gold coin purchasing

Discussion in 'Indians in Doha' started by AkilaViswanath, Dec 11, 2014.

  1. AkilaViswanath

    AkilaViswanath New IL'ite

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    When I checked the prices for gold coins in some shops nin safari mall they said they charge 9riyal per gram as making charge or importduty for coins .which I felt quiet strange . Inother middle east countries for buying bullion there s no exhorbitant surcharge like this .
    Please shed some light on this ...in that case its better to buy ornaments . But I don t want to buy ornaments ...iq m using this as investment for future use.
    Thanks in advance . Suggest me a good place to buy goldcoins 22k at a reasonable price ...because when I convert in indian rupees this rate becomes more than at par of indian rate.
     
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  2. AkilaViswanath

    AkilaViswanath New IL'ite

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    Ohhhhhhh ....noone buys gold here... lucky hubbies ...;)
     
  3. CS1982

    CS1982 Senior IL'ite

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    Greetings

    Malabar gold - we can get gold coins with no charges. Check in it.


    Regards

    CS
     
  4. sangeethaamar

    sangeethaamar Silver IL'ite

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    Actually coin then its best to buy in alfardan exchange.they don't charge extra and purity is also best.these jewllery shops are cheaters. So do buy from exchange only.
     
  5. AkilaViswanath

    AkilaViswanath New IL'ite

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  6. happy_feet

    happy_feet New IL'ite

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    Hi Akila,

    I did not see the question earlier or else I would have replied earlier. I was in the same boat few weeks ago as to where to purchase gold and what to purchase. I also wanted to invest in gold as the prices had gone down in recent times. Starting from camera to mobile or a mixer to a steam mop, I like to do my homework.

    Well here is what I found out and these are solely my opinions, but if any body has some better suggestions I would love to hear from them.

    First of all if it is investment purpose, then never buy jewellery, always buy coins or bars.

    If you want to purchase jewellery only, there will not be much difference between Qatar and India as after adding the extra charges (import duty/ making charge/ wastage charge etc etc, it goes by different names with different jewellers) with the market gold rates, it will be either same or more than India. On top of that there is always a risk of taking lot of jewellery at a time to India and if you are not lucky, you have to pay import duties and go through lot of hassles. (According to law a women can take up to INR 1,00,000 and a man can take INR 50,000 while coming to India provided you are a NRI i.e. stayed out of the country for more than 6 months, and also show the proof of your purchase. And as we are Indians we know that every thing in India does not go by rules only, one can be really harassed by a custom officer for bribes etc). If at all you need to purchase jewellery in gulf then Duabi is the best place to go.

    Ok now coming back to gold coins and gold bars. According to me never buy anything other than 24 carat and 999 purity (not 995 purity). If the budget is less then buy less gold of 24 carat than buy more of 22 carat. The denominations in 24carat starts from 5gm to above 100gm. The reason I say this is while selling if it is not 24carat and 999, you will not get good price as many places who will buy your gold will give you various reasons regarding the impurity present in the gold. For example if on a certain date you are buying 24 ct for say Rs 100 and 22 ct for say Rs 80 then while selling on a certain date, if for 24ct you will get Rs 200, for 22ct you will get Rs140 and not Rs 160. So always buy 24ct and 999 purity according to your budget.

    Now coming to the prices. As far as I know, no where in the world you can get gold coins or bars at market rate of the gold. And if someone is claiming that they are selling at market rate, then be sure to double check the authenticity. Always an extra charge is added like a tax or something. In gulf countries as there are no govt taxes, and they do not manufacture the coins and bars themselves inside the country, they charge an import duty at least that is what they will tell you which has the profit of theirs added to it. But as most of the country have a govt tax attached to it, and along with the sellers’ profit the cost increases. But as here govt tax is not attached to it so it is relatively cheaper in gulf countries.

    Next is where to buy in Qatar. There are few places who sell gold coins and bars and the best place obviously would be the place who charges minimum above the market price of the gold. Few jewellery shops located in gold souks and other places sell gold coins. Unlike in India where many bank sells gold, in Qatar only Doha bank sells gold and that to you have to be an account holder with them to buy gold. Apart from these there is Alfardan Exchange and Gulf exchange who sell gold. Most of the places I have mentioned above have a net presence. I would suggest the particular day that you decide to buy gold, first take an hour before you leave your home and call all these places by phone (you will have all their numbers in net) and ask for the price of their gold coins on that day. See which one is them gives cheapest and buy from them.

    One question I came across in online Qatar forums like Qatarliving.com is that where to buy good or pure gold. In Qatar there is no impure or bad gold. It will be exactly as it is stated to you like the carat and purity. Authorities are very strict here. You will never be cheated in quality, but yes, if you don’t do your homework then definitely in price.

    I tracked all of them (in jewelly shop I only tracked Malabar gold) for about a week. Here is what I found. The costliest is Malabar gold and surprisingly in their website the market price they quote is more than the actual gold price in Qatar.
    Check out the sites Gold Price Today in Qatar in Qatari riyal (QAR)
    https://www.malabargoldanddiamonds.com/ar-qa/gold-rates
    (The same things I found in other Indian shops like Indian super market and Family Food Center i.e. every for single thing, the cost will be higher than lulu or carefour etc. Very disappointing. So I always avoid them, well that can be another post altogether where I can give various examples to support this.)

    Next came the Doha bank. Their customer service will tell you that they sell gold in market price. Well that is not true. When you go to purchase it in the bank, there is a very high mark-up.

    Gulf exchange and Alfardan are good. But the cheapest is Alfardan.


    So I bought from Alfardan Exchange. Their 10gm gold comes in bars and not in coins. They are 24ct and 999 pure. They are Swiss imported and laminated. Every detail is in the back of the bar. Alfardan exchange only gives you a receipt of it. As I have not seen what others are selling, I can’t give you any description on them.


    I hope this helps to anyone who is interested to buy gold.

    Happy gold shopping!!!
     
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