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About Us FAQs

The Company

The BullionVault service is owned by Galmarley Limited [name origin], which is company number 4943684 registered in Great Britain at 12th Floor, Landmark House, Blacks Road, Hammersmith, London W6 9DP.

Our website services are managed, hosted and delivered to you by Galmarley's wholly owned subsidiary BullionVault Ltd, which is company number 07400400 also registered in Great Britain at 12th Floor, Landmark House, Blacks Road, Hammersmith, London W6 9DP.

Our computers are managed from our London offices. Our live service is hosted in London, while other international locations maintain our back-up systems and data.

Our offices are in West London (UK) and we welcome callers during normal office hours. You do not need an appointment, but making one will usually save you some waiting time. Our contact details are here.

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Business History and Financial Performance

An original £275,000 [$500,000] of seed capital was injected at the incorporation of Galmarley Ltd in October 2003, and it funded the early planning and development of the BullionVault service.

After developing the software, and over a period of two years from March 2005, the business raised approximately £3.5m in equity funding. This money was invested in gold bars and currency to provide the inventory which the business needed to operate. 

The accessibility, safety and value of gold bought through BullionVault quickly made the service popular, and the business traded profitably in year one. Its revenues come from a mixture of four sources:-

  • Commission
  • Custody fees
  • Interest receipts
  • The difference between buying and selling prices of gold, known as the "trading turn"

The company traded profitably from its first year (2005). We have grown steadily, and particularly rapidly since 2008.

On 1st September 2008 we were elected into the London Bullion Market Association which represents the largest of the world's physical bullion markets.

In April 2009 we won the Queen's Award for Enterprise (Innovation) for our use of technology in making the efficiencies and reliability of the professional bullion market available to private customers. In 2013 we were awarded a second Queen's Award for Enterprise (International Trade) for growing overseas sales by 140% in 3 years.

We always publish our most recent audited accounts on-line.

We now have over 55,000 active customers, from over 175 countries, holding approximately $2 billion in stored bullion. In fact, with more than 34 tonnes of gold and 500 tonnes of silver bullion, BullionVault's customers are already holding significantly larger reserves than most of the world's central banks.

Our financial strength is formidable. Our asset value per £1 ordinary share has grown to over £54, and those assets are denominated in currency balances and our own gold bullion stock, all available at short notice.

This financial strength was consolidated when on 17th June 2010 we completed an important deal. The World Gold Council and Augmentum Capital each bought an 11.4% equity stake, investing a total of £12.5m (US$18.8m).

The BullionVault service appealed to the World Gold Council primarily because we offer retail investors a secure, cost effective and convenient way to access the physical gold produced by its sponsors – the world’s major mining companies. We do not offer any services regarding financial derivatives, such as futures, options or spread-betting.

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Our Board

Paul Tustain

Chief Executive : Paul Tustain

Paul graduated with distinction in Computer Science. In the 1980s he worked as an equity analyst in London, but found himself increasingly involved in systems. On a sabbatical in 1989 he developed a new design for banks’ trading control systems and subsequently launched SAM in 1990, which over 10 years grew to provide computer solutions to 12 organisations including four of Europe’s biggest banks. What he saw there did not always inspire confidence.

When SAM was taken over in 2001 Gordon Brown was trying to sell Britain’s gold. Paul tried to buy some, and although he succeeded – eventually – the bullion market process was opaque and the transaction terms unattractive to a private investor. Sensing that more people would soon be looking to buy gold he started planning BullionVault in 2002.

Development of BullionVault, funded by Paul, started in 2003, and the BullionVault service was launched in spring 2005 supported by investment from 30 friends, family and business angels. Paul has been CEO ever since, as the business has grown to become the world’s biggest on-line investment bullion service. He is still one of the biggest customers and looks forward to holding gold for many more years, at least until there is a credible alternative to the deeply indebted currency systems of the developed world.

Paul works full time for BullionVault. His salary and benefits are paid for by the company and disclosed, along with his interest in the company’s equity and bonds, in the audited accounts.

Aram Shishmanian

Director : Aram Shishmanian

Aram Shishmanian was appointed Chief Executive Officer of the World Gold Council with effect from January 2009.

