India's love for gold is legendary! Indians own over 22,000 tons of gold – the highest in the world. Plus, they are expected to buy another 900 to 1,000 tons this year, a large proportion of which is during occasions like Dhanteras.
‘Dhanteras’ is an amalgam of ‘Dhan,’ or wealth and ‘teras,’ or the thirteenth day of the Hindu New Year. It is the day when Laxmi, the goddess of prosperity, is believed to shower riches and remove deprivation.
Hindus consider Dhanteras to be the most auspicious day for buying prized possessions such as a car, a house or gold. The inextricable relationship between Dhanteras and gold is natural. After all, few things symbolize affluence like gold does.
Gold-based investment products
There has been a gradual shift in gold-buying patterns on Dhanteras in recent years. The shift has been away from gold jewellery and towards gold-based investment products.
A major reason for this shift has been the advent of return-generating instruments such as gold ETFs, Sovereign Gold Bonds, and Gold Mutual Funds.
The concern with owning Gold jewellery and other physical gold products from private companies is of quality and with paper based gold products, the trade happens through an exchange.
The downside of owning gold in paper form is that it doesn’t give the satisfaction of owning physical gold. This has a simple solution...
...The Indian Gold Coin
The Indian Gold Coin is a great way of owning physical gold and retaining the benefits of gold-based investment instruments.
The Indian Gold Coin was launched by the Hon’ble Prime Minister of India in November 2015, as an attempt to curb India’s gold imports as the Gold used in minting of the Indian Gold Coin is procured under Gold Monetisation Scheme which is sourced from domestic sources like Tirumala Tirupati Devasthanam Trust.
The Coin bears the Ashoka Chakra on one side and Mahatma Gandhi’s image on the other side. It is manufactured by the Indian Government Mint, Security Printing and Minting Corporation of India Limited.
Since banks were barred from selling imported gold coins and bars in 2013, people could only buy physical gold as jewellery. Jewellers sometime arbitrarily determine the rate of gold and often cannot provide a certificate of purity. The Indian Gold Coin solves both these problems, as this is the only gold coin that banks can sell now as per the approval of RBI.
The Indian Gold Coin is available at select Federal Bank, Indian Overseas bank, Vijaya Bank, Andhra Bank, Yes Bank, ICICI and HDFC bank branches along with MMTC and Phulkari stores. The price of these coins is fixed by the MMTC, a Government of India Undertaking, which ensures transparency. In fact, the Coin is often 2-3% cheaper than the ones manufactured by many of the established corporate sellers.
Indian Gold Coin buyers also save up on the gold wastage and manufacturing charges that they have to pay while buying gold jewellery. The Coin is available in weights of 5 grams, 10 grams and 20 grams. This allows even those with a small appetite for gold to buy it.
The Coin is made of pure 24 karat gold with 999 fineness and is the only coin in India that carries the BIS hallmark which guarantees purity and has got positive tolerance both in purity and weight. The Coin has advanced anti-counterfeit-currency-like features and tamperproof packaging that further eliminate the risk of buyers being cheated.
There are a few options available with so many benefits and Indian Gold Coin is an excellent value for money and a great investment product available to a customer.
For more details on this, you can visit indiangoldcoin.com.
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Updated Date: Oct 26, 2016 14:48 PM