Malca-Amit Global Ltd., a Hong Kong- based company that stores and transports precious metals and diamonds, plans to open a vault in Beijing and is doubling space in Singapore as rising demand spurs gold’s 12th year of gains.
The Beijing facility at the city’s airport will open by the end of the year, Ofer Wilner, regional manager of the Far East unit, said in an interview. A $2-million expansion at the Singapore FreePort will be ready in six months, adding three vaults to the existing pair, which are 80 percent full, he said. Malca-Amit, founded in Tel Aviv in 1963, is joining lenders such as Deutsche Bank AG (DBK) and storage companies including The Brink’s Co. in opening or expanding vaults to tap demand for secure space to house commodities used to protect wealth. China may become the world’s largest gold market this year, displacing India, according to the World Gold Council. READ MORE
The Beijing facility at the city’s airport will open by the end of the year, Ofer Wilner, regional manager of the Far East unit, said in an interview. A $2-million expansion at the Singapore FreePort will be ready in six months, adding three vaults to the existing pair, which are 80 percent full, he said. Malca-Amit, founded in Tel Aviv in 1963, is joining lenders such as Deutsche Bank AG (DBK) and storage companies including The Brink’s Co. in opening or expanding vaults to tap demand for secure space to house commodities used to protect wealth. China may become the world’s largest gold market this year, displacing India, according to the World Gold Council. READ MORE
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