Ireland’s first gold sales and storage service has opened for business in Dublin.

Up to 10 new jobs are to be created at Merrion Gold over the next 12 months at the vaults, which are in Cumberland Street South in Dublin 2.

The new service allows Irish investors to purchase and store physical gold coins and bullion locally instead of having to buy ‘virtual gold’ or gold certificates for bullion stored abroad.

Bullion can be bought and held in varying amounts ranging from €950 for a Krugerrand to €32,000 for a single kilo bar.

Coins and bars normally command a premium of between 3 per cent and 5 per cent depending on the size and format of the bullion product commission.

Merrion Gold storage costs are €300 a year and the gold bar can be secured in the box alongside deeds and other valuable documents.

The new service is the brainchild of David Walsh and Seamus Fahy, who have over 20 years' experience in trading commodities such as gold, silver and diamonds.