NEW DELHI (Commodity Online): Gold coin is the hottest commodity in India these days. India, the world’s largest consumer of yellow metal has been the best buying ground for gold jewellery items all these years. But many Indians these days prefer gold coins and bars as investment options.

"The customer preference of gold buyers in India is changing fast. All these years, buying gold jewellery items were considered the best investment option. But these days, people are shifting from buying gold jewellery to gold coins,” said Aditya Sinha, a Delhi-based bullion dealer.

He says one of the main reasons for people buying gold coins is that they are safe to handle. “The fact that gold coins do not attract making charges lure people to buy them,” Sinha added.

Banks, brokerage houses and post offices across India are promoting the sale of gold coins, thanks to the new-found fascination that bullion buying customers have to gold coins.

During the ongoing Diwali religious festival season, gold coins buying has been going on at a brisk pace.

Encouraged by the brisk sale of gold coins through post offices, India Post, the postal services department in the country has extended the schemes to nearly 250 postal offices with offers of discounts for special purchases.

While banks are competing with each other to open counters in their branches to sell gold coins, the postal department in association with brokerage firm Reliance Money and the World Gold Council (WGC) has been introducing novel schemes to sell coins through post offices.

Buoyed by the huge success of gold coins sales through post offices, India Post is adding more post offices to step up the trade in the yellow metal.

India is the largest consumer of gold in the world. The approximate consumption of gold in India is around 700 tonnes per year.

As per the currency scheme India Post-Reliance Money-WGC scheme, the postal department is selling 0.5 gm, 1 gm, 5 gm and 8 gm gold coins packed in tamper-proof sealed covers.

India Post gives training in handling the software, developed by Reliance Money, for handling gold coins sale and transactions. Every customer is being given an invoice or bill detailing the transaction. While India Post earns an amount as commission, Reliance Money bears the service tax on the commission paid to India Post.

The stocking and sale of gold coins in the post offices are under the direct supervision of the respective postmasters. The postmaster is required to check the Reliance Money web site on a regular basis for the latest updates of gold rates and discounts.

Each coin comes with certification from Valcambi Switzerland and quality packaging, as well as a number and assayer certificate. The gold coins are packed in a sealed cover with the certification from Valcambi, Switzerland with the India Post logo.

India Post is offering 5% special discount to its customers during festive seasons and special occasions.

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