For Indians, gold is more than a hedge or an investment option. For us, it is an important part of our culture and traditions. On festivals and special occasions such as Diwali, Akshaya Tritiya, weddings, etc. we love to buy gold, mostly in the form of jewellery. However, buying gold is not as convenient as it is thought to be. It includes a few drawbacks:
- Firstly, buying gold is quite expensive. The credit for this goes to its intrinsic qualities and limited availability.
- Secondly, for security reasons, it needs to be stored in vaults, bank lockers, which again includes hefty charges. Thus, making it difficult for everyone to buy and store gold.
- Thirdly, not all dealers will buy your gold. Some dealers will buy back only the gold that they have sold themselves. Dealers who will buy others’ gold will probably trade it at a lower price. Hence, making it an unprofitable proposition.
In addition to the above mentioned points, there are purity concerns, high making charges and extra charges for precious stones and other metals that buyers in India have to bear when purchasing physical gold.
Now what if we said that there is a way to overcome all of the above drawbacks? What if everyone could buy, sell and store gold as per their convenience? A few years back it was not possible but now it is. Paisabazaar.com in partnership with SafeGold offers you ‘Digital Gold’ – a smart way to invest in gold.
What is Digital Gold?
Digital Gold is a simple, convenient and secure way to invest in 24K physical gold online. In this, investors can buy, sell and accumulate pure gold in fractions anytime and anywhere. Each gram bought by an investor is backed by an actual physical gold, which can be easily sold back online at market-linked gold rate. There will be no storage hassles and no initial storage charges.
Why invest in Digital Gold?
Reasons to invest in Digital Gold are:
- Pay only for 24 karat gold: When you buy gold jewellery, you not only pay for the gold you have purchased but also for other amalgamated precious metals and studded stones and gems. But in case of digital gold, every rupee that you invest is used to buy gold that too of 24K 99.5% purity.
- Bear zero making charges: The final cost of gold jewelry not only includes gold rates but also making charges, which usually varies from 6% to 14% of the price of gold. On the other hand, the price of Digital Gold is exclusive of making charges, which implies that you bear only the cost of gold.
- No storage hassles: Physical gold needs to be stored in bank vaults, which comes with long-term expensive storage costs in the form of registration fees, annual charges, service charges, etc. However, Digital Gold saves you from such hassles as it stores your accumulated gold in safe and secured vaults without sans initial storage costs.
- Trade as per your convenience: Buying physical gold is time-consuming and inconvenient as for this you need to visit a jeweler or bank. With Digital Gold, you can buy and sell gold online anytime and anywhere as per your comfort. Thus, saving your traveling time as well as your efforts.
- Convert ’Gold’ into ‘Cash’ instantly: You can easily sell Digital Gold online anytime and anywhere. After you sell the desired gold amount successfully, the amount will be transferred to your registered bank account in just a few hours. But to liquidate physical gold, you will need to visit the seller during its working hours and then sell to get money.
How does Digital Gold work?
The amount of gold you purchase will be backed by certified 24k (995 fine) physical gold. The gold bought will be insured and kept safely with a reputed Custodian on a consolidated basis. Only after the gold purchased has been tested on different parameters such as weight and purity, it is accepted in the vault. If you sell a certain amount of gold from your account, the same amount of physical gold will be removed from your vault.
Why buy Digital Gold from Paisabazaar.com?
The benefits of buying Digital Gold from Paisabazaar.com are:
- Affordability: com’s Digital Gold makes purchasing highly affordable as it can be bought for an amount as low as ₹100.
- Time-saving: com is a one-stop destination where you can buy and sell gold online in just a few clicks at any hour of the day. Thus, saving a lot of your time.
- Accessibility: Since Paisabazaar.com is an online platform, it is easily accessible as anyone can buy and sell it online without the need of a demat account, etc.
- Security: Digital Gold accumulated in your account is backed by physical gold, which is stored in a safe, secured and insured vault.
- Transparency: Buy and sell gold at live market rates. Also, end-to-end transactions are digital. Thus, making them transparent, seamless and trackable.
- High liquidity: You can sell your accumulated gold online anytime and anywhere as per your will.
- Free storage: Your Digital Gold is stored in secured vaults without incurring any cost for two years after which minimal charges will be applicable.
- Flexibility: You get the flexibility to buy, sell and hold any amount of gold anytime you want.