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Dhanteras 2017: Offers on gold are pouring in. Here's your guide

Are you planning to buy gold this Dhanteras? It is that time of the year when people flock to buy gold

BS Web Team  |  New Delhi 

Gold jewellery sees lacklustre sale
Dhanteras 2017: Top jewellers have tied up with banks to offer cash backs to customers.

It is that time of the year when people flock to buy Dhanteras, an amalgamation of Sanskrit words dhan, that stands for wealth, and teras that refers to the 13th day of the Hindu calendar, is marked by praying to goddess Lakshmi and the purchase of objects.

To cater to the ritual of shopping on Dhanteras, various online websites have come up with attractive offers on gold, silver and other metals for the Diwali Sale season. From the option of buying for Re 1 to getting massive discounts on branded jewellery, the online shopping world is full of best deals for Dhanteras celebrations.

This year's Dhanteras comes after the government changed a key rule governing buying. As part of the push to revive consumer sentiment in the economy, the government recently allowed people to buy Rs 2 lakh worth of without quoting the permanent account number.

1. Buy For Re 1: Paytm Gold: Under its 'Diwali Sale', Paytm enables 3% additional on a minimum purchase of Rs 10,000 in this festive season. You have to use the promo code GOLDFEST to avail the offer. In order to sell gold, Paytm has partnered with MMTC-PAMP, for 24 karat Alternatively, you can buy from it at for as little as Re 1.  

2. Amazon coins: If you aim to buy a coin, you must check out the offer from biggest e-tailer-Amazon.  The e-tailer is offering its customers up to 10% discount on coins. You can choose from a range of leading brands like Joyalukkas, Malabar, Senco Gold, Bluestone, P.N. Gadgil Jewellers, Kama Jewellery and MMTC-PAMP. The coins are available from 1 to 50 gm with purity level ranging from 22 kt to 24 Kt. 

3. Sovereign bonds: Earlier this month, the centre launched the next tranche of sovereign bond (SGB) scheme, the second in 2017-18 to cash in on the festive fever.  The scheme will remain open till December 27, and allows investment for a minimum 1 gm. There is a discount of Rs 50 per gram if you purchase online and you will get an interest of 2.5 per cent per annum besides the price appreciation of the metal in the years. Also, like physical gold, you can use these bonds as collateral for raising a loan and do not have to incur cost related to storage and handling.

4. Jewellers' buyback offer: Top jewellers have tied up with banks to offer cash backs to customers. If you have an HDFC credit card, you can avail 5% cash back on jewellery purchased through Tanishq and Mia. Also, on a minimum purchase of Rs 25000 from Malabar and diamonds, you can get 5% cash back using your SBI credit card. Kalyan Jewellers is providing a free coin on purchases worth Rs 25,000. If you happen to purchase diamond, uncut and precious stone jewellery customers, the offers extend to two free coins.

5. Online sale: Websites like Snapdeal, Flipkart, Myntra and others all have special offers on and silver jewellery as well as metal utensils. The Dhanteras Store in Snapdeal has a discount of up to 10% on bars and up to 25% off on coins. Flipkart and Amazon also have similar offers on a variety of metal, silver and other metal objects. Dedicated online jewellery websites like Caratlane also have special Diwali discounts. Caratlane is offering a 30% discount on diamond prices and there are special cashback offers as well.

Here's what you must keep in mind while buying gold

Rule number 1: First and foremost, jewellers say, those who want to buy jewellery would have to set aside 60-70 per cent of their monthly salary for this purpose.

The current price of ranges from Rs 29, 675 (Friday) to Rs 29,970 (Monday). Last Dhanteras, the price of was around Rs 30,000.

*Buy with BIS Hallmarking which guarantees its purity. Buy the metal with certification of 22-carat purity

*Scout the market for the best price deal. Discount offers available should make your purchase price attractive

*If you are buying from a jeweller, you should purchase a reputed outlet, with good track-record and credibility

*Always insist on a bill. Without a bill, you will have trouble in case you want to exchange the precious metal later.

*Buy for the long term. prices are exposed to global events and might face volatility in the short term

First Published: Tue, October 17 2017. 08:57 IST