Buying Gold and Silver in India

Flag of India

The Republic of India is the second most populous and 7th largest (by land) country on the globe. It's also the world's largest democracy and one of the fastest growing economies today. The roots of the Indus Valley civilization are dated back to 3rd and 2nd millennia B.C.and is one of the oldest civilizations in the world. India gained its independence from the British rule in 1947.

In 2015, the Indian economy was the 7th largest in the world by nominal GDP and the 3rd largest by purchasing power parity. Since 1991, India has seen a rapid economic growth and is considered a newly industrialized country. The country's economy has surpassed the large Chinese economy and has the potential of becoming the world’s third largest within the next decade. India is also renowned for its rapidly developing service sector which has an annual growth rate of about 9% since 2001. The country is one of the major exporters of IT services, software services, and BPO services. The largest private sector employer in India is the IT sector. Apart from these, the country is a hotspot for startup companies, among which 3100 are technology startups, and has one of the fastest growing e-commerce markets. The Indian automobile industry is also one of the largest in the world.

Indians love investing in precious metals since gold and silver are considered excellent investment and savings options. During festivals like Diwali and Dhanteras, and especially during traditional Indian weddings, the nation massively buys precious metals, particularly gold and silver. In many families, heirlooms like Indian gold coins, are passed on from generation to generation. For this reason, there are many global precious metal dealers and coin shows in India.

Commodity & Futures Markets in India:

Indian Commodity Exchange Limited ICEX India
Energy, Precious Metals, Base Metals, Agricultural
The company is located in Gurgaon and was founded in 2008. With Reliance Exchangenext Ltd., MMTC Ltd., Indiabulls Housing Finance Ltd., and IDFC Bank as major shareholders in this public-private partnership, ICEX provides a nation-wide online commodity trading platform. This recognized and deemed stock exchange provides a trading platform for precious metals and other metals, as well as crude oil, and agricultural products. The company assists participants in hedging, risk management, and supply chain management in the commodities market. 

Multi Commodity Exchange MCX India
Precious Metals, Base Metals, Energy, Agricultural
MCX is one of the largest independent commodity futures exchange in India. The company was established in 2003 and is located in Mumbai. MCX provides futures trading in bullion, agricultural commodities, energy, and non-ferrous metals. In 2015, MCX ranked sixth in terms of future contracts number traded among the global commodity bourses.

National Commodity and Derivatives Exchange NCDEX India
Precious Metals, Base Metals, Energy, Agricultural
NCDEX is an Indian based online commodity exchange. An independent board of directors manages this company which main interest is the commodities market. The company was established in 2003 under the Companies Act, 1956. This is the only commodities exchange promoted by national institutions.

National Multi-Commodity Exchange of India Ltd NMCE India
Precious Metals, Base Metals, Agricultural
The NMCE is the first state-of-the-art demutualized multi-commodity exchange of India which was established in 1999. This is a zero-debt company with a strong delivery mechanism which makes it extremely compatible for those who take part in the physical commodity markets. Metals and bullion are also among the commodities included in the NMCE futures trading.

Coin Shows in India:

Coin collecting is a highly popular hobby prevalent around the world. You can witness the passion for it as more and more coin enthusiasts are traveling to different states and countries to attend famous national and international coin shows. India hosts several great numismatic events which shall be attended by collectors and dealers from all around the globe. If you are planning to visit India soon, or if you want to see some coin shows outside the US, take a look at the most popular Indian coin shows listed below.

Shukla Coin Day Venue: World Trade Center, Cuffe Parade, Mumbai 400 005 Contact: +91-22-2385-4733, +91 9833668819, +91 9819381833

This is one of the largest coin shows in the country. The show is organized in the honor of S.M. Shukla who had dedicated his life to coin studying and significantly influenced the spirit of numismatics in India. The show was first organized in April 1991, and since then has been held year-by-year. When the show first began, it had only 7 dealers attending it, but today over 100 dealers set up their tables at this event displaying a wide variety of coins, currencies, stamps, and other collectibles. Apart from these, there will also be amazing exhibits, auctions, and lectures for coin enthusiasts.

Ahmedabad Coins & Currency Fair Venue: The President Hotel, Opp. Municipal Market, Off C. G. Road, Navrangpura, Ahmedabad

This is a prestigious coin show in India attended by many dealers and numismatists. This 3-day coin exhibition will also have auctions held by popular auction houses. Visitors can buy, sell, and trade all types of Indian as well as foreign, rare and ancient coins, gold and silver coins, currencies etc. Trading takes place throughout the day and auctions are held in the evening. Historical coins of India will also be on display for those who have a passion for collecting old Indian coins. Apart from these, you will find rare banknotes, stamps, antiques and many more. The show hours are 10:00 am To 5:00 pm. Admission is free.

