I see that Tanishq has a gold harvest scheme or something where you can choose to start a monthly installment for certain timeperiod, at the end of that time period they also give some 4% of interest on the amount you saved and you can buy whatever you want... I see there is similar facility in grt jewellers in chennai...check with them..I like their jewellery specially and if you can please buy the coins from a reputed store in chennai than in Tanishq or some other store...I have seen several of my friends who bought gold from Chennai...its always shining, never loses its shine, pure than what I have seen from other places. Also how about investing in gold mutual funds....atleast this way you dont have to be scared about the safety of the gold you are buying purely for investment purposes or future usage....DSPBRworld gold (I dont know the correct name of the fund) but DSPBR has a gold fund which is doing well....try to check with any nearest bank on which gold MFs are doing well and try to buy someunits of that MFs and by the time your kid grows up am sure the fund value would have tripled or so..seeing the way the gold prices are shooting up.
Thanks all for taking the time to reply.I have decided to buy 24carat gold coins or bars from GRT Jewels,is it okay or still you have suggestions? Thanks in advance.
Can some one clear my doubts: 1) suppose if we buy gold coins from banks (which comes with purity certificate), can we encash at a later date , through the same bank or through jewellers? or do we need to buy jewellery only with that? 2) In case if we buy jewellery with the bank coins, whether the jeweller will again deduct some charges? 3) if we buy coins from jewellery shop and then exchange for jewellery later at the same shop, then whether they will accept without deducting any charges? Srividya, can u chip in with your expert opinion?
Hi Satin / Radhikrish If it is for pure investment purposes for later use of making jewellery, please buy ONLY 22 Kt gold coins and NOT 24Kt. When you give back the 24Kt coin, the deduction charges are more comparatively than 22Kt. As 22Kt is the gold we use for manufacturing jewellery, only a very marginal/minimal amount goes e.g. in case of Indian Rupees it will be Rs.10~Rs.12/- per gram. Here (Dubai) it is Dh.1/- per gram. In case of 24Kt the deduction is more. The shop keeper always suggests to buy 22Kt only for converting into jewellery later on. In Chennai, you may buy only from GRT, who gives full credit when you sell or convert later with the minimum usual charges deducted. They also give Cash across immediately for the gold purchased from them. So its useful for any emergency. GRT also has gold coins of various denominations. If I dont find any jewellery interesting I always buy coins in Dubai and Chennai at GRT and keep. I am member of GRT's chit scheme also. Last time when I finished, I bought coins only. So to conclude, go for 22kt coins only and not 24kt. bar as the deduction / charges are high on this. Best Regards Shanti
Radhi I guess affter selling gold coins, banks wont buy it back....i.e you cant resell those coins back to the bank. most of the banks dont buy gold coins back. You have to verify with the bank also again where ever you are buying the coins. Specially I am not a big fan of bank coins really... I have seen people buying the coins from jewellery store and exchanging it for jewellery later on..with no problems...also same with gold coins bought from Dubai...they can be exchanged for jewellery at any major store in India no hassles... but bank coins exchanged in jewellery stores..havent heard aobut it so far. I see shanti has given some good inputs above...all that i amposting is my personal experience and knowledge that i gathered from my friends and relatives...dont know whether it really helps or not.
wow so many useful replies from many people,anyway I was not able to go to buy last week as I was busy with my baby,hmmm again it makes me thinking,I will be passing it on to my children so that they can buy some jewellery after say 20 yrs or so and it is not for investment purpose.Others who are confused can also get clear from the replies.thanks.,
Shanti Could you explain why you said only 22KT? because I see everyone is selling only 24kt coins and bars even in US also. moreover they do mention that the smaller the weight of the coin more amount would be lost when exchanging. so they suggest buying atleast more than 10grams . whats your take on this? could you please explainI just wanted to know who is selling 22kt coins or bars?
Is it right time to buy gold now especially before akshya Tritiya? Hi All, I need your opinion/suggestion on buying gold coins. I am planning to buy gold coins worth of app. 50 gms for future use/investment purpose and i am thinking of buying these gold coins from GRT or Tanishq. As i have heard that if i buy from bank i will end up paying more. My question is can i buy these gold coins now i.e April 1st week just 1 month before akshya tritiya(May 4) or should i wait for some time and buy after May? Once the gold price increases i don't think they would come down quickly. What do you suggest can i buy now or should i wait till May/June? thanks, madhu
Re: Is it right time to buy gold now especially before akshya Tritiya? Madhu Please look into this thread... http://www.indusladies.com/forums/money-matters/117583-gold-coins-22kt-24-kt.html
Regarding Gold coin Hi all I am new in Dubai.I want to buy some gold coins... but dont have any idea.Can anyone answer to my questions: 1.What is the minimum weight of a gold coin?? 2.its of 22kt/24kt?? which one is better to buy? 3.What is the price of a gold coin?? 4.From where i should buy it?? Thankyou in advance....
