Posted by Admin on 27 Nov 2012

November 2012 Silver Bullion Newsletter - DUX Bullion Testing and the 10 oz Kookaburra Special

The Launch of DUX Bullion Testing

Silver Bullion Pte Ltd

Dear Subscriber,

This month we are launching "DUX Bullion Testing". I believe DUX to be a critical service to enable the growth of the bullion industry in Singapore and in the region. Secondly, I hope for the service to facilitate the ease of sellback (to us or other third parties) of privately owned bullion and to enhance liquidity in the secondary market.

Traditionally big bullion banks will only buy back bullion if the bullion has remained under their control. If they do buy it back from a private source, they would normally send it to a refinery where it would undergo fire assay which involves melting the bar. DUX is meant to eventually develop into a widely accepted non-destructive testing standard so that bullion can be reliably bought and sold without undergoing fire assay, drilling or any other forms of destructive testing.

DUX Bullion Testing is a combination of diverse and high end testing tools which upload test data directly into our DUX software. It consists of a step by step methodology to ensure testing consistency, traceability and finally software processes that evaluate the test results against a database of pre-set tolerances according to bullion type.

Find out more about the DUX Bullion Testing and how Density, Ultrasound and X-ray Tests are integrated and cross checked in the DUX Bullion Testing section below. Please also take note of our adjusted opening hours and our current special on 10 ounce Perth Mint coins.

DUX Bullion Testing Service Launch

As of today, after extensive beta testing, we have launched the DUX Bullion Testing services at our office/depository in Certis Cisco, Paya Lebar to the public.

DUX offers a fast, accurate and comprehensive method to test bullion by utilizing a combination of three different non-destructive tests whose results are automatically uploaded through our custom developed software into a database. The results are evaluated against allowable tolerances as defined for the type of bullion being tested.

DUX is an acronym that stands for Density Ultrasound and X-ray Fluorescence testing. Each test measures and compares a different physical characteristic (mass and volume, ultrasound celerity, and surface metal composition) in such a way that counterfeit bullion might pass an individual test but not the DUX trio of tests (find out more).

DUX Bullion Testing has been in development for over six months, during which time we have acquired and customized the equipment and necessary regulatory permits to operate two X-ray spectrometers, three ultrasound readers with different aperture probes (for coins and bars), as well as trade approved scales, including highly accurate electromagnetic force compensation scales. The DUX hardware expenditure alone represents an investment of over 90,000 SGD (73,000 USD).

Over the past few months, we were able to demonstrate the process on genuine and gold plated tungsten test bars to several mints and major bullion dealers as well as an LBMA Referee and have consistently received praise and approval of these processes. The recognition is a huge step forward and we believe that DUX will become the leading industry standard for non-destructive bullion testing.

You can make an appointment via e-mail at [email protected] or call us to schedule for a DUX bullion test or simply visit as a walk in customer with the bullion to be tested.

Standard price is 50 SGD for Silver Bullion or Certis Cisco customers (60 SGD for non-customers). The process normally takes 10 to 15 minutes to complete. This compares well with traditional tests which normally cost more than 200 SGD and may involve traditional (destructive) forms of testing.

Tested bullion can be optionally marked with a Tamper Proof Label (TPL) which references the test results. The TPL ID is in turn specified on the Test Report for cross reference and redundancy purposes. Test Report data will also be retrievable online in the near future so that the TPL on the bullion can be keyed in to review test results.

A DUX Bullion Test result is organized as follows:

DUX Test Results by Section

For more details on testing processes see: DUX Bullion Testing

DUX Bullion Testing Logo

Bulk Parcel Delivery Process and Media Coverage

93,640 troy ounces (almost three metric tonnes) of S.T.A.R. Storage Bullion has been successfully delivered to Singapore-based customers following the GST Tax Exemptions on Investment Precious Metals (IPM) that have been in effect since 1 October.

The delivery process has been smooth and efficient as the 255 S.T.A.R. Parcels have been delivered over a three week period. We had the pleasure to have a Bloomberg reporter crew on location during the delivery process and we look forward to an extensive Bloomberg magazine article to be published in the next few months.

Media interest in physical bullion is definitely increasing in Singapore and we are capitalizing on more high-profile opportunities to explain the rationale of owning physical bullion. The latest of such events was my role as a panelist on a precious metals discussion organized by the Wall Street Journal here in downtown Singapore. We noticed a definite positive shift toward precious metal investments and there were good discussions on the difference between physical bullion ownership and paper derivatives.

It is also worth noting that Swiss refiner Metalor Technologies have confirmed the construction of a refinery in Singapore which will be up and running in 2013. The construction of this refinery allows for ore and scrap metal to be imported and refined on the island state and will likely lead to better liquidity and lower logistic costs down the road.

