Where can I buy precious metals in Sri lanka

wallstreetguy · 1 Where can I buy precious metals in Sri lanka Sun May 01, 2011 10:55 pm

wallstreetguy

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Hello.
I have trying to figure out how or where can I physically buy gold, silver and other precious metals.

I'm not talking about jewellery Smile

But troys(blocks) or coins?

I heard once CSE will be trading gold in the sri lanka market by march yeah? Any news about that.

chamith · 2 Re: Where can I buy precious metals in Sri lanka Sun May 01, 2011 11:07 pm

chamith

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wallstreetguy wrote:Hello.
I have trying to figure out how or where can I physically buy gold, silver and other precious metals.

I'm not talking about jewellery But troys(blocks) or coins?

I heard once CSE will be trading gold in the sri lanka market by march yeah? Any news about that.

I think CSE still at introductory stage of commodity trading. I read somewhere that they are looking for an organization to invest & establish commodity exchange in Sri Lanka.

wis · 3 Re: Where can I buy precious metals in Sri lanka Sun May 01, 2011 11:40 pm

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Seylan has a gold account where you buy and invest in gold like a savings account but instead of rupees you save gold, but there is no interest just the increase or decrease in the value of your gold. You can withdraw real gold for the value if needed.

Light of Hope · 4 Re: Where can I buy precious metals in Sri lanka Mon May 02, 2011 9:24 am

Light of Hope

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You can buy gold coins from BOC and most of jewellery shops (Swarnamahal, vogue)I have been buying from Swarnamahal because they sell the original coin 22k and BOC only had 24k coins. I bought 22k because the second hand price of 22k is good compared 24k price and investment.

Gold is at all time high, because of week doller and conflicts in libya and other countries. it could come down (hoping) but not sure how much up it will go and buying today could be a good investment rather than waiting for it to come down (up to you)

seylan gold account is not what we need, I dont think it's really active and reflects current market rates. if you want to sell, you have to sell at the price bank offers

I hope this is usefull

CSE Today · 5 RE - gold Mon May 02, 2011 9:44 am

CSE Today

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wallstreetguy wrote:Hello.
I have trying to figure out how or where can I physically buy gold, silver and other precious metals.

I'm not talking about jewellery But troys(blocks) or coins?

I heard once CSE will be trading gold in the sri lanka market by march yeah? Any news about that.

You can buy GOLD coins & Biscuits from Ceybank Gold Shop [Bank Of Ceylon Subsidiary] Located at Bank of Ceylon Head Office, Bank of Ceylon Mawatha, Colombo 01 [The tower building next to World Trade Centre]. earlier they sold UBS [Union Bank of Switzerland] Gold Coins & Biscuits then lately they switched to an Australian Branded Gold but I have no idea what they import by now as I have not visited the place for some time..The Gold they sell, consists of Quarter , Half and One sovereign...then 2 & 5 sovereign too

There are many places at sea street [Hetti Weediya]which sell gold coins but be careful on buying from those places as many of them are not originals & are re-molded from old gold...just drop a gold coin on to a floor and listen to the chimes then if its a real Original Gold you can hear a thin and longer chime which is unheard from re-molded coins [re-molded coins gives a little rough chime & not last long] & there is a colour difference on originals & re-molded

Hope this will help you

Gaja · 6 Re: Where can I buy precious metals in Sri lanka Mon May 02, 2011 9:48 am

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i think BOC is doing for long time, its there in other places as well specially in the Jewelery shops but i don't have any clue from where they bring it

Light of Hope · 7 Re: Where can I buy precious metals in Sri lanka Mon May 02, 2011 10:22 am

Light of Hope

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Gaja wrote:i think BOC is doing for long time, its there in other places as well specially in the Jewelery shops but i don't have any clue from where they bring it

I have taken to NSB and SAMP pawning centre, what I brought from Swarnamahal and Vougue and they confirmed that the gold is good and correct weight. I am not sure from where they bring it, but as long as it's good, I guess nothing to worry

widanage · 8 Re: Where can I buy precious metals in Sri lanka Mon May 02, 2011 12:08 pm

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CSE Today wrote:

wallstreetguy wrote:Hello.
I have trying to figure out how or where can I physically buy gold, silver and other precious metals.

I'm not talking about jewellery But troys(blocks) or coins?

I heard once CSE will be trading gold in the sri lanka market by march yeah? Any news about that.