Aram has over 30 years experience as a management consultant. He has worked with many leading financial institutions, at board and senior executive levels, and has extensive international experience.

During 27 years at Accenture, Aram held a number of leadership roles, including Global Managing Partner of the financial markets industry practice, before becoming a senior partner.

Subsequently, he was appointed as a Non-Executive Director of Resolution plc, the Senior Non-Executive Director of Victoria plc, a Non-Executive Director of a Swiss based asset-management company and several other companies. Prior to joining the World Gold Council, he was an independent member of the International Executive of Hogan Lovells LLP, one of the leading global law firms. He holds a BA in Economics and an MBA.

The World Gold Council acquired an 11% stake in BullionVault in 2010.

Aram’s salary and benefits are paid by the World Gold Council.

Greg Lockwood

Director : Greg Lockwood

Greg has a Masters of Management degree from the Kellogg Graduate School of Management, and a B.A. (Hons.) from the University of Western Ontario. He is a Founder of Piton Capital, a venture fund specialized in online exchanges and marketplaces.

Prior to this he set up the European venture arm of UBS Capital, and worked in telecom investment banking and in media publishing. Within UBS he helped to create Sunrise, the second largest telecom services provider in Switzerland and made investments in – among others – Betfair, the world’s largest internet betting exchange, where he served as Chairman.

He invested in BullionVault as one of the first group of business angels, whose interest he continues to represent on the Board. He transferred that investment into Piton Capital, which later followed that with a further investment in June 2010. Piton now owns 2.3% of the company.

Greg’s salary and benefits are paid by Piton Capital.

Tim Levene

Director : Tim Levene

Tim went to the University of Manchester to study Russian and worked for Bain & Company in Moscow, Boston, Sydney and London. He left Bain in early 1998 to pursue entrepreneurial interests.

In the summer of 1999, he joined 3 former colleagues from Bain & Company and launched In early 2000, Flutter raised over $24m in venture capital which – after various mergers – ultimately exited on the London Stock Exchange for approximately $400m in 2010. He moved to Asia in 2004 and returned to London in 2009 to launch Augmentum Capital.

Augmentum Capital backs dynamic entrepreneurs in the technology and internet space. Backed by London-listed RIT Capital Partners, Augmentum invests in businesses that exploit inefficient markets and those that develop disruptive technologies. Augmentum has invested in 6 internet and software businesses since 2010, one of which was BullionVault in which it acquired an 11% stake in 2010.

Tim was made a Young Global Leader by the World Economic Forum in 2012.

Tim’s salary and benefits are paid by Augmentum Capital.

BullionVault's Management Team

Robert Glynne
COO (Chief Operating Officer)
Justina Prytula
Finance Director
David Hemmings
CTO (Chief Technology Officer)
Adrian Ash
Head of Research
Nittin Seehakoo
Head of Customer Services
Daniel Jay
Head of Marketing
Johnny Stewart
Head of Product - Find out about BullionVault's Corporate services

In total BullionVault employs 37 people at its Hammersmith office in London.

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As the head of the board and majority shareholder Paul Tustain accepts responsibility within the company for organising BullionVault's system controls and arranging individual responsibilities within the BullionVault team, and its custody providers, so as to maximise the security of customers' gold and cash.

In addition to development capital Paul Tustain has provided management bonds to the company which is held as gold and cash segregated in favour of customers.  These management bonds are non-refundable except in final liquidation, in which circumstance they rank behind all other customer property for repayment. 

The value of equity in the company and this loan would therefore be lost before any BullionVault customer incurred any loss resulting from breaches of faith or security on

This arrangement is structured to underpin the meaning of 'accepting responsibility'.

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What are BullionVault's strategic objectives?

BullionVault's objective is to operate the world's most cost-effective, secure and accessible market in professional grade bullion.

We want to do this because :-

  • We believe there is a deficit of financial responsibility in many modern governments and financial institutions.
  • We believe that modern currencies and other paper-based value systems will inhibit savers from retaining their domestic and worldwide purchasing power.
  • We believe that using gold to provide protection from this problem is a strategy which has been inaccessible to individuals at a fair price.
  • We believe that we are uniquely well qualified to provide that accessibility and to manage the service in a way which maximises security, accessibility and value for our customers.

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