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Indian Postal Service to Sell Gold Coins

Indian Postal Service to Sell Gold Coins

April 18, 2012441 view(s)

The post office of India is offering a discount of 6 percent on gold coins as festival approaches, according to Mineweb.

As the globe's second-largest consumer of the yellowish metal, India is preparing for Akshaya Tritiya, one of the country's biggest gold-buying festivals. Gold coins are available for purchase in assorted denominations at about 800 post offices throughout the subcontinent.

The objective of the 6 percent rebate is to draw customers to the opportunity to purchase. When India Post operated a gold-buying program in 2010-2011, post offices sold gold coins valued at 52 kilograms throughout the nation.

With Akshaya meaning "eternal," gifts purchased for the festival are believed to encourage success and good fortune. The purchase of the yellowish metal is typical during the holiday since gold symbolizes abundant wealth and prosperity.

The option of purchasing from the post office is more viable for small-time investors as the coins available are sold in coins weighing 0.5 grams, 1 gram, 5 grams, and 8 grams. Jewelry stores throughout the nation also are looking to tap into the holiday spirit by running large amounts of advertising to draw the interest of potential buyers.

The largest brand of jewelry in the subcontinent, Tanishq, is adding to the joyous spirit by giving a free gold coin to anyone who makes a purchase.

"Purchasing gold for Akshaya Tritiya is believed to bring about success and wealth," vice president Sandeep Kulhalli with Tanishq told the news source.  "In sync with this joyous occasion, we have attractive discount offers that provide an opportunity to our customers to own exclusive Tanishq jewelry at better rates."

The holiday is set to begin on April 24. The coins available from India Post consist of 24 carats and are of 99.99 percent purity.

Sales in Tamil Nadu and Kerala in Southern India typically are high, the publication reports.

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