Mumbai Coin Society (MCS) 14th Annual Coin, Banknote & Philately Fair: World Trade Center, Cuffe Parade, Mumbai, India +91 9820255808, +91 9833668819, +91 9819381833

This is an annual coin show organized by the Mumbai Coin Society. The show has been held during the past 15 years and is a national level coin show. You will find a large variety of regional and international coins, currencies, stamps, and collectibles at this event. The show hours are 10 am – 7 pm.

Vellore Coin Fair Date: March 3, 4 & 5th Venue: Town Hall, Old Bus Stand, Vellore - 632001, Tamil Nadu Phone: +91 9245591886

This is a regional coin show organized by the Cholamandala Numismatics Society, Thanjavur. It showcases a wide selection of ancient and modern coins, rare coins, stamps, rare documents, antiques which will all be available for purchase at this place. Visitors can buy, sell, and trade coins here. The show hours are 9 am – 7 pm.

CoinEx Mumbai Venue: Shree Sunderbhai Hall Behind Income Tax Off, Sndt Road, Churchgate, Mumbai - 400020 Phone: +91 9833783409

This is a national level coin fair which forgathers numismatists and investors from all over the country. There will be ancient and rare coins as well as modern coins and currencies on display. Apart from these, the show will also feature stamps, tokens, and antiques too. The entry is free. The show hours are 10 am onwards.

Indore Mudra Utsav | Indore Coin Fair Venue: Sajan Prabha, Vijayanagar Square, A. B. road, Indore. Contact: +91 9977050987

This 3-day show is a national event organized by Indore Mudra Parishath. Several coin dealers from all over the country will attend this fair, as well as many coin enthusiasts and numismatists. The fair will showcase modern coins, Mughal era coins, British era coins, stamps, etc. At this event, you have the chance to find some rare and ancient coins which date back to 600 BC. There will be distribution of coins, stamps, and banknotes for kids. Free distribution of zero rupee notes for voters of the nation.

Jamshedpur Coin Museum (JAM Coin) Venue: Red Cross Society, Jamshedpur, Jharkhand Contact: +91 9431372214, +91 9029057890

Jamshedpur Coin Museum is the only private museum in the country. The show will be attended by popular dealers from all over India. Several schools also enroll for this show to educate its students about precious metals. This coin fair has been organized for the past 10 years displaying some rare Indian coins from the Mughal era, Maratha era, Medieval, and pre-Independence period.

Mudra Utsav Venue: Kolkata Haldiram Banquet Hall, Kolkata, West Bengal Contact: +91 9038025677

The coin show takes place in Kolkata and is attended by dealers from the neighboring states. There show will feature a variety of rare and ancient coins as well as modern and commemorative coins. The show hours are 10 am to 5 pm.

Calicut CoinFest – 2017 Venue: Jubilee Hall, Near Tali Temple, Kandamkulam, Calicut - 673001

This coin exhibition has a wide collection of British Indian coins, Mughal era coins, coins from the Tipu Sultan era, as well as commemorative coins from India and foreign countries. This is a 3-day event and is attended by several dealers from all over the nation.

8th Numismatic Exhibition Venue: The Bell Hotel, Near Bangalore City Railway Station, Bangalore 24-Feb-17 to 26-Feb-17

This coin show is attended by various dealers which offer a large variety of Indian coins and currencies, foreign coins, as well as ancient and rare coins. Auctions will also be conducted during the show. This is a 3-day event where dealers and attendants can sell, buy, and trade coins.

Government and Private Mints in India:

India Government Mint, Mumbai
Established under the British rule in 1829, the India Government Mint, Mumbai is now a unit of SPMCIL, which is wholly owned by the Government of India. It was primarily used to refine raw gold from the South African and Indian mines during 1919. After the independence of India, the mint was commissioned to produce commemorative coins since 1964. Located in the South Mumbai area, it has also supplied reference, secondary, and working standards sets for weights and measures. The mint also strikes medals and badges for various government institutions and ministries.

India Government Mint, Kolkata
Also known as the Calcutta Mint, it was first established in 1757. When the modern machinery was brought from England in 1790, the second Calcutta Mint was established. Founded in 1824, the third Calcutta Mint continued to issue coins under the name of Murshidabad Mint until 1835. Owned by the Government of India, the Calcutta Mint is now a unit of SPMCIL since it was reopened by the Finance Minister of Government of India as Alipore Mint. The major function of the India Government Mint, Kolkata, is to mint regular circulation coins. In addition to issuing proof and uncirculated commemorative coins, it also certifies the purity of precious metal coins in Assay department which deals with silver melting and processing, too. The mint is also a manufacturer of Bharat Ratna, Padma Vibhusan, Bhusan, Param Vir & Vir Chakra medals along with other medals made for various prestigious Indian institutions.

