Gold is one of the most popular metals in India, both for investment and for consumption. Gold isn’t just about showy jewellery; it’s also about saving and getting a decent return on your investment. Gold is used extensively in Indian weddings and key holidays such as Laxmi puja and Dussehra. When people wish to buy gold in its purest form, this is the moment to do it. Aside from purchasing gold jewellery, a gold coin is a direct way to invest in gold. These coins range in purity from 22 to 24 carats and come in a variety of sizes, including 1,2,5,10,20,50, and 100 g. Many suppliers also guarantee the purity of their products. In this article you will find: why to buy gold coin online, things to keep in mind when buying gold coin online and an easy way to buy gold coin online.
Why do we buy gold coin online ?
Indians buy coins for three primary reasons: personal investment, gifting, and auspicious or religious purpose. During festival and wedding seasons, it is in high demand. In Indian culture, festivals like Diwali, Dhanteras, and Akshaya Tritiya are thought to be lucky and favourable for purchasing gold. It’s also considered a smart investment due to its transparent price, low making costs, and high returns. Individual investors can also buy coins to save money. Large quantities are often purchased by corporations for gifting purposes.
Buying gold coin online gives us the flexibility to choose between large number of beautiful designs. We can also buy these coins from the comfort of our home. We can buy coins from reputed jewellers or platforms from across India. The chances of fraud are low as everything is documented online.
Read the things to keep in mind while buying gold coins online or otherwise.
Purity of gold
Always examine the purity of a gold coin before buying it. The purity of gold coins is determined primarily by two factors: Karat and fineness.
The most common unit of gold purity measurement is the karat. The purest kind of gold is 24 Karat (24K), which contains 24/24 parts gold. Similarly, 22 Karat gold is made up of 22 parts gold and two parts other metals like silver or zinc. It is used with other alloys to make gold more durable for jewellery manufacture. That’s the reason gold jewellery is usually in 22K gold.
You can’t buy 24K gold jewellery, but a 24K gold coin is always available. Gold coins are available in a variety of purity levels, including 23 Karat, 21 Karat, 20 Karat, and 18 Karat. People, on the other hand, typically purchase gold coins in 22 or 24 karats for financial purposes.
Another criterion for determining gold purity is fineness. According to the World Gold Council, even pure gold can have little contaminants that the manufacturer cannot remove. The weight of pure gold in a gold coin is measured in proportion to the overall weight of the coin, including impurities. As a result, 24 Karat gold is 99.9% pure, while 22 Karat gold is 91.6% pure.
Check BIS hallmark
Apart from checking the purity of a gold coin, you should also see if it is hallmarked. A hallmark is a mark that verifies a gold coin’s purity according to Indian Standard requirements. The purity and fineness of gold objects are examined and verified at an approved BIS (Bureau of Indian Standard) Hallmarking Center. Check for
- BIS logo
- Purity in Karat and Fineness
- Logo of the Assaying and Hallmarking Center
- Jeweller’s identifying mark/number
These indications can help you save a lot of time and effort when attempting to determine gold coin purity.
Check Making charges
Purchasing gold coins is more accessible and less expensive than purchasing gold jewellery. They allow customers to obtain the purest kind of gold in the smallest weight of 0.5 g with cheaper making charges, as opposed to ornaments, which often have greater making charges based on workmanship. The making charges for gold coins normally vary from 8% to 16%.
GoldLane offers only 7% making charges on its gold coins and these coins are available in following denominations: 1g, 2g, 5g, 10g & 20g.
Insist on Bill
It is critical to get a thorough bill from the jeweller where you purchased your gold coin as proof of purchase. Ensure that this bill includes important information such as the Karat, weight, current gold per g price, and making charges. You must get a definitive bill that correctly details your gold coin transaction, including proof of purity and validity, as well as the proper value of your purchase and proof of possession.
Another thing to bear in mind is that if you buy gold coins from a bank, you should be aware that the bank would not buy them back. If you wish to resell your gold coins, look for accredited jewellers or online platforms to purchase them from.
Convert Digital Gold into Gold Coins
At GoldLane, your accumulated digital gold can be converted to Gold coins, easily from within the GoldLane app. This way of buying gold coin is profitable as you will keep accumulating digital gold at today’s price and when the gold price will go up you can buy coin at lower rate. GoldLane’s gold coins come with BIS hallmark and thus can be sold back easily at partner stores around Pan India.