POSTED BY October 3, 2012 9:39 pm COMMENTS (5)ON
Where do you recommend to buy Gold Coins. / Bars
I have seen local reputed jewellers selling them but no certificate, nothing to back substantially for purity. Some engraving is done, honestly I am not impressed by it as I saw their worker doing it in one corner of house.. saying 99.9 pure and some design. That means anybody can mark that on the coin. What is surprising is people dont seem to bother.. the jeweller ofcourse has there been for years may be his grandfather opened the shop, so it more of trust than evidence.
Looking for more avenues, I found some good options like Tanshiq or Gitanjali online. These shops do have strong reputation, so a layman can possibly buy blindly from them. However, they come with much higher price than the local jewelers just like banks. I am not sure either if they will take back as Banks dont take back the coins they sell. The local jewelers may buy it but do all sort of deductions as it is not his product.
Is there any good place in the market you can buy comfortably and also sell back to them.
Yes, I am aware of Gold Funds, ETFs and other options for investing gold. But this query is specific to physcial purchase please.
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5 replies on this article “Where to buy Gold Coins”
Buy from a reputed jeweler who has multiple branches. All of them allow for converting gold coins into either cash or regular jewelry at that day’s price. If you are selling back coins bought from them, there is no other extra charges or reductions. So, if you are going to be buying coins regularly it is better to stick to one jeweler since that will mean no reduction in price when you sell. And that is the reason you want to stick to reputed ones like Khazana or Tanishq etc. You shouldn’t buy from bank since the price is higher and you can’t sell them back. You will lose 1-5% if you sell a bank bought coin to a jeweler.
They need to give a certificate of purity — this may not be a separate document. They may just include this statement in the bill/receipt itself. This should be enough. You can also check if the coin is BIS engraved…
Thank you for your detailed reply.
So unlike banks, reputed big brand names Jewelers like Tanishq, Geetanjali or Khazana does buy buy when we go to sell them ? That sounds assuring, I was under the impression only local jewelers buy back with minimum or no reduction.
May, I could simply buy from the above reputed Jewelers’ online store through Net Banking.
Check whether they sell coins online. And if so, if they give the certificate of purity if you buy online. Also, think about if you want gold coins to be sent to you via courier!
Any idea or experience about CARAT LANE based in Chennai. They have been aggressively marketing everywhere on the net these days.
Has anybody in forum purchased or know about them? Do they buy back the gold coins later on ?
Buy from local reputed jewellers and sell back to them when you need cash. Simple. No need to worry about purity. They deduct some amount say 30 Rs per gram while taking gold back. But that’s the price to pay, no alternative to that. I have tried this successfully twice in the past with handsome returns. You need to preserve the receipt.