Online Precious Metal Retailing is a Viable Investment and Gifting Option in India, Thanks to CoinBazaar
MUMBAI, February 8, 2019 /PRNewswire/ —
CoinBazaar is a niche e-commerce platform for buying Silver and Gold coins, and Platinum bars, etc.
It is rare to find a family in India that does not invest in physical gold or jewellery. One of the reasons is the metal’s high resale value. Launched in 2012, CoinBazaar read into this timeless trend and offered an online investment platform for its customers. The e-commerce firm has since then eased and assisted the way Indians invest in gold, silver and platinum.
CoinBazaar works on a real-time inventory model, with complete control over the product being dispatched. This ensures a 100% trust on the product, which is both certified and verified before it is shipped. Priyesh Shah, Co-founder of CoinBazaar.in, explains, “We are the aggregators for various bullion selling brands and personally manage end-to-end operations. CoinBazaar.in is the only platform in India that offers ‘LIVE’ pricing for coins. Hence, investors regularly visit our platform to check the daily price. It is a 100% online platform.”
The company’s expertise and reach has led to investments from both domestic and NRI customers. A growing number of NRIs have been converting their savings into coins and then delivering them to their families in India through this portal. The company believes that with the coming of online payment initiatives and gateways, purchase of precious metal coins will further increase in the next few years. However, CoinBazaar does not deal with any form of crypocurrency or old and numismatic coins; in these instances, the value cannot be ascertained and purity of the metal cannot be certified.
CoinBazaar started operations in 2012, when e-commerce was booming in India, with a few niche and known customers. Trust was built in the market with transparency in product pricing, reputable brands, insured delivery and lifetime buy-back guarantees. Initially, customers could buy coins for as low as Rs 500. This gave them the opportunity to try the online retailing platform and verify the company’s certified products at reduced risk. Logistic challenges, theft of precious metals while in transit were big concerns in the beginning. Also, specific packing challenges of courier companies and added insurance for safety of products were challenges the company had to overcome. As a result, the management undertook well-researched policies to keep a tab on the prices of coins and also ensure profitability.
With the advent of Digital India Movement, UPI, BHIM and PayTM, increase in use of smartphones and digital transactions, India in 2020-22 is poised for a revolutionary digital growth. CoinBazaar is riding this wave of digitisation. For the trusted Online Bullion Store, 2019 is a crucial year for further expansion and visibility in the precious metal coins and bars market.
Retail Plans for 2019-20:
CoinBazaar intends to make Limited Edition Minted Coins from across the world available for Indian collectors and investors. This will comprise a diversity of options including God-Goddess Coins, Festival-Specific Coins, and Collector Limited Edition Coins.
Priyesh Shah says, “We are planning to launch CoinBazaar Android and iOS Apps. These would help customers keep track of daily price updates and help them invest at the right time.”
The company also wants to offer Pre-Book Government Minted Coins, 3D Gifting Coins and Private Brands of Coins by trusted jewellers to its customers. Corporate Gifting of precious metals with personalized branding, anonymous branding requirements, and last mile delivery service to customers, business associates, management and employees as Incentives is also on the cards.
We are India’s no. 1 platform to buy gold and silver coins online at the lowest price and live rates. Branded certified coins and bars of platinum, gold, silver, Panchdhatu, etc. can be bought at Live price. Precious Metals and Bullion can be bought with Free Shipping across India with COD Options.