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Global Secured Storage Firm Opens Major Private Vault In China
Tom King
WealthBriefingAsia
13 November 2013
Further bolstering its presence in the Asian region,
Malca-Amit has opened China's
largest privately owned secured storage facilities at the Shanghai Waigaoqiao
Free Trade Zone, highlighting a trend in the region for such developments as
investors seek hard assets.
The facilities feature five vaults capable of storing up to
2,000 metric tons of precious metals, fine arts and rarities and diamonds and
jewelry, enabling companies, financial institutions and private individuals to
import precious assets into China. The storage comes with a complete duty-free
exemption. Commodities can be imported and exported into the facility tax-free
enabling both international and local entities to trade in a cost-efficient and
time-conscious environment, according to . Malca-Amit operates facilities around the world in centres
such as New York, US;
Singapore’s
Freeport, Amsterdam
in the Netherlands and the UK. The
development of such storage facilities, such as in Singapore, comes at a time
when there has been growing demand by high net worth individuals for safe-haven
“hard assets” such as art and precious stones. The new Shanghai FTZ operations provide full-service
logistical support services for the importation process of any sold items,
return of any un-sold items to overseas, as well as secure storage for precious
assets without a time-limit. The facilities also provide a secure display hall that hosts
private events and showings, along with meeting rooms and inspection lounges enabling
clients to use the Malca-Amit facilities as their trading hub into China.