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Things to Know Before Buying Gold Coins
Gold is considered a symbol of luck, wealth and prosperity in India, which makes it one of the most popular choices in metal for investment. Whether in the form of flashy ornaments or exquisite jewellery or gold coins, this precious metal is not only a status symbol but also refer to savings and deliver good returns on the principal money invested in it.
These days, gold is more popular as an investment instrument in the form of coins, rather than an aesthetic element to complement your attire at a wedding or a function. People buy gold coins for a variety of reasons and it has become the new attraction for investors and tasteful buyers. In fact, the price of gold has increased manifolds in the last decade, leading to high demand for the metal. With a rise in the price of gold coins, it acts as a great saving and investment tool that promises low risk and high returns. If you too are thinking of buying a gold coin online, then we have curated some important points that you should know before making your purchase.
Things to Consider
Here are some important things which you must be aware of if you are thinking of buying a gold coin.
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Purity of Gold
Gold is a naturally soft metal, which by itself cannot sustain in certain forms and applications and thus requires to be mixed with other alloys or metals like zinc, copper, silver, etc. The purity of gold signifies this level of adulteration that has been carried out on the gold to provide strength and durability. Usually, the purity of gold is measured in Karat. For example, a gold coin that is 24 Karat means that 24 parts out of 24 parts must be gold in the composition of that coin, and is considered to be the purest form of gold. Likewise, 22 Karat gold means that 22 parts out of 24 parts are gold and the remaining 2 parts are other alloys in the coin’s composition. It is very important to check the purity when you buy gold coins to ensure you are getting the right value of gold for your money.There is another parameter used to measure the purity of gold – Fineness. Used mainly to determine the purity of 24 Karat gold, this parameter signifies the minute amounts of mixed impurities in pure gold, which the manufacture is unable to remove. When you buy gold coins online, make sure you check for at least one of the purity parameters.
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Hallmark
Whenever you purchase a gold coin, make sure to check for the gold hallmark. Hallmarking ensures credibility and the validity of the claims of purity of gold coins by the manufacturer. It is a trademark that certifies the gold purity of a gold coin as per the Indian Standard specifications. Gold items are tested and certified at an official BIS (Bureau of Indian Standard) Hallmarking Center for their purity and fineness, and ensure that you are assured of getting what you are paying for.As a thumb rule, make sure to check for the BIS log, purity in Karat of fineness, the logo of Assaying and hallmarking centre as well as the Jeweler’s ID, as these markings can help you in trying to authenticate the gold coins.
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Denomination or Weight
Another important factor to keep in mind which affects the price of gold coins is the weight or the denomination in which you are buying it. Most jewellers and banks offer a wide variety of denominations to customers, most common of which remains 1 grams, 5 grams and 10 grams owing to high gold coin price. Other denominations available range from 0.5 grams to 50 grams depending on the size and trend of the market. As the gold price keeps on fluctuating, the price of gold coins today might not be the same as it was a few days ago and it can affect the gold coin denomination you might end up purchasing. -
Making Charges
Making charges refers to the charges that the manufacturer applies for its creativity and efforts involved in manufacturing the gold coin. It is a rather high but unavoidable expense, ranging from around 8% to 16% on jewellery, which you need to pay and is not borne by the next purchaser when you resale the gold.However, the making charges on gold coins are usually lower as compared to other ornaments and gold jewellery. This is because there is a relatively lower amount of effort and craftsmanship involved on the part of the manufacturer than in the case of making complex jewellery designs. This is another big factor why people gravitate towards buying gold coins as it makes them more affordable and accessible. This is also applicable to bars and ingots and is one of the reasons why some people are more interested to buy gold bullion instead of ornaments.
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Reselling
Once you have decided to buy gold coins, it is important to note that you might not be able to part ways with as much ease as you might expect, should you change your mind. The RBI has clear directions to banks and financial institutions to not buy back any of the sold gold coins, which makes the process a bit tricky. The only way to legally resell a purchased gold coin is by selling it to a jeweller, which might offer you a decreased price of gold coins today than what you might have bought it for.You can purchase a gold coin at any of the local or branded jewellers near you. Many banks in India also offer gold coins for sale with high purity and hallmark. You can buy gold coins online in India through Muthoot Gold Bullion Corporation, part of The Muthoot Group, and choose from high purity gold coins available in various denominations.
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