You can buy GOLD coins & Biscuits from Ceybank Gold Shop [Bank Of Ceylon Subsidiary] Located at Bank of Ceylon Head Office, Bank of Ceylon Mawatha, Colombo 01 [The tower building next to World Trade Centre]. earlier they sold UBS [Union Bank of Switzerland] Gold Coins & Biscuits then lately they switched to an Australian Branded Gold but I have no idea what they import by now as I have not visited the place for some time..The Gold they sell, consists of Quarter , Half and One sovereign...then 2 & 5 sovereign too

There are many places at sea street [Hetti Weediya]which sell gold coins but be careful on buying from those places as many of them are not originals & are re-molded from old gold...just drop a gold coin on to a floor and listen to the chimes then if its a real Original Gold you can hear a thin and longer chime which is unheard from re-molded coins [re-molded coins gives a little rough chime & not last long] & there is a colour difference on originals & re-molded

Hope this will help you

If you are going for gold it has to be BOC not anyone else because integrity matters (Its my perception with firm). When it comes to jewelers its only vogue is the shop with a high level of integrity (I purchased 24k only form those two places before). I heard the other places are fishy (only one case related to one of my friends other are only third party info.)

As per my knowledge BOC only sells biscuits of 112g (24k). When I contacted them around three months ago it was the same.

I do not know anyone of you aware that Seylan Bank started a account called "Goldheart" just before the GK trouble started. I relaised it as a innovative product but may not have kicked off due to GK and group related issues. I was also interested at that time but I went to back foot due to the issued related to the bank then.
I checked that also around a month ago and the product is still operational. There is a link for this account on the right hand side of the homepage of the bank. Once you open the account with a minimum of 5g and then it allows purchase multiples of 0.1g. Further it allows online trading of gold as well. You can log in an trade but the prices are fixed during the day.

When it comes to redeeming you can either get gold or money at the prevailing market price. They claim that there are no hidden fees involved but claiming gold is subject to taxes. You have to get things clear before you enter into it.

For me this option of goladheart is easy as it does not have any storage problems. (I will be entering in to it during the year after considering the other transaction costs). The other option involves maintaining of a safe locker at a bank.

Even for storage issue there is a smart option. Sampth Bank introduced a product around 2004 called set plus where you can keep the gold at the bank obtain a set card with the limit marked on it. In 2005 the cost was less than 200r for gold worth of 150,000.00. The cost is for insurance and there are no fees involved in unless you withdraw money from the card. Even on 2 years ago the product was available though the bank was not promoting it. I will make an update on this after checking with the bank.

Hope this helps you

Last edited by widanage on Mon May 02, 2011 12:20 pm; edited 1 time in total (Reason for editing : Small clarification)

Light of Hope · 9 Re: Where can I buy precious metals in Sri lanka Mon May 02, 2011 12:35 pm

Light of Hope

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widanage; thats good info and pls update us on SAMP.

the issue with safety lockers is that banks doesn't provide any garuntee on the things deposited. If due to any reason, if the bank losses the stuff in the safety locker, the ownwer has to bear the cost. basically they are not aware what is in the locker and how can they be responsible for something they don't know.

ishnet · 10 Re: Where can I buy precious metals in Sri lanka Tue May 03, 2011 2:51 pm

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Guys,I called to Seylan Bank Gold Heart,they told me they stopped account opening & make a call after this month to open account.

wallstreetguy · 11 Re: Where can I buy precious metals in Sri lanka Tue May 03, 2011 7:21 pm

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This applies for silver aswell i assume? i could buy silverbiscuits/coins and other precious biscuits/coins from BOC and the mention jewellery shops?

Antonym · 12 Re: Where can I buy precious metals in Sri lanka Tue May 03, 2011 7:43 pm

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@wallstreetguy: IF you are buying precious metals for investment, buy from a bank - not from a jeweller... I have worked in the jewellery industry and under-karatage (lower-than-promised purity) is widely prevalent.

The only foolproof way to test the purity of gold is fire assaying, which is destructive testing. The touchstone method is very subjective and the X-ray Spectrometer measures only surface purity.

If BOC is selling imported gold coins or biscuits, that's the right choice.

wallstreetguy · 13 Re: Where can I buy precious metals in Sri lanka Tue May 03, 2011 8:13 pm

wallstreetguy

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All right ! yeahs its for investment purpose. But buying gold is seriosly out of the question. $1556 per ounce . I prefer other metals at the moment.
Sources do say that they will be a GOLD bubble within this year. Then would consider
The way the prices shoot up is unbelievable weaking the dollar futher and further.

So does all commericial banks have precious metals and coins to be sold, or is it the spcific places as mentioned.

I will take every comment in to consideration. Thank you all.

widanage · 14 Re: Where can I buy precious metals in Sri lanka Tue May 03, 2011 10:25 pm

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Light of Hope wrote:
widanage; thats good info and pls update us on SAMP.

the issue with safety lockers is that banks doesn't provide any garuntee on the things deposited. If due to any reason, if the bank losses the stuff in the safety locker, the ownwer has to bear the cost. basically they are not aware what is in the locker and how can they be responsible for something they don't know.

Set plus is still available. You have to ask for it