Auspicious is the word that sums up Dhanteras — the beginning of Diwali for Hindus in India. It’s also the time where businesses and non-business personnel invest in gold heavily. Here are some smart ways to invest in gold. It’s already too late to do the research, you would think. This blog is just for you, we have done some research already and here you go.
# 1 Cross-check gold rates on other stores
By tonight, every advertisement related to gold would be claiming about 24 carrot, certification and so on. But you will see rates would vary considerably from one place to another. If you wish to buy gold in considerable quantity, expect that the final cost would be higher than expected. You have one full day on Dhanteras, ask around friends and acquaintances, visit a few stores and compare prices.
# 2 Hallmarked gold fetches great returns
Always look for BIS logo which is considered to be a standard of purity and value. You must ask for hallmark gold even from your trusted old jeweller or a prestigious gold brand. It is your right. You will find a BIS stamped hallmark on your jewellery. This gold is considered tested for purity and hence fetches better returns than the gold that doesn’t bear it.
# 3 Invest in coins not jewellery
Investment in coins is the best bet for small and medium entrepreneurs who may not have much use for jewellery. The reason why jewellery would be expensive since it includes the labour cost of the specific design. If you further want to reduce the cost of investment, ask for plain gold thread that jewellers usually keep. Due to the thin strip, you can save the cost while the making charges are as low as Rs 30–60.
# 4 Start a gold reserve deposit
Even the smallest of retail stores have options of investments where you can deposit a small amount every month and then buy gold at the end of the investment period. We encourage you to start your gold RD on Dhanteras (with as low as Rs 1,000 per month) so you can buy gold on next Dhanteras.
# 5 Invest in gold bonds
Gold bonds are very wise investments if you don’t wish to hoard the gold.
Did you know Prime Minister Mr Modi has recently launched gold bond schemes for investors?
You can invest in your desired amount and instead of the gold itself, you can make returns on your investment.
Wishing you a happy Dhanteras and a prosperous Diwali. For analysing your investments throughout the year, do sign up for Giddh.