Published on November 01, 2026 | By Gold Expert

Diwali and Dhanteras Gold: Coins, Tola Bars and 22K

Gold for Diwali usually takes one of three forms: a Diwali gold coin or small bar stamped with Lakshmi, a 22K coin or piece of jewelry, or a bar measured in tolas, the traditional South Asian gold weight. Underneath, each is priced the same way: by its gold content, plus a premium for making it. Knowing the karat, the weight and the maker tells you what you are paying for.

In 2026, Diwali falls on Sunday, November 8 on the Government of India's central-government holiday list, with Dhanteras in the days just before it. Exact puja timings vary by location, and a local temple calendar gives the times for yours.

Why Gold Is Bought on Dhanteras

A shopkeeper hands a gold gift box to a customer across a jewelry counter during the festive season.

Buying precious metal on Dhanteras is a long-standing custom tied to auspiciousness, and Business Standard calls Dhanteras India's biggest gold-buying day. Lakshmi sits at the center of it. The Royal Mint's guide to Lakshmi describes Diwali as the main religious festival dedicated to her, and notes that Hindus often buy a gold coin or bar on Diwali or at Lakshmi Puja.

The form of the purchase has been shifting. Business Standard reported in October 2025 that buyers in India were diversifying toward coins, bars and lightweight jewelry, and the same season's coverage in Business Day noted that production charges make gold jewelry more expensive than buying coins.

Lakshmi Gold Coins and Bars

A Lakshmi gold coin is any gold piece stamped with the goddess, who is commonly shown seated on a lotus. Most are made by refiners rather than governments, which makes them bars or rounds with no face value, priced on their gold content plus a premium for the design. Refiners such as PAMP Suisse produce Lakshmi bars in small gram sizes, and our article on PAMP Suisse gold bars explains how that refiner packages and certifies its bars.

Whatever the design, read three things on a Lakshmi piece or its packaging before buying: the weight, the fineness and the maker's name. Those are the details a buyer will check if the piece is ever sold.

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The Bullion Bank Custom Lakshimi 1 oz silver round

The Bullion Bank Custom Lakshmi 1 oz silver round

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India's own government-launched option is the Indian Gold Coin, launched on November 5, 2015. The World Gold Council's announcement describes it as 24 karat and 999 fineness, with the Ashok Chakra on one side and Mahatma Gandhi on the other, minted by the Security Printing and Minting Corporation of India and hallmarked by the Bureau of Indian Standards. It launched in 5 g and 10 g sizes through MMTC outlets in India.

22K or 24K: Reading the Karat

An unmarked gold bar, a plain gold band and a small alloy sample on a jeweler’s work surface

Karat measures gold in parts of 24. A 24K piece is essentially pure gold, while 22K is 22 parts in 24, or 91.67% gold, with the balance made up of other metals. India's hallmark prints both measures together: the Bureau of Indian Standards lists purity marks such as 22K916 and 18K750, where the second figure is fineness in parts per thousand.

Two of the best-known bullion coins are also 22 karat. The American Gold Eagle is 91.67% gold, and the Royal Mint lists the one-ounce South African Krugerrand at .9167 fineness and 33.930 g. In their one-ounce sizes, both contain a full troy ounce of fine gold; the alloy adds weight on top of it. Our Krugerrand guide covers that coin in detail.

Mark	Gold content	Where you will see it
24K, 995 to 999.9	99.5% or more	Refinery bars, the Indian Gold Coin (999)
22K, 916 or .9167	91.67%	American Gold Eagle, Krugerrand, 22K916-hallmarked pieces
18K, 750	75%	18K750-hallmarked pieces

The fairest way to compare a 22K coin, a 24K bar and a piece of jewelry is the price per gram of fine gold. Multiply each item's weight by its fineness to get the fine gold it holds, then divide the price by that figure. A 10 g piece of 22K jewelry holds about 9.17 g of fine gold, while a 10 g bar at 999.9 holds about 10 g, so a jewelry price that looks close to a bar's price per gram is higher in fine-gold terms than it appears. The gap is the making charge and premium, the cost of design and workmanship rather than metal.

For anyone selling an older piece to fund a Diwali purchase, karat sets the gold content. Our step-by-step guide to karat versus fineness shows how gold content is calculated from the karat and the weight.

Tola Bars and Gold Biscuits

A generic unmarked gold bar weighed on a traditional balance scale

A tola is 11.6638 grams, exactly three-eighths of a troy ounce, and a ten-tola bar, often listed as a 10 tola gold bar, weighs 116.64 grams, or 3.75 troy ounces. "Gold biscuit" is an informal South Asian name for a small gold bar, and the ten-tola bar is the classic example.

To estimate the metal value of 1 tola of gold, multiply the spot price per troy ounce by 0.375, then by the fineness for anything below pure gold. Making charges and premiums come on top of that figure. Our guide to tola, tael, baht and chi walks through the full conversion, including a 999 ten-tola bar.

Our catalog is sized in grams and ounces, and a tola bar or biscuit brought in to sell is tested and weighed like any other gold bar.

Buying and Selling Diwali Gold in Virginia

Virginia exempts qualