Industry scope and investment precious metals
The seventh edition dated30 January2026 applies to refiners, manufacturers, wholesalers and retailers. Jeweller/customer examples follow the actual supply-chain relationship, not only retail sales. Investment precious metals (IPM) imports/supplies have been exempt since1 October2012; businesses making exempt IPM may need input attribution/apportionment. Jewellery, scrap and every gold bar are not automatically IPM. This guide explains jewellery transactions rather than all detailed IPM eligibility rules.
Ordinary tax point and the special90-day rule
Normally account GST at the earlier invoice issue or payment receipt. The price-fixing concession is limited to sales of gold, not other jewellery/precious metals: allow up to90 days after delivery to issue a tax invoice/account output if no earlier payment. If price remains unfixed on day90, invoice/account on that day’s open market value (OMV), then adjust the difference when fixed. The concession does not permit indefinite waiting for the customer to choose a gold price.
Examples1–2: unfixed and fixed gold prices
Example1 delivers1 February2024, reaches day90 on1 May and fixes/pays1 July: the April–June return accounts May OMV; the July–September return adjusts the final-price difference with additional invoice/credit note. Example2 fixes a GST-inclusive S$1,090 price on5 April within90 days: invoice then and apply the prevailing tax fraction, giving S$90 at9%, in April–June. The dates illustrate prescribed periods rather than postponing tax to collection whenever convenient.
Example3: early part payment
With1 February delivery, S$700 paid15 February, day90 on1 May and final price/payment1 July, invoice/account the S$700 payment in January–March. At day90 account additional tax based on OMV without duplicating the already taxed payment. At final fixing issue an extra invoice/credit note for the difference in July–September. Early payment triggers its own tax even though the final gold price is unknown.
Separate workmanship and deposits
Gold and workmanship are separate supplies. If only workmanship is paid while gold price is unfixed, tax/invoice workmanship under its own normal tax point; later gold follows90-day rules or an earlier gold payment. A deposit forming part-payment is taxable when received. Example4’s S$1,090 inclusive sale with S$200 deposit1 February and S$880 on7 April splits output between January–March and April–June, using the applicable fraction on each.
Normal trade-in means two supplies: example5
A new-item sale and the customer’s old-item transfer are separate supplies. Jeweller taxes the full new price; a registered customer taxes its old supply as appropriate. Example5 has new jewellery S$1,500 exclusive, IPM bar S$500 exempt and scrap S$700 exclusive: jeweller taxes1,500, customer taxes700 but not exempt500. Netted cash settlement does not turn the two supplies into a single margin transaction.
Gold-jewellery concession from1 January2025
Before2025 the optional gold-jewellery concession could apply regardless of customer registration. From2025 both conditions are required: old gold jewellery traded for new gold jewellery, and customer not GST-registered at supply time. New-for-new retailer exchanges, any gold bar (IPM or not), loose/scrap gold and silver/platinum do not qualify. If customer registration cannot be distinguished, do not use the concession; use normal two-supply rules. Even an eligible jeweller can choose normal treatment.
Example6: invoice and return under the concession
New gold jewellery S$1,500 less old jewellery S$1,200 gives taxable difference S$300,9% GST S$27 and total S$327. Show new value, old deduction, exclusive difference, GST and inclusive payable on the receipt. Report standard-rated value300/output27; the non-registered customer has no GST obligation. Example7 is explicitly an incorrect invoice: it pretends GST is charged on the unregistered customer’s old gold. Do not reproduce that presentation as a permissible shortcut.
Negative difference and trade-in records
If new gold value is below the old jewellery value, the concession produces no GST on the gold sale rather than negative output tax. Workmanship, if charged, remains taxable and its value/output are reported. Retain old-gold valuation and gold-payment/receipt vouchers supporting the trade-in. Eligibility still requires an actual qualifying old-jewellery trade and an unregistered customer.
Example8: stones are taxed separately
Only gold qualifies for the differential concession. New gold S$1,300 plus ruby S$200, less old gold S$1,000 with jade S$100, gives taxable gold difference300 plus full new ruby200 =500; GST45 and total545. If the jeweller credits the old jade100 for settlement, that is payment only and does not reduce GST45. Remove stone/material values from gold calculations.
Examples9–10: registered customers after2025
The concession is unavailable. Example9: jeweller invoices new S$1,500/GST135 and registered customer invoices old S$1,200/GST108. Example10 including stones: jeweller invoices gold1,300+ ruby200=1,500/GST135; customer invoices gold1,000+ jade100=1,100/GST99. Each reports its own gross standard-rated value/output and may claim eligible input under normal conditions. Net cash does not alter these amounts.
