Tips on buying gold coins online
Gold is the most popular metal. This is not just because of its aesthetic purpose, but also because of its investment value. Gold coins are a great attraction for investors and buyers all over. In India, they are typically bought as traditions on various festivals. While gold comes in different forms and sizes, gold coins are the most preferred type.
When looking to buy gold coins, one needs to ensure various essential things that provide the gold coins their value and worth. To help you with it, here are the important dimensions one needs to focus on when buying gold coins.
- Purity: When looking to buy gold coins, it is most important to ensure the purity of the gold coin. The purity of gold is expressed in carats which are represented by ‘K’. The highest form of purity in gold is 24K or 24 carats. All other kinds of gold are measured in relation to 24-carat gold. Another thing to look for is the fineness of the metal which is measured in parts per 1000. Fineness expresses the percentage of precious metal against the other impurities and alloying elements in the alloy of gold.
- Hallmarking: Hallmarking is a standard that ensures the credibility and validity of the claims of purity of gold and ornaments made by the manufacturer. There are regulatory bodies that maintain the standard issues certificates to gold coins and jewelers that meets the standards of the convention. Hallmarking done by laser etching or by stamping provides an identification of jeweler, identification of purity, and the year of hallmarking.
- Hand-made or machine-made ornaments: Technological advancement has led to the availability of machine-made gold coins. These have a lesser price than traditional hand-crafted gold coins which call for extended working hours and skilled craftsmanship resulting in higher making cost and charges. However, machine-made coins, articles, and ornaments are great investment options as they improve the authenticity through mechanized hallmarking using stamping and laser facilities.
- Making charges: The manufacturing process of the gold coins will influence the making charges levied by the jewelers on the coins. While handcrafted ornaments will cost about 8-10% higher than the actual cost of gold, if you are looking to invest in good craftsmanship, handcrafted ornaments are a good option. Gold coins require relatively less effort and craftsmanship and hence are more affordable in terms of investment purpose. Machine-made gold coins can also be preferred since it reduces the unnecessary making charges.
- Jewelry store: There are high chances of adulterations and contamination in the purity of the gold coin, especially when purchased from local jewelers with no brand value. Therefore, looking into the brand value and credibility of the jewellery store and gold coin manufacturer is very important. It is also a great idea to shop for gold coins online. There are a host of credible online jewellery store that provides all the required information, hallmarking and certifications and sells authentic gold coins.
- Packaging: Packaging is another vital factor that increases the credibility of the seller. A tamper-proof packaging ensures the purity and fineness of the gold coin. It makes sure that the item remains intact against adulteration. One should avoid accepting tampered packages as jewelers offer no validity towards their claims of weight, purity, or fineness in such a case.
Keep the above tips and tricks in mind the next time you are looking to buy gold coins. They will help you in finding the rights place to buy the gold coin from as well as make sure you do not end up buying anything less than it’s worth.