Precious metals retailer Degussa closing outlet in S'pore

Singapore

An increasingly competitive retail market for gold and silver in Singapore has claimed its first scalp.

Degussa, one of Europe's largest gold and precious metals retailers, will shutter its retail outlet in Singapore only two years after opening, due to margin pressures. The store - its first outside Europe - was initially set to close at the end of October, but this has been extended till the end of November to give its customers more time.

A number of factors this year forced the firm to take serious action, Degussa chief international officer Raphael Scherer said in response to queries from The Business Times.

The retail market in Singapore has been very slow this year, and sales numbers at the outlet have "suffered badly". In addition, ne…