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5 Things You Must Know Before Buying Gold Coins on Akshaya Tritiya

You should keep in mind a number of things before buying gold coins. (Image: Shutterstock)

Gold Coins: Purity of gold is something that plays a key factor in deciding how good the coin is.

Indians love to invest in gold and occasions like Diwali, Dhanteras and Akshaya Tritiya are perfect times to buy the yellow metal. Akshaya Tritiya will be celebrated in a few days and this can be one opportunity for investors who are eyeing gold this year. Gold prices have been above the Rs 50,000 mark for quite a while now, and this may be a good time to invest in this sector. On top of this, Akshaya Tritiya is considered as an auspicious time to buy gold, which is believed to bring in luck and prosperity. This makes many Indians purchase gold jewelleries or gold coins for themselves or as gifts.

If you are planning to buy gold coins during this year’s Akshaya Tritiya, there are a few things you should keep in mind. It must be noted that this is one occasion jewelers give discounts on gold items, but there are other important criteria that you must keep an eye on.

  1. Gold Purity: Purity of gold is something that plays a key factor in deciding how good the coin is. To judge the purity, karat and fineness are two ways that are used to unit gold purity measurement. If your gold coin is 24 karat, it means that 24 parts out of 24 parts of the coin’s composition is made out of gold. In 22 karat gold coins, 22 parts out of 24 parts are made of gold, while the remaining two parts is some other metal. Fineness is the factor that comes into play when determining purity of 24 karat gold. Even 24 karat gold can have impurities that the maker could not eliminate, and this is measured in parts of thousand.
  2. Hallmark on Gold Coins: Hallmarking ensures the purity of the gold coin as per coin as per the Indian Standard specifications. Gold items are tested and certified at the BIS (Bureau of Indian Standard) Hallmarking Center so that their purity and fineness is determined. Make sure you check the hallmarking signs before purchasing gold coins.
  3. Denomination or Weight: A key factor before buying gold coins is the weight or denomination of the item. You can choose between a range of options available, with the most common being  1 grams, 5 grams and 10 grams. Gold coins come in a range from 0.5 grams to 50 grams.
  4. Making Charges on Gold Coins: You must also note that purchasing gold coins is relatively easier than buying ornaments as you can buy a minimum of 0.5 gram of gold with lesser making charges. This is because lesser craftsmanship skills are required to make gold coins.
  5. Reselling Gold Coins: As per an RBI mandate, if an individual buys gold coins from a bank, he or she will not be able to sell the same to the bank. Individuals who wish to sell their gold coins must look for online platforms or accredited jewellers to do so.

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