Gold is woven into the very fabric of Indian life, from Indian brides with a dowry of gold, often in the form of gold jewelry or gold coins, which can easily accumulate to a kilo of gold, to the rural Indian who prefers gold to cash to the point where he will even convert his earnings to gold when he receives them.
So, as you would imagine, to buy gold in India is a very common occurrence. Although some of the poorer Indians may purchase gold jewelry, most Indians purchase gold coins. Usually the American Eagles, Krugerrands, Canadian Maple and so forth.
Buying Indian gold coins is a bit more tricky since they are old and somewhat rare, as many have been melted down to make jewelry, and it takes an experienced coin dealer to be able to establish the authenticity and value of an Indian gold coin.
In 1995 India's gold consumption was 447 tonnes. Now it is likely to have more than doubled. Gold is very big business in India and there is a proliferation of gold dealers so it is not difficult to buy gold in India.
Simply follow the basic rules.
- Decide what you want to buy and how much you can spend before you start.
- Study what is available so you ‘know before you go’.
- Buy from a reputable dealer.
- Ensure the gold you buy is authenticated.
- Stick to buying traditional gold coins or small bars (also called biscuits).
- Steer clear of the Indian gold coins unless you are an experienced dealer and know what to look for.
So, go ahead, make your day! Buy gold in India!