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BullionVault gains Queen’s Award for Enterprise

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The Queen’s Award for Enterprise in the Innovation category has been conferred on London-based BullionVault, the gold-bullion ownership and investment service. 

BullionVault has been recognised for enabling private investors to access the cost-savings and safety of the professional wholesale gold bullion market.
 
Until this innovation, launched in April 2005, the wholesale bullion market was virtually inaccessible to individuals. This was because of tight controls on bullion integrity and high minimum trade sizes, which meant private investors were forced to trade gold coins and small bars, where they had to accept materially higher trading costs.
 
BullionVault users buy and sell physical gold online, owning it inside secure, market-approved vaults in their choice of London, New York or Zurich. Their dealing costs are reduced by approximately 80 per cent.
 
The Queen’s Award citation references the reduced costs available to users, the innovative development of automated internet dealers, and the fact that the user’s ownership of gold is then proven each day by a daily audit of all client property, which is freely accessible on the internet to provide transparency to investors.
 
Now enabled in four languages – German, French, Italian and English – and attracting over 13,000 active users worldwide, BullionVault looks after GBP400m. It has 7,800 active customers in the UK, each holding an average of 34 ounces of gold, worth GBP20,500.
 
The company’s turnover grew 549 per cent in 2008.
 
Paul Tustain, founder and director of BullionVault, says: "It’s one thing to spot an opportunity, but quite another to make it happen. I’m very proud of the hard work done by BullionVault’s development team, building precisely the simple, secure and low-cost access to professional market bullion which the gold market was so clearly lacking.
 
"In the current environment, private individuals want the reassurance of holding physical gold as part of their investments, with the flexibility of buying and selling when they want to, and at their own price. I’m honoured that the Queens Award has recognised BullionVault’s innovation."

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