MUMBAI, February 9, 2019
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