How To Buy gold biscuits in India? People own physical gold in the form of jewellery, gold biscuits, coins, and even bars. Nowadays, in addition to purchasing gold from your neighbourhood jeweller.
Best online gold trading sites: You can buy it from e-commerce websites :-
Is buying gold bar a good investment?
Compared to gold biscuits, coins, physical gold and jewellery, bars can come at a lesser cost. However, there are a few things you should consider before you buy them. Read on to find out what they are.
- Purity: Make sure what you want is what you get — do ensure that the gold you are buying is pure. Karat is the unit used to measure the purity of gold, higher the karat, more pure the gold is. Therefore, 24, 22, 18 karat gold has the purest form in that order. In case of 24k gold, all 24 parts in the gold are pure gold with extremely low level of impurities. If you are purchasing for investment purpose, 24K suits else opt for 22K if you intend to use it for your own consumption. The price of 24K is higher than lower karat gold.
- Refinery – While purchasing, it helps to know the refinery from where the gold bar has been refined. Purchasing gold bars, physical gold which have been refined at popular refineries ensures highest level purity. Bangalore Refinery and MMTC-PAMP (a joint venture between public sector MMTC and Switzerland’s PAMP SA) are two such refineries in India.
- Tolerance level: Ask about the weight and purity tolerance level (variation in purity) while purchasing. Some gold bars may have a +/- tolerance levels while some bars may come with NIL negative weight tolerance and NIL negative purity tolerance, thus assuring that the customer always receives right value for what is paid for.
- Denomination: Choosing to invest in lower denominations helps to maintain liquidity when you need it. Opt for gold bars with lower denominations. The denomination of gold bars can be as low as 5gm and also available in 10g, 50g, 100g even up to 1 kg. The price of higher denomination may, however, be less as it commands lesser premium.
- Certification: The benchmark to follow while buying gold online is to look for Hallmark certification. It is imperative for you to ensure that the gold you buy is from a BIS (Bureau of Indian Standards) Hallmarked jeweller. And the ornament/coin/bar carries BIS hallmark. There’s a list of jewellers selling BIS-certified jewellery on the BIS website.
- Fineness: Fineness shows the purity of precious metals by parts per thousand rather than karats. Fineness is another way of expressing the precious metal content of gold jewellery, and represents the purity in parts per thousand. When gold is refined to a fineness level of 999.9 parts per thousand it is stated as 999.9.
- Packaging: If the gold bar is packaged as is the case when you buy it online, don’t take it out of the packaging. Keeping the packaging intact helps in maintaining the purity of the gold bar.
- Return policy: Always check for the website or seller’s return or buyback policy while buying gold online. These days most big gold chains have their online stores and they offer both returns and exchange. However, the exchange policy of gold has stricter terms and conditions as compared to other items sold online. So, it is important to go through the terms and conditions carefully before making your purchase decision.
Buy Gold Biscuits and Bars in India
To buy gold biscuits in India, you can follow these general steps:
- Research: Begin by gathering information about gold prices, reputable sellers, and prevailing market rates. Stay updated on the current price of gold, which can fluctuate daily.
- Choose a reliable seller: Look for authorized dealers who are recognized by the Bureau of Indian Standards (BIS) and reputable jewellers. This ensures the authenticity and purity of the gold biscuits.
- Determine the quantity: Decide on the quantity of gold biscuits you wish to purchase. Gold biscuits typically come in various weights, such as 1 gram, 5 grams, 10 grams, 20 grams, etc. Consider your budget and investment goals while making this decision.
- Check purity and hallmarking: Gold in India is usually sold with a hallmark that certifies its purity. Look for the BIS hallmark, which indicates that the gold meets the required standards. Higher purity gold typically carries a higher price.
- Visit the seller: Visit a trusted gold seller or jeweler who offers gold biscuits for sale. You can find such sellers in jewelry stores, banks, and authorized gold dealers. It is advisable to choose well-established, reputed sellers to ensure quality and authenticity.
- Verify the prices: Inquire about the current price of gold per gram and compare it with the prevailing market rate to ensure you are getting a fair deal. The seller may also charge a nominal making charge or additional taxes.
- Make the purchase: Once you have chosen the gold biscuits and are satisfied with the price, proceed to make the purchase. The seller will provide you with an invoice and receipt for your transaction. It’s essential to keep these documents safe for future reference.
- Secure storage: After buying gold biscuits, it’s crucial to store them securely. Consider purchasing a safe deposit box or a secure locker in a bank to keep your gold safe. Alternatively, you can explore other secure storage options at home or with specialized storage providers.
Remember to be cautious while purchasing gold and ensure you are dealing with reputable sellers to avoid counterfeit or impure gold. Additionally, it is advisable to consult with a financial advisor or an expert in gold investments to make informed decisions.