India Government Mint, Hyderabad
Founded in the Moghalpura suburb of Hyderabad city in 1803 as a private mint, the India Government Mint, Hyderabad produced coins in the name of Emperor of India. Currently, it's wholly owned by the Government of India and is a unit of SPMCIL which manufactures circulation coins in Rs.10/-, Rs.5/-, Rs.2/- and Re.1/ denominations.

MMTC-PAMP India Pvt. Ltd.
India’s single largest bullion trader, that is a joint venture between the Government of India Undertaking MMTC and Switzerland-based PAMP SA, was established in 2008. It's equipped with latest state-of-the-art technologies, being among the most advanced gold and silver refining and minting facilities in the world.

Vaults and Bullion Depositories in India:

A majority of Indians strongly believe in diversifying their investments by acquiring precious metals like gold and silver. For this reason, India has a large number of bullion storage options throughout the country. If you want to buy and store gold in India, take a look at the below Indian vault options.

The Delhi Safe Deposit Co. Ltd. 86 Janpath, New Delhi 110001, India +91 11 – 43580400, 23320084, 23321902

The company was established in 1937 and, since then, is trusted by thousands of clients. Customers have developed a strong confidence and include not only individual clients but also large corporations and multinational companies. Clients can store all their valuables like precious metals, jewelry, documents, and others in these safe deposit lockers. The company offers 10 different locker sizes to choose from, easy accessibility during open hours, and reasonable rent fees. The lockers are secured with dual control locking system, humidity controlled temperature, and are fire resistant. If a client vacates a locker, the complete locking system is changed.

India Safety Vaults LLP Ground Floor, Surya House, Amt. Plot No. 2, Gangadham, Market Yard Hills, Bibwewadi-Kondhwa Road, Pune - 411001, Maharashtra, India +91-20-2424 3060, +91-20-2424 6060, +91-20-2424 1160

The company offers safety lockers in 9 different sizes, all meeting the 3-tier security system according to international specifications. The facility is open 365 days, thereby provides easy access to its clients. The procedure for opening lockers is simple, ensuring complete confidentiality and a superior quality service. The rent options are available for 1 year, 3 years, and 5 years.

Kailash Hills Vaults Limited 218, Kailash Hills, New Delhi - 110065, India +91-11-41664612, +91-41015664

It offers safe and secure lockers in which one can store precious metals, jewelry, important documents, and other valuables. The lockers come with enhanced security: 40 mm thick drill proof Oxyacetylene Flameproof, explosives, fire, burglary, and Arc cutting proof main vault door, sophisticated combination locks, double control lock system, electronic alarm, and security systems. The vault is built in accordance with the Reserve Bank of India specifications. Armed guards also safeguard the building round the clock.

Kothari Safe Deposits Ltd. Kothari Buildings, No.115, Mahatma Gandhi Salai, Nungambakkam, Chennai 600 034, Tamil Nadu, India +91-44-30225614, 30226848

The company was established in 1936 and rents out safe deposit lockers, having an impeccable reputation for over 80 years. Currently, it operates six vaults in Chennai, which have a capacity of 14,000 lockers. The vaults are impregnable due to their strong construction in fully air-conditioned facilities. The company provides different sizes of lockers, complete privacy, exclusive personal attention, and reasonable rental charges which make it one of the most preferred vaults to store valuables.

Kavita Vaults Kavita Commercial Complex, Canada Corner, Nashik - 422 005, M.S., India +91 - 253 - 2575378

The company was established in 1993. Due to its central location close to many major cities, it can be easily accessed by individuals as well as businesses. The company offers more than 1500 lockers. Its staff is knowledgeable and trustworthy, and the vaults are built according to RBI specifications.

Metropolis Vaults Pvt. Ltd. DB-2 Aurobindo Place Complex New Delhi- 110016, India +91-11-26517181

The company was established in 1994. It offers different vaults of 7 sizes. No account required, only essential documents, completely confidential, easy accessibility and reasonable annual charges. The vault is built according to RBI specifications, hence it's completely safe and secure.

South Delhi Vaults (SDV) D-1097, New Friends Colony, New Delhi 110 025, India +91 11 2683 2121, +91 11 2683 6024, +91 9810 000 051

Established in 1992, the company offers safe deposit lockers for storing any valuables like precious metals, jewelry, or any important documents. It provides 12 different locker sizes, including larger lockers for larger items. The facility is open 7 days a week and offers efficient personalized services. Thick reinforced walls protect the vaults which are secured by a hammer and drill proof, oxyacetylene flame, explosive, fire and burglar resisting alarm vault door. 24-hour security with armed guards, camera surveillance, and burglar alarm guard are also all in place.

Tax on Precious Metals in India:

GST bill has been passed in the parliament and the current tax rates will soon be changed, imposing a 1% excise duty on non-silver products. The current wealth tax rate of 1% is applicable on gold and valuable jewelry if its value exceeds more than Rs.30 lakh (INR 300,000). VAT is not levied throughout the country except the state of Maharashtra at the rate of 1.2%.

