LONDON (Reuters) - London bullion dealer Sharps Pixley has opened Britain’s first showroom making gold coins and bars available to private investors in the capital’s exclusive district of Mayfair, the company said in a statement.
The showroom will offer coins and bars from one gram, costing 35 British pounds, to 400 ounces or 11.3 kilograms, which can be stored in one of the 2,500 safe deposit boxes that Sharps will also offer.
More than $5 trillion worth of metal is traded in the London over-the-counter market each year. The capital has been a trading centre since 1850 but bars and coins have not been available to buy in bespoke shops.
Global demand for coins and bars reached 748.6 tonnes in the first nine months of last year, accounting for a quarter of total consumption. European demand stood at 166 tonnes during the same period, according to the latest World Gold Council data.
Sharps Pixley, established in 1778, was one of the original members of London’s twice-daily gold price fixing. Current chief executive Ross Norman bought the company name from Deutsche Bank in 2010.
Its parent company, German bullion retailer Degussa Goldhandel, started selling precious metal bars and coins to the public again after Germany’s von Finck family bought the name from Evonik (EVKn.DE) in November 2011.
It operates 14 similar showrooms in cities in Germany, Switzerland, Spain and Singapore.
Reporting by Clara Denina; Editing by Mark Potter