like Chains, Necklaces, Pendants, Earrings, Bangles and Even Gold Bars and Coins at Mustafa Centre, Singapore.
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
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 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:
- Hotel Grand Chancellor (Best Amenities) – from US$120
- Moon Hotel (Boutique-style) – from US$110
- Fortuna Hotel (Modern) – from US$100
- Santa Grand Hotel Little India (Value-for-Money) – from US$80
- Claremont Hotel (No-frills) – from US$70
- 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.