How to buy gold digitally - some options

BL Research Bureau | Updated on January 08, 2018 Published on October 15, 2017

Motilal Oswal’s Me-Gold

Motilal Oswal Securities has launched a digital gold product named Me-Gold in partnership with MMTC-PAMP India, the country’s only LBMA certified gold refiner. You can buy 24 karat gold through this platform and have it stored in MMTC-PAMP’s vaults without any cost.

An individual wanting to buy gold through Me-Gold should have the Motilal Oswal mobile or web application, MO investor and register by providing details for KYC process.

The gold bought on Me-Gold is credited as grams on the Motilal Oswal mobile, MO Investor app as well as on MO Investor web platform. You can transfer or gift this gold to another person or sell it back to MMTC-PAMP.

However, if you want to take delivery of the gold, a request for delivery of 1 gm and above can only be placed. You have the option of buying gold at periodic intervals to accumulate the same over a period of time. In cases where a customer wishes to take delivery of gold as jewellery, the digital gold balance accumulated can be exchanged with any of the empanelled jewellers such as PC jewellers, Senco Gold and Waman Hari Pethe Jewellers. Do note that making charges will apply on gold jewellery.

The other attraction is also that a customer can request delivery for 1 gm and above coins and it would be delivered at the requested address.

Purchase of gold through Paytm

Akin to Me-Gold of Motilal Oswal, Paytm also has an offering, Paytm Gold, which was launched last year. It allows customers to purchase gold digitally for a minimum amount of ₹1 and a maximum value of ₹1,50,000. For this, a customer should have a Paytm account and should be a registered user who has fulfilled the KYC norms. The company has partnered with MMTC-PAMP to let its customers buy 24 karat gold. An individual can choose to buy gold based on the amount or based on the grams and the prices are updated real time based on the spot prices of LBMA (London Bullion Market). A customer can take delivery of the gold (minimum delivery requirement is 1 gm) stored at the vaults of MMTC-PAMP through a click on the Paytm website or app. This can be done round the clock.

Paytm is offering its customers some offers if they buy gold through it this Diwali.

Gold from Amazon

Not just clothes, accessories and home décor, gold can also be bought online. Online retailers such as Amazon sell gold of established jewellers on their website and mobile application. The gold sold is BIS Hallmarked and available in the form of ornaments, bars and coins of 24 karat and 22 karat. But do note that the gold products are not eligible for return but can be exchanged as per the seller’s policy. The product will be delivered at your door, but not all the areas are covered for delivery. It is better to verify before placing the order.

In case of some jewellers, the order you can make for coins may be limited to one unit and the orders exceeding the quantity will be automatically cancelled.

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Published on October 15, 2017
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