India has been one of the highest devourers of physical gold worldwide. The country sees no resilience to its growing demand of gold, which is predicted to reach a record high in 2016. Bullion India experts analyze the various ways to buy gold in India.
Gold jewellery:
India’s gold jewellery demand was highest in 2015, since 2010, the third highest on record according to the records by World Gold Council.
Reason for Demand: In India, gold jewellery has a cultural and social backdrop that creates a demand for the yellow metal throughout the country. The usability of gold and its importance as a sign of social stature make it an indication of one’s wealth amongst the people of India.
The Disadvantage of physical gold in ornamental form is the making charge and jewelers premium that is added on per gram of gold by the artisans, which is deducted from the jewellery at the time of resale. This reduces the price of the gold jewellery significantly during resale.
Gold jewellery is also subjected to a fashion trend, which may also define its demand during a resale. Melting of jewellery into new forms is also a costly affair.
Things to consider: When you buy gold online or from a jeweler, one must check for the Hallmark engraved on the jewellery, this consists of five components a BIS mark, Fineness, Hallmarking Centre, Jeweler’s ID and year of making. This mark should be embossed on the product. As it, ensure high quality and full price of weight of gold upon resale.
Gold Bullions:
India has seen a rise in people opting to buy gold online, in forms of bars and coins from online bullion retailers like Bullion India. Gold coins and Gold bars can be purchased in weights ranging from 0.1grams up to 50 grams. Bullion India also offers one the ease to buy gold in India through, SIP schemes for buyers of gold bars online, on equated monthly installments, as low as 1000rs a month.
When buying gold bars online through bullion India website, all one needs to do is, open a free account, select the amount of gold from as low as 0.1gms and pay for the same or opt for a SIP scheme to buy gold online. Once the last payments of the scheme are made, one can redeem the physical gold bar or have it stored in safety vaults offered by Bullion India free.
The purchase of gold online in India is steadily increasing due to the lower than market spot prices, the quick and effective SIP plans that increase the buying capacity of individuals, making buying gold in India a possibility for lower income holders by planning ahead for the long run. These Bullions are engraved and certified, which adds to their universal acceptability and resale.
Disadvantage: Not wearable form of gold, if one needs to melt and create jewellery a making charge is applicable.
Things to Consider: When you buy gold online or at a retailer one must always be ascertain that the gold bullion is certified with 24-karat pure gold, 995+ finesse.
“The desire for gold is the most universal and deeply rooted commercial instinct of the human race.”
— Gerald M. Loeb.