BullionStar vs Indigo Precious Metals vs Silver Bullion
For investors in Singapore, three of the most prominent bullion dealers are BullionStar, Indigo Precious Metals (IPM), Silver Bullion. Each company provides access to gold, silver, and platinum investment products, including options for secure storage and buyback services. Dealer pricing structures differ, and even small variations in premiums and buyback rates can have a material impact on investor returns.
Why Premiums and Buyback Prices Matter
The premium represents the additional cost over spot that investors pay for bullion. It covers minting, refining, logistics, and dealer margins. Even fractional percentage differences in premiums can compound over multiple purchases.
Buyback pricing is the other side of the trade. Stronger buyback rates reduce the spread between entry and exit, ensuring investors retain more value when they sell. Assessing both premiums and buyback policies together gives a more complete picture of dealer competitiveness.
Premium Comparison Across Dealers
The table below highlights premiums over spot on selected bullion products, recorded on 18 September 2025 at 3:30PM SGT.
| Commodity | Product | BullionStar | Indigo Precious Metals | Silver Bullion |
|---|---|---|---|---|
| Gold | 1 Kilo Gold Cast Bar | 0.34% | 0.50% | 0.40% |
| Gold | 100 gram Argor-Heraeus Cast Bar | 1.20% | 1.00% | 1.40% |
| Gold | 10 gram Argor-Heraeus Kinebar | 10.52% | 8.53% | 9.60% |
| Gold | 1 oz Canadian Maple Gold Coin 2025 | 2.72% | 2.31% | 3.00% |
| Gold | 1 oz Britannia Gold Coin 2025 | OOS | 2.46% | 2.80% |
| Silver | 100 oz RCM Cast Bar | 6.99% | 4.57% | 5.20% |
| Silver | 100 oz Heraeus Cast Bar | 4.24% | 3.22% | 5.10% |
| Silver | 1 Kilo Heraeus Cast Bar 999.0 | 7.10% | 9.76% | 8.00% |
| Silver | 1 Kilo Heraeus Cast Bar 999.9 | NA | 6.19% | NA |
| Silver | 10 oz Heraeus Cast Bar | 7.40% | 6.07% | 8.50% |
| Silver | 1 oz Canadian Maple Silver Coin 2016 | 17.74% | 11.52% | 11.60% |
| Platinum | 1 Kilo Valcambi Platinum Minted Bar | OOS | 5.67% | 5.80% |
| Platinum | 100 gram Valcambi Platinum Minted Bar | 10.79% | 6.26% | 7.30% |
| Platinum | 1 oz Valcambi Platinum Minted Bar | 15.42% | 13.11% | 11.20% |
| Platinum | 1 oz Britannia Platinum Coin | 16.76% | 12.54% | 13.20% |
*OOS = Out of Stock
Observations on Premiums
- Gold: Indigo Precious Metals generally offers lower premiums on smaller gold bars and popular coins, while BullionStar is lowest on the 1 Kilo Cast Bar.
- Silver: Indigo’s premiums are lower for most silver products, though BullionStar’s 1 Kilo Heraeus Cast Bar is priced more competitively.
- Platinum: IPM shows lower premiums in most platinum categories, with the exception of the 1 oz Valcambi Minted Bar, where Silver Bullion leads.
Buyback Comparison Across Dealers
The table below shows buyback prices quoted at the same time, 18 September 2025 at 3:30PM SGT.
| Commodity | Product | BullionStar | Indigo Precious Metals | Silver Bullion |
|---|---|---|---|---|
| Gold | 1 Kilo Gold Cast Bar | 147,803.74 | 149,123.83 | 147,809.84 |
| Gold | 100 gram Argor-Heraeus Cast Bar | 14,800.58 | 14,785.99 | 14,801.55 |
| Gold | 10 gram Argor-Heraeus Kinebar | 1,479.97 | 1,492.18 | 1,488.63 |
| Gold | 1 oz Canadian Maple Gold Coin 2025 | 4,635.21 | 4,646.60 | 4,632.73 |
| Gold | 1 oz Britannia Gold Coin 2025 | NA | 4,651.28 | 4,632.73 |
| Silver | 100 oz RCM Cast Bar | 5,184.96 | 5,193.80 | 5,215.86 |
| Silver | 100 oz Heraeus Cast Bar | 5,192.07 | 5,204.34 | 5,215.86 |
| Silver | 1 Kilo Heraeus Cast Bar 999.0 | 1,688.16 | 1,678.35 | 1,691.33 |
| Silver | 1 Kilo Heraeus Cast Bar 999.9 | NA | 1,688.32 | NA |
| Silver | 10 oz Heraeus Cast Bar | 524.55 | 526.65 | 526.06 |
| Silver | 1 oz Canadian Maple Silver Coin 2016 | 52.33 | 52.66 | 53.25 |
| Platinum | 1 Kilo Valcambi Platinum Minted Bar | NA | 55,232.27 | 55,016.74 |
| Platinum | 100 gram Valcambi Platinum Minted Bar | 5,371.33 | 5,557.25 | 5,514.01 |
| Platinum | 1 oz Valcambi Platinum Minted Bar | 1,686.03 | 1,740.65 | 1,727.84 |
| Platinum | 1 oz Britannia Platinum Coin | 1,753.59 | 1,763.58 | 1,757.26 |
Observations on Buybacks
- Gold: Indigo Precious Metals offered higher buyback prices on the 1 Kilo Cast Bar, Britannia Gold Coin, and the Maple Leaf, though Silver Bullion and BullionStar were marginally higher in the 100g category.
- Silver: Silver Bullion generally paid the highest buyback rates across larger silver bars, though Indigo was competitive in other categories.
- Platinum: Indigo Precious Metals showed higher buybacks in nearly all platinum products compared, with Silver Bullion close behind.
Services and Other Considerations
- BullionStar is known for its showroom model and wide product selection, as well as marketing initiatives such as its “no spread” bars. While promoted for resale convenience, these products carry higher upfront premiums that investors should weigh carefully.
- Indigo Precious Metals combines bullion trading with market commentary and advisory services, and offers secure storage.
- Silver Bullion is well regarded for its storage facilities and loyalty programs.
Conclusion
All three dealers — BullionStar, Indigo Precious Metals, and Silver Bullion — provide reliable access to investment-grade bullion in Singapore. Price comparisons show that:
- BullionStar occasionally offers the lowest premiums on specific items, such as the 1 Kilo Gold Cast Bar and certain silver products.
- Indigo Precious Metals is often competitive on both premiums and buybacks, particularly in gold and platinum.
- Silver Bullion is frequently strongest in silver buyback rates, though its premiums can be higher than others out there.
Ultimately, the choice between dealers may depend on the specific products an investor is seeking, along with considerations such as storage, buyback policies, and service preferences.
Spencer Campbell
Director SE Asia Consulting - Precious Metals Consultant
Spencer Campbell is a precious metals consultant and Director of SE Asia Consulting Pte Ltd in Singapore. He specializes in gold refining, bullion markets, responsible sourcing, and mining advisory across Asia and Africa. Through seasia-consulting.com, Spencer provides independent, practical guidance on buying, selling, and understanding physical gold, silver, and other precious metals in today’s global market.
This post is for informational purposes only and does not constitute investment advice, financial guidance, or an endorsement of any dealer. Pricing and product data are subject to change and should be independently verified with individual bullion dealers. Readers should consult a professional advisor before making any investment decisions in precious metals.