Examples11–12: refabrication is not trade-in
Where a customer retains ownership and supplies its own gold/IPM for a retailer to remake, the retailer supplies taxable refabrication services; the customer makes no gold supply. A wholesaler retaining consolidated scrap and sending it to a manufacturer for remaking is likewise buying services, regardless of its registration. Identify whether the jeweller receives, tracks and actually uses the customer’s gold before fabrication. Gold received only on/after delivery of independently made new jewellery and not used to make it is non-cash payment for that sale.
Changi hand-carried exports: mandatory evidence
For qualifying sales to overseas customers hand-carried through Changi by jeweller/employee/agent or customer/representative/employee, HCES applies. Keep sales invoices, export permits with digital clearance, customer-payment evidence, and proof of refunded GST where previously collected. The source’s physically endorsed permit route is historical: Customs stopped physical HCES endorsement from3 January2023. HCES is compulsory for registered suppliers wishing to zero-rate those Changi hand-carries. Requirements4.1.1/4.1.2 have force of law; a traveller’s promise alone is insufficient.
Sea, land and Seletar exports: complete document pack
HCES does not apply there. Keep overseas sale invoice/payment, customer receipt confirmation, a carrier declaration completed/endorsed by carrier and jeweller with collection date and each carrier’s name/passport, named confirmed ticket/boarding pass and excess-baggage receipt if relevant, passport identity/photo/nationality and relevant foreign-entry endorsement, and an export permit naming jeweller. Land permits show vehicle number; if initially unknown, put it later on collection-support documents. Maintain declaration, transport/passport and permit evidence for every carrier when split. IRAS may compare documents to ICA departure records.
Paying an overseas supplier in gold
Imported jewellery bears import GST at Customs. If gold bars or scrap settle the overseas supplier, export of that gold is a separate transaction: report its exported value in Box2 zero-rated supplies with the applicable export evidence. Do not apply local old-jewellery trade-in concession to gold exports or treat non-cash settlement as having no reportable supply.
Refining through an intermediary: ownership determines treatment
The sequence is local delivery, intermediary export, overseas refining/assay, report of weight/fineness, and cash/paper-gold settlement. If ownership passes to local bank/broker/dealer while gold is in Singapore, Example13 is a local standard-rated supply and the jeweller issues a tax invoice. If intermediary only exports on behalf and ownership passes after overseas refining, Example14 treats jeweller as exporter, reporting Box2 zero-rated value. Parties must determine title from the actual contract; physical handover alone does not decide it.
Security transport evidence and consolidated export certificate
For the agency-export refining route, section5.2.4 has legal force. Keep security-company trust receipt naming/signing jeweller handover employee and receiver plus sealed-bag tag serial, intermediary written collection/export instructions with description/weight, and air waybill with matching seal, weight/description. Consolidated shipments may use forwarder subsidiary export certificates: forwarder name/address/GST number, issuer signature/designation, seal/description/weight received, FOR EXPORT ONLY, flight/departure/master-air-waybill details. The intermediary may endorse exporter name/address.
Paper gold and later physical withdrawal
Paper-gold settlement may enter an account at a bullion company. Later withdrawal of physical gold is a separate bullion-company supply: non-IPM delivered locally is taxable, qualifying IPM is exempt. Do not merge that withdrawal with the earlier scrap export or assume all account credits/physical withdrawals share one GST classification.
The five retail FAQs and the appendix decision
A tourist sale is local standard-rated, Box1/value and Box6/output; a qualifying tourist can later obtain refund through a participating eTRS retailer. A local customer’s own later export does not zero-rate the jeweller’s local delivery. An unchanged-form IPM wafer framed as a pendant retains exemption only with IPM/frame separately itemised; frame is taxable. A registered customer trading old gold to an unregistered manufacturer must tax its old supply; manufacturer charges no GST and no concession applies. AppendixA asks first whether genuine old-jewellery-for-new trade, then whether customer is registered: only yes/no respectively permits the concession. Its refabrication example cross-references are inconsistent with body numbering; use substantive ownership rules and Examples11–12.
Official source
This article independently explains the substantive contents of the official PDF, including the relevant conditions, procedures and annexes. The linked document remains the authoritative source for its original wording, and later changes should be checked separately.
Read the official PDF ↗