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Tips to Buy Gold Coins in India

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What is Gold Coin?                                                                

The term ‘gold coin’ is generally used to describe a round medal that is purchased either for the gifting or the saving purposes. The category comprises of minted coins that come in oval, rectangular and various other shapes. Gold rate today can be different from yesterday as various factors affect the gold price.

Key Features

Here are the various key features that you must factor in at the time of purchasing gold coin(s).

Purity – Though most of the organized refiners follow the standard purities of 995/999, a majority of the coins are sold at 916.6 i.e. 22 Karat. The purity can easily be set by the retailers or the corporate entities ordering the coins i.e. 18 Karat, 20 Karat, 21 Karat, and 23 Karat. For the investment objectives, 22 karat/24 karat gold coins are bought.

Weight – A majority of organized refiners have gold coins that range from 0.5 grams – 100 grams. The widely popular weight is 10 gram and less. Various manufacturers produce a standardized range of coins i.e.- 1 gram, 2 grams, 4 grams and 8 grams which is also called as a guinea.

Design – Gold coins come in a wide range of elaborate designs. Corporate giants, jewelry retailers etc. usually get their logo engraved on either side of a coin and get a basic or customized design on the other side.

Many coins come engraved with Hindu god, goddess because it depicts prosperity. Nowadays, gold coins are available with various religious motifs. Coins having the initials of the retailer or manufacturer are sold as well.

Hallmark – When you buy a gold coin, ensure that it has a hallmark. A hallmark signifies the purity of a gold coin. In simple terms, it gives you the much-needed assurance that you’re are getting what you have paid for.

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Rate – Usually, gold coin rate is inclusive of a decent margin. A margin is a cost that the makers charge apart from coin price.

Where to purchase from?

Primarily, gold coins are sold at various jewelry shops. Such outlets offer to exchange your jewelry for the new jewelry by paying the difference of selling price and buying price. Jewelry websites and various e-commerce portals sell gold coins online as well. Not just that, you can buy gold coins from selected banks.

Are gold coins worth it?
You can purchase coins for 3 primary purposes- for gifting it to your family, as a corporate gift or for the personal saving. Gold demand is seasonal that hikes up during the wedding season and festivals such as Diwali, Dhanteras or Akshaya Tritiya. Retail outlets maintain a good stock especially for Diwali and the wedding season between Octobers– November. Individual investors buy coins for the sole purpose of saving. Corporate giants also purchase huge quantities for gifting purposes.

Here is why you should buy gold in the form of coins.

  1. The making charges are negligible.
  2. Small ticket rate offers more savings and you don’t have to wait in order to make a big purchase.
  3. In order to make sure that you save over a time period, you can exchange it for the jewelry or cash at any time.

How can I redeem it? 
At present, gold coins can be easily sold off to any jewelry outlet in exchange for cash or jewelry.

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