On the outskirts of Wilmington, Delaware, Diamond State Depository is among the newest and most modern precious metal depositories. Its Delaware location means that any precious metal purchases shipped directly to their storage vault do not incur sales tax.
Security and Services
The facilities of Diamond State Depository have been designed to meet the demanding storage needs of individual investors and institutional clients. The building was designed specifically to hold precious metals and other high-value commodities.
The security and protection of these precious metal assets is their highest priority. Their ultra-modern, state-of-the-art storage facilities include an ultra-secure Class III Vault. The secure facility is monitored in real-time, 24/7, by off-site security experts.
The wide range of custody services offered by Diamond State includes commercial accounts, intended for high volume bullion dealers, offering insured custody and daily transaction and inventory reports. The Demarcation Premium Custody Account provides additional services such as coin inspection and mint year reporting. The Collateral Custody account is specially designed for those using their stored precious metal assets as collateral for a loan. Diamond State also offers IRA storage services for those investing in precious metals as a retirement fund.
Accounts and Fees
Diamond State also offers two levels of individual investor accounts. Precious metals held in Standard Storage accounts are stored along with other customers’ assets. The Segregated Storage option involves separate storage, apart from the precious metals owned by other Diamond State customers. Regardless of the option chosen, all customer assets are held “in custody,” stored in customer-specific accounts, off of Diamond State’s balance sheet. All deposits are covered by full insurance.
Fees are differ between Standard or Segregated Custody. They are based on the market value of the precious metals you are having stored there. Accounts with under $100,000 in inventory are charged 75 basis points for standard custody, or 125 basis points for segregated custody. The largest accounts (those with more than $1 million stored) are charged 25 basis points for standard custody or 50 basis points for segregated custody. 100 basis points is equal to 1 percent of the total market value of the account. The basis points are calculated as annual charges, though custody fees are billed semi-annually. Each semi-annual billing period incurs a minimum fee of $50.
In addition to storage services, Diamond State offers secure shipment worldwide, individual product inspections, assistance with customers clearance, and other support services. Their proprietary transaction and account reporting services enable them to offer user-friendly account reporting. The system is designed to send an automatic alert as each of your depository transactions is processed, from start to finish, so that you always know the status of your account.
Diamond State acts strictly as depository, not a precious metal dealer. They do not buy, sell, or trade precious metals, preventing the possibility of a conflict of interest. They fully understand their customers’ need for confidentiality, and always protect your customer information while working with you. By working with Diamond State, you can rest assured that your gold coin investment is stored safely.