Digital Gold buying is something that has taken the world by storm. And everyone wants to invest in gold because of how lucrative this investment can be in the long run.
The reason is simple when it comes to physical gold, as today’s generation knows that it carries along with the risk of being lost/stolen.
Plus, who has the time to go physically to the market & find an assured seller when you can relaxingly read this blog on the checklist of buying digigold. Doesn’t that sound good ??
The answer is yes, as it’ll take away all your hassles even while buying gold online from the comfort of your home!
Without wasting any further time, let’s look at the checklist presented in 6V’s, just so you don’t forget it at the right time.
Imagine, you went to a shop to buy a smartphone but you found another shopkeeper is selling it at a better rate to be humble to their customers.
Now obviously, you’ll prefer the humble guy. Similarly, you need to take out some time to research why the digital gold selling price is different from the physical gold.
Or why digital gold is costly. Or just surf multiple pages on google, talking about why the digital gold price is high.
And you’ll find a humble website/app offering you a better price. (if not, stay tuned…. you’ll find a surprise in this blog)
There is always a spread between the price of gold across multiple platforms. But look for a platform that cuts all the mediators and which directly delivers to you at the best rates.
Let’s say, the phone in the previous example you were going to buy from that humble guy did not have the box. Now, even though the condition is new, you won’t buy it. Why? Because you need the company sealed piece, right?
Similarly, check if the platform offers you an ISO, Hallmark, and Quality Certificates which signifies the quality & assures you of purity.
Fun Fact: You might have heard the term 22 karats or 24 karats purity. But did you know what does this signifies?
As pure gold is very malleable in nature. To make it harder, there are always some metals mixed with it.
So, karat is a scale that signifies the amount of gold in that particular piece of gold, say a mint or a biscuit.
If you want to convert it into a percentage then you can simply divide the karat number by 24 & multiply the number by 100.
For example, you just buy a gold biscuit of 23 karats pure. To check the amount of gold used in it, you should divide 23 by 24, which is equal to 0.9583. Now, by multiplying it by a hundred, you’ll know, that 95.83% gold was used to make that particular biscuit.
This means, that whenever you go to sell the same gold, you’ll get 95.83% spot price of that biscuit (also depends on the weight & the condition).
It’s okay to buy things like a matchstick or staplers from anywhere because the stakes are low. But imagine you want to buy a car.
Then, of course, you’ll look at other things, like the vulnerability of the company in aftersale services. Right?
Similarly, Digital Gold is the asset that you can save your hard-earned to enjoy the growth of gold hassle-free & not invite new hassles into your later life.
So, we recommend you to opt for trusted platforms, like DigiGold by Amrapali Group, which has been present in India for decades & can be trusted.
You can have 10 pairs of shoes because that’s cool. But having 10 different accounts for buying digital gold? Trust me, not so cool!
You don’t want to make an account with every app. Going through the same hassle again & again, just for that extra feature you wanted, but couldn’t have in the one you selected?
Do make sure to choose a platform that lets you buy, store, sell, gift & SIP, all in one app/ website.
The moment you save in gold, you know that in the future, you are going to redeem it.
Be future-forward & look for a platform that lets you buy gold minimum worth Re.1. But at the same time, it enables you to redeem at a minimum of 1gm. Below that, it’s not practical. So, it’s a red flag if someone promises to deliver below 1gm!
If you decide to buy Digigold from a seller, you should expect a PAN India presence as you may not know where you’re going to live after 10 years.
For example, you may be currently living in a 3BHK flat in Ahmedabad. And you might have a billion-dollar retirement at 35 after buying a beachside bungalow in Goa.
Now, what if you wish to redeem your digital gold for that Gold Cuban chain there?
Lastly, here’s a bonus V7 in the conclusion which summarizes the red flags to avoid.
Voidings of buying digital gold:
- Don’t judge a platform on its downloads.
- Don’t save in DigiGold for an extremely short term like a month or two.
- Don’t buy digital gold from a platform that promises to deliver you smaller quantities than 1gm.
- Don’t buy digital gold from where the price of it is more than the spot price.
- Don’t follow the herd, as it’s your hard-earned money. Dare to leap into the future of gold a.k.a. DigiGold.
- Don’t ignore minor details & make sure the vaults are insured & delivery partner is reputed eg – Brinks logistics.
- Don’t prefer a platform with a narrow presence & choose the one which delivers anywhere PAN India.
- Don’t buy digital gold where they don’t offer a written certificate of purity along with the ISO & Hallmark.
- Don’t hesitate to email for any queries, as it’s your gold with them.
- Don’t freak out during the corrections in prices & always buy more on the dip.
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I hope this blog helped you to clear all the doubts you had in your mind. Best of luck with your first digital gold savings. Happy Savings!