 Opening Hours Change. 

With the launch of our DUX Bullion Testing program and in preparation for a number of other services (under development), we have undergone re-organization internally with respect to our front end, middle and back end office processes. This re-organization has caused us to revise our weekday opening hours as follows:

For bullion pickup, sellback or testing our opening hours are:

Monday to Friday 10:00 AM to 6:00 PM
Saturday 10:00 AM to 2:00 PM

Bullion prices can be locked in when ordering online 24/7 as usual as can S.T.A.R. Bullion sellbacks.

10 oz Kookaburra Bullion Coin Special

We have reduced premiums on 2011 and 2012 Perth mint 10 oz Kookaburra coins (local pickup only). These coins are priced well below mint retail bullion prices and will be so until the 15th of December or until supplies last.

About these coins: The Perth Mint Silver Kookaburra Bullion Coins are official legal tender of Australia and the finishing, weight and purity are guaranteed by the Perth Mint and Western Australia Government. As with other Perth Mint coins the quality is very good and each coin is individually housed in a plastic casing.

Silver Kookaburra 2011 - 10 Ounce

Silver Kookaburra 2011 - 10 Ounce
The front of the coin displays a Kookaburra preparing for flight. The obverse features Queen Elizabeth II.

This coin is discounted well below Perth Mint Retail price (10 oz Special) until December 15th or until supplies last.

Silver Kookaburra 2010 - 10 Ounce

Silver Kookaburra 2012 - 10 Ounce
The front of the coin displays a sitting Kookaburra. The obverse features Queen Elizabeth II.

This coin is discounted well below Perth Mint Retail price (10 oz Special) until December 15th or until supplies last.

Bullion Availability Update
In this section we summarize our inventory status and current bullion availabilities as reported by our suppliers and industry sources:
Local & S.T.A.R. Storage Availability
  • supply Silver Maple Leafs - 2012 availability is good and 2013 edition coins will soon become available.
  • supply Silver American Eagles -The 2012 edition of the coins are available both locally and through S.T.A.R. Bullion Storage. This silver coin is tax exempt, unlike the gold American Eagle coins.
  • supply Johnson Matthey 100 oz Poured Silver Bars - The availability of JM bars has been heavily constrained in October and early November due to production bottlenecks. However these are mostly solved now and we just received 170 of these bars in S.T.A.R. Bullion Storage and locally.

  • supply .9999 Royal Canadian Mint 100 oz Silver Bars - These Royal Canadian Mint bars make for very efficient storage due to their flatter, more even ("chocolate bar format") dimensions and 99.99% purity. Each bar is also etched with a serial number.

  • supplyA-Mark Bars are available through S.T.A.R. Bullion Storage only as 100 oz mini-parcels containing 10 bars each. These bars are currently taxable upon import to Singapore so only buy these if you do not intend to take Singapore delivery. You can sell these bars back to us any time through S.T.A.R. Bullion Storage.

  • supply Gold Bullion - Gold Maple Leaf coins are on the way and we have a decent supply of 10 oz Credit Suisse Gold Bars. 
  • supply Perth Mint Coins and Bars - Availability of most coins and bars is good locally. We started to carry 10 oz Perth Mint gold bars. 1 kg and 10 oz silver bars are available in quantity. 2013 Kookaburra coins are available and the 2013 Koala coins will arrive soon. Please note that we have a substantial discount on 10 oz kookaburra coins until the 15th of December.
  • supply Libertad Coins - Available. These coins come sealed by the mint with solid metal seals providing a much better tamper protection.
  • supplyPlatinum - 1 oz Platinum bars are on order and should arrive in a few weeks.

If you plan to import bullion into Singapore make sure you understand what type of bullion is classified as Singapore IPM Tax Free and what type is not, so that you are not burdened with unnecessary import taxes. See IPM Criteria & Tax Free Bullion for details.

See more products and prices at

Best Regards

The Silver Bullion Team
Silver Bullion Pte Ltd
Registration Nr: 200907537M
Floor #03-02A Certis CISCO Center II
20 Jalan Afifi, Singapore 409179

Phone: (65) 6100-3040
Fax: (65) 6826-4022
Email: [email protected]


Information provided here should not be considered as advice or as an offer or enticement to buy, sell or trade. The contents of this publication, including any opinions and analysis, are strictly intended for educational use. Opinions expressed in bylined articles are those of the individual author and do not necessarily reflect the views of Silver Bullion Pte Ltd.

Silver Bullion Pte Ltd. makes no warranties, whether expressed or implied, as to the accuracy of the information provided or for eventual results obtained by using the information. In no case shall Silver Bullion Pte Ltd. be liable for direct, indirect, or incidental damages resulting from the use of the information.

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