Buying gold coins this Akshaya Tritiya? Check these 7 things

Gold coins can also be purchased from online e-tailers, banks, the MMTC (a government-authorized public sector institution for the sale of gold and silver), and certain non-banking financial companies.
The minimum denomination of gold coins, on the other hand, will differ from one entity to the next.

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Karat and fineness are the two methods for determining the purity of gold coins. The karat is the most widely used unit of gold purity measurement. The purest kind of gold is 24 Karat (KT), which contains 24/24 parts of gold. Similarly, 22KT gold is made out of 22 parts gold and 2 parts other metals like zinc or silver to make it more durable for jewellery creation.
Another characteristic used to determine the purity of gold is fineness, which is mostly used to determine the purity of 24KT gold. Even ‘pure’ gold, according to the World Gold Council’s website, can contain trace levels of mixed contaminants that the maker was unable to eliminate. The weight of a precious metal (such as gold) in relation to the total weight is referred to as fineness (which includes alloy and impurities). It is stated in parts per thousand.When 24KT gold is measured, it is the purest type of gold. It is measured in parts per thousand. When measured in fineness, the purest kind of gold, 24KT, has a purity of 999.9 parts per thousand.

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A hallmark is a mark that verifies a gold coin’s purity according to Indian Standards. The purity and fineness of gold objects are tested and verified at a BIS (Bureau of Indian Standards) Hallmarking Center.
The government has made it mandatory for all jewellers to sell only hallmarked gold jewellery from June 16, 2021. Further hallmarking signs have been revised effective from July 1, 2021.Three new symbols have been introduced instead of four earlier. The new hallmarked gold signs symbols are – a) BIS hallmark logo,b) Purity/fineness grade (22K916) c) 6-digit Alphanumeric alphanumeric code.

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It is recommended that gold coins be purchased in tamper-proof packaging. The packaging protects against counterfeiting, fraud, and damage. If you want to resale a gold coin, jewellers advocate not tearing or opening the tamper-proof packaging since it ensures the purity of the gold coin.

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Individuals selling gold coins should note that if you buy gold coins from a bank, the bank will not buy them back, as per the Reserve Bank of India’s directive (RBI).If you wish to resell your gold coins, look for accredited jewellers or online platforms to purchase them from. Also keep in mind that if you buy gold coins or jewellery from one jeweller and sell it to another, the resale value will be reduced.

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Customers can choose from a wide range of denominations offered by various jewellers and manufacturers. Depending on the size and trend of the market, denominations range from 0.5 grams to 50 grams.

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Purchasing gold coins is less difficult than purchasing jewellery. It allows you to purchase the purest form of gold at a minimum weight of 0.5 grams with cheaper manufacturing costs than ornaments such as earrings and rings. Making (or manufacturing) fees for gold coins typically range from 8% to 16 percent.Making charges for jewellery, on the other hand, typically begin at 8% and can rise depending on the level of craftsmanship.

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