Buying Gold and Silver in South Korea
South Korea, officially referred to as the Republic of Korea, is one of most urbanized countries in the world, with half of its population living in high rise buildings. The country was formed in 1948 and is based on a democratic and anti-communist ideology. South Korea is a Unitary Presidential Constitutional Republic and is home to huge brands such as Samsung, LG, and Hyundai. The value of the country's exports and imports totals about 85% of its GDP, which is the main reason for its high-income country status.
South Korea treats gold and the gold market as in contrary to being just a commodity or investment option solely for rich people. It makes efforts to make bullion more accessible to the masses by introducing smaller gold bars weighing between 3.75 grams and 100 grams. The commemorative coins of Seoul 1988 Olympics minted by KOMSCO are the most popular coins from South Korea. Although it is the 7th largest producer of gold, not much of the gold is sold over the counter in a formal manner.
Commodity & Futures Markets in South Korea:
Korea Exchange (KRX)
Created under the Korea Stock & Futures Exchange Act, KRX was formed by merging three exchanges: Korea Stock Exchange, Korea Futures Exchange, and KOSDAQ Stock Market. With over 2000 listed companies, it has a combined market capitalization of $1.2 trillion. The company was founded on 27 January 2005, and it has gold futures and mini-gold futures as commodity instruments. However, there are eligibility criteria for trading of gold bullion on the KRX gold market - it must be imported or produced by KRX designated companies and it must have a fineness of at least 99.99%, a weight of at least 1 kg, the dimension should be rectangular or similar, bars must have marks like assay stamp of refiner, serial number or bar, weight, and fineness engravings.
Government and Private Mints in South Korea:Korea Minting and Security Printing Corporation (KOMSCO) 80-67 Gwahak-ro, Yuseong-gu, Daejeon 305-713 South Korea +82 4 2870 1114
Founded in 1951 and located in Daejeon, the primary function of KOMSCO Co. Ltd. is to design, develop and produce currency in both banknotes and coin forms. In addition to currency, KOMSCO also produces cheques, stamps, and passports for the South Korean Government.Poongsan Hwadong 1606-1, Seocho-dong, Seocho-gu, Seoul, Korea, 137-877 +82-2-3471-4586
Poongsan Hwadong was appointed as a distributor of commemorative coins for the 1988 Seoul Olympic Games and the authorized dealer of more than 20 major World Mint Bureaus. In addition to being an authorized distributor for Perth Mint and Royal Canadian Mint, Poongsan Hwadong is also accredited for supplying gold bars from brands such as PAMP and KOMSCO.
Tax on Precious Metals in South Korea:
The upper limit of the (VAT) sales tax rate charged to consumers based on the purchase price is 10%.
Since we are not tax experts, Bullion Exchanges strongly advises you to cross check with a tax professional before making any precious metals investments in South Korea.
The import duty rate for importing a 1-kilo gold bar into South Korea is 8%, the import VAT is 10%, when classified under Jewelry & Watches>Jewelry of precious metals>Gold Jewelry | necklaces & neck chains: without jadeite/rubies - gold rope. Additional taxes may apply.
Local Gold and Silver Dealers in South Korea:1. Coinstore Address: 589-13 Pajnag-dong Jangan-gu, Suwon Kyungi-do (440-290), South Korea Phone number +82 505-882-1285, +82 10-7264-8581 Hours of Operation: 9 am to 6 pm Services: Retail and Wholesale. Specialties: US Coins, Dollars, Gold Coins, Modern Coins, World Coins, Commemoratives, and Currency.
Smelters & Refineries in South Korea:
Smelters extract various metals from the ore and create refined precious metals products. Silver and gold smelting is typically conducted by a professional precious metals refinery, such as Bullion Exchanges. South Korea also has numerous plants where refining silver and gold are performed. Pick a gold or silver refinery listed below or allow us to help you in melting gold or silver for you:LS-Nikko Copper 148 Sanam-ro, Onsan-eup, Ulju-gun, Ulsan, Korea +82-2-2189-9887Korea Zinc Company Ltd. Youngpoong Building, 142, Nonhyun-dong Gangnam-gu 135749 Seoul +82-2-5193416TORECOM Corp. 78, Asan Valley Dong- ro, Dunpo-Myeon, Asan, 336-875 South Korea +82 4 1537 6114