Gold coins to jewellery advice
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I have some upcoming jewellery purchased lined up in few years so I'm thinking about stocking up gold coins slowly whenever I find them on discount. I would love if you can share your experience regarding purchasing gold coins and using them for jewellery exchange.
1) Which brands do you personally trust in gold coins and if you ever exchanged did you face any discrepancies with any other brands?
2) Which one is better to hold in terms of exchange value 22K or 24K ? Is 22K exchange decreases amount of gold jewellery purchased or is it converted into cash amount and decreased from whole bill amount?
Thanks in Advance.
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all brands are good , just purchase which ever you can get for cheapest
for 22k you pay 22k price, for 24k you pay 24k price , same is the price you get while selling , so purchase the one that has highest percentage difference during the deal
offline jewellers pay almost the prevailing gold rate when you sell those , but in a way you are converting white money to black, most showroom owners dont even take huge amounts of cash nowadays
if you exchange it at showroom for other jewellery most showrooms offer 99 percent of the gold value , one big showroom owner also agreed to waive of gst ( if i didnt take a genuine bill ofcourse)
Just wanted to know if there were any brands to avoid.
As for 22K/24K, I wanted to know if Jewellery shops deduct the coins gram wise or amount wise as the sell price is higher than buy price so if they deduct gram wise which will only be possible if I have 22k coins I would not have to pay the difference in buy and sell price.
I will be purchasing the jewellery probably from reputed national/regional shops as the finishing a better than local shops so getting without gst is not a possibility I think.
24k if you want to make ornaments via gold smith.
Otherwise also 24k with tampered proof seal and bill ( mostly online we can buy) would be accepted in most of gold shops for that days price.
Only loss with 24k or 22k is,GST.
When we exchange coins and buy jewelry consumer pays GST twice ( once on the coin & once on the jewelry) plus making and other charges.
Advantage we can buy the model we like.
But if the plan of buying jewelry is spread for a 2 or 3yrs safe investment on equity beats gold price always.
If all above is,complicated, buy 22k or 24k gold at dips and exchange for jewelry when required.
I'm mostly interested in buying when there is a steal deal on it like last week 24K was available at around ₹7200/g so the gst will not be an issue.
As for getting into equity I'm not sure right now but I would definitely try learn and invest in coming future.
can you please share the address where those coins will remain, in the coming years (till you sell them)?
«chori chori chupke chupke BGM starts playing»
If your plan is to buy jewellery best option is schemes offered by reputed or trusted jewellers
But since your plan is to buy in few years start accumulating gold in coins / bars format and buy regularly during offers and price dips
Coming to the brands most of the brands sold on ajio , Flipkart and Amazon are good but if you want more confidence buy from brands like MMTC(most trusted but costlier than others) , BRPL, Malabar , Muthoot, WHP, Kalyan,Kundan and if you are planing from other brands search about the jeweller or refinery on internet so that you can know if they are trusted in their respective regions they are operating in
Regarding 24 or 22k I would say buy 24k as mostly 24k comes in tamper proof packing and can be easily sold for cash if needed
As far as I know there are two types of scheme, one where gold is blocked and other when money is blocked, money blocking scheme offer more return but comes at the risk of upward move in gold prices. I'm not sure which one to choose and for what tenure since they require it to be redeemed after the expiry so I don't know atleast for now when we will need it.
I would like to thank you for such a good and concise answer.
Go for gold jewellery plans with no VA and some even offer no GST.
When buying gold coins always me sure you bought them at price lower than current market price. I have bought many gold coins online where per gram including gst is lessthan offline without gst.
From my experience I will suggest to go with 22k. You can simply exchange no of grams with your new jewellery by just paying VA. Remember most of the Jewellers consider 24k as 99% purity. So, when you are choosing ornaments or selling for cash, you are simply loosing 1% of gold value.
Only MMTC PAMP in india gives positive weight tolerance. 999.9 pure gold
how can you ensure that jeweller will not take your pure gold coin & mix filler in the final jewellery ?
how and here will you purchase gold coins ?
looking at your questions i would personally suggest you to go with 11+1 scheme that most jewellers run and dont get involved in all of this