Profitable Gold Business Opportunities in India

Factors affecting gold rates:

Gold prices have shown a steady rising of prices when held over long term.
Increase in international prices of gold.
A global slowing down of economies.
Fluctuating currency rates.
Increased export duties.
High demand, low supply position globally.
Slow equity markets push the prices up.
High investment liquidity.

Thus, taking good advantage of the spiralling gold business prices and high market demand for gold can mean excellent profits for entrepreneurs who have gold business ideas.

Also Read: How Do I Start A Dropshipping Business In India?

Indian gold business opportunities

Have you thought of becoming an entrepreneur in the gold business in India?

It has many lucrative opportunities, and with a small business investment, innovative thinking and hard work, you can achieve your goal of having a successful gold business. Since there are many opportunities in the gold industry, you may be familiar with some ideas while not so much with others. So, without further ado, let’s begin exploring the profitable opportunities in starting a gold business.

1. Start a gold blogging business:

To start a gold blogging business, you need to decide on a platform for starting your blog. You can choose various platforms such as WordPress, BlogSpot or even Youtube to start a blogging business. A proper plan is required for your blog to reach the target audience, such as the people interested in purchasing gold or who need more understanding of the gold business. Remain consistent and cater to your audience’s needs so that your blog business keeps growing from where you can earn your revenue. For starters, if you’re unsure of how to run this business, don’t worry. Opt for services like Legal Tree that can help you with business tips, easy tracking of your business’ progress; maintain accounts and analytics, and more.

2. Gold safe-keeping business:

Gold safekeeping is among the best gold business ideas and opportunities that offer investors or businessmen gold safekeeping as a service. As gold is a commodity held long-term and has the chance of being stolen, therefore many digital gold companies offer the service with insured private safes for keeping the digital gold for a fee. It comes with additional storage costs, insurance costs etc. In India, you can start this business similar to bank lockers with a good insurance backup for physical gold jewellery and coins. However, learn about the required permissions and licenses and obtain them for conducting an ethical business.

3. Online gold dealing business:

Dealing in online/digital gold is also an excellent gold business. You can showcase your gold jewellery online on your website and even offer 100% safe home delivery. In effect, this business is being an online gold jewellery showroom. Moreover, an application like Legal Tree provides digital gold that can be sold or traded in electronic format. You can now store digital gold in secured digital lockers through this app.

4. Gold researcher business:

A gold researcher researches the gold business, its trends, promotions etc. With the proliferation of online businesses, being a gold researcher can be profitable as there are many digital marketing opportunities for gold research. You can also work as a freelancer in this business as well. Although this business is competitive, you can make this freelancing option a full-time business venture with strategic promotion on social media sites.

5. Invest in hosting gold business forums

A gold forum is among the innovative gold business ideas where you could be an online gold dealer on a community forum that sells gold online. Your work would also require asking and answering questions, sharing opinions and knowledge about the gold market and gold-related queries. Most forums have gold experts and online gold dealer communities, which you can join.

6. Try authorised gold purchasing business:

You can contact the Reserve Bank of India to start a successful authorised gold purchasing business. However, this is a capital intensive business, and you need to abide by the strict compliance to the RBI’s controlled gold market. Such ventures involve buying gold and reselling them to jewellers etc.

7. Become a senior gold miner:

A senior gold miner shareholder is another one of the efficient gold business ideas. This business caters to gold mining and typically has great liquidity back-up; therefore, it’s less risky than depending on market prices of shares. Thus, such miner’s can leverage gold prices by increasing shares of gold production shares. You can also buy gold mining stocks and resell them with a small add-on fee. Such stocks are, at the moment, of great interest to people who are looking to invest safely and get better returns; therefore, there is an increasing demand for clients. Yes, if being a senior in terms of a gold miner is too capital intensive for you, try being a junior gold miner with your reselling agency for gold stocks in mining companies.

8. Dabble in the gold parties business:

Gold not bearing the BIS mark will be difficult to sell. You can host gold bidding parties where such gold items can be bought or sold for a fee. This gold will eventually be sold to the refineries or bought by other customers with liquidity and who wish to hold it as a family heirloom. So, want to start a successful gold business party in India? It would help if you tried innovating and conducting such gold parties on a small scale and then grow your business.

9. Pioneer the drive-through pawnshop:

Want to get into the pawnshop business with successful drive-throughs? India has pawn shops which are outlets where you can sell your gold for the best price. Pawnbrokers have to melt or sell it to larger businesses that recover the gold and recycle it to 22K gold used by jewellers. Where do you want to fit in? Would you rather set up a pawnshop or an online business forum exhibiting such items for a customer and buyer fee? Remember that it is now possible to take your business online very easily with so many apps in India. And of course, the accounting, analytics and GST compliances can be taken care of by the innovative Legal Tree app.

10. Become a gold streamer:

A gold streamer helps gold mining share investors in identifying viable mines. This is a risk-oriented decision, capital intensive and carries the scope of losses. However, such entrepreneurs can locate stocks of gold mining companies, and develop mutual funds dealing exclusively in gold etc. and benefit from their consultancy fees. So, you can always stream digital gold units, gold research services, recycling of old unmarked gold etc.

11. Sell raw gold or resell gold:

Gold business ideas such as being a seller or reseller of gold items and services are lucrative for obtaining profits. You have to learn how to adapt to this business to sell gold by adhering to the price margins that continue to differ. Get innovative with this idea since many investors are still looking for raw gold, therefore making this a profitable business. You can think of buying old gold, which is generally 10K or lower and melting it down to raw gold. Raw gold is obtained from the smelting process where you pay only for the actual gold recovered from gold items. You can then resell it as per your business.

12. Trade in the electronic gold formats:

Today’s Indian investors are also investing largely in digital gold, Electronic Traded Funds (ETFs), Sovereign Gold Bonds (SGCs), Gold Stocks in mining companies etc. If you have a taste for the stock market, you can also consider the derivatives market with futures contracts, Spot contracts etc. ETFs are stocks traded on the market where 1 unit equals 1 gm of 24K gold. The SGBs are 8-year bonds with an assured 2.5% return and partial withdrawal after 5 years. Futures contracts are agreements to sell a fixed amount of gold on a future date. Yes, it’s risky to play the stock market and hard to come by any technical know-how before investing. So, perhaps opening a training centre for teaching how to make such investments is another lucrative gold business idea.

Also Read: Small Scale Business Ideas with Low Investment

Other gold business opportunities in India worth exploring are:

Start a gold speculator business and cash in on the rise in gold prices through accurate speculation of stock market trends.
Become a gold coin dealer or antique gold dealer.
Open a goldsmith or designer jewellery casting business.
Go into gold valuation, gold purification or gold certification businesses.
Enter the gold plated jewellery making or selling business.
Try becoming a gold teeth maker.
Be a gold flipper or a local buy and sell gold items trader.
Gold recovery from scrap and electronic materials.

Conclusion

No matter which business you select and plan to enter, remember that gold is a limited natural resource whose prices will keep increasing due to limited production. So, explore the different opportunities and Gold business ideas and go for the idea which suits you the best. Having a business plan can significantly help in the process of doing your gold business one step forward. And when you are in business, it pays to keep close track of your progress with an app like Legal Tree.

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