Since we are not tax experts, Bullion Exchanges strongly advises you to cross check with a tax professional before making any precious metals investments in India.

Shipping-to rates:

The import duty rate for importing a gold bar of 100 grams into India is 10%, the import VAT is 0%, when classified under Jewelry & Watches>Jewelry Parts & Auxiliaries>Gold in raw form. Additional taxes apply:

  • Landing charges (1% CIF)
  • Countervailing duty (12.5% (CIFD + Landing charges))
  • CESS (3% (Duty + Landing charges + CEX (Education & Higher Education CESS) + Countervailing duty))
  • Additional Countervailing Duty (0% (CIFD + Landing charges + Countervailing duty + CESS + CEX (Education & Higher Education CESS)))

Local Gold and Silver Dealers in India:

1. Marudhar Arts Address: 114, I Floor, Pamadi Chambers, DVG Road, Basavangudi, Gandhi Bazar, Bangalore, Karnataka, 560004 India Phone number +91-80-65329800, +91-9243145999 Hours of Operation: Mon to Sat 9:30 am to 7:00 pm Services: Retail, Auctions, Wholesale, Buying and Estate Liquidation, Appraisals, and Newsletter. Specialties: Mint Errors, Gold Coins, World Coins, Tokens/Medals, Ancient Coins, and Currency.
Authorized Dealer: PCGS
2. Todywalla Auctions Address: Todywalla House, 80 Ardeshir Dady Street, Khetwadi, Mumbai 400004, India Phone number +91-22-2385 4733, +91-22-2380 9328, +91-9820213620 Hours of Operation: 9:30 am to 7:00 pm Services: Auctions and Appraisals. Specialties: Ancient Coins, Tokens and Medals, Bullion Coins, and World Coins.
Authorized Dealer: NGC
3. Oswal Antiques Address: Shop No. 2, Chandra Mahal, St. Paul Street, Dadar, Hindmata, Mumbai 400014. India Phone number +91-22-2412 6213, +91-22-2412 5204, +91 9320010483, +91 9820010483 Services: Retail and Auctions. Specialties: Gold Coins, 20th Century Coins, Early Type, 19th Century Silver Coins, Ancient Coins, and Colonial Coins.
4. A G Impex Address: 31/41, Binova Bhave Road, 1 US Mani Tower, Kolkata-700038, West Bengal, India Phone number +91 33 64595429, +91 9830058158
5. Victoria Curios & Coins Address: VI/8 Jew Town, Mattanchery, Cochin 682 012, Kerala, India Phone number +91 484 2224297, +91 9447089567

Smelters & Refineries in India:

Smelters extract various metals from the ore and create refined precious metals products. Silver and gold smelting is typically conducted by a professional precious metals refinery, such as Bullion Exchanges. India also has numerous plants where refining silver and gold are performed. Pick a gold or silver refinery listed below or allow us to help you in melting gold or silver for you:

MMTC PAMP India Pvt. Ltd. 482, 17th Cross, 27th Main Rd, Sector 2, Parangi Palaya, Sector 2, HSR Layout, Bengaluru, Karnataka 560102 +91 81411 47146
CGR Metalloys Pvt. Ltd. 39/6066 C, G R House, Alappat Extension Road, Alappat Extension Road, Ernakulam, Kerala 680015 +91 484 235 6746
Bangalore Refinery Pvt. Ltd. #6/1, 1st Cross, 1st Stage Peenya, KIADB Main Road, Next to RTO Driving Test Track, Bengaluru, Karnataka 560058 +91 80 2837 2447
Zaveri & Co. Swagat Building, C.G. Road, New Commercial Mills Staff Society, Ellisbridge, Ahmedabad, Gujarat 380006 +91 79 2642 6869
National Refinery Pvt. Ltd. 87, Milan Building, Opposite Tardeo Air Conditioned Market, J Dadaji Road, Tardeo, Tardeo, Mumbai, Maharashtra 400034 +91 22 6506 9079
National Indian Bullion Refinery 78A, Shop No. 5 & 6, Ground Floor, Near Mumba Devi Temple, Zaveri Bazar, Mumbai, Maharashtra 400002 +91 22 2242 9200
M D Overseas Ltd. 43, Babar Road, Bengali Market, New Delhi, Delhi 110001 +91 11 4235 5235
Bansal Impex Plot No. 1718, Manik Chowk, Raipur Darwaza, Ahmedabad, Gujarat, India +91 9879575702
Rajesh Export Ltd. No. 4, Batavia Chambers, Kumara Park East, Kumara Krupa Road, Kumara Park East, Bengaluru, Karnataka 560001 +91 80 2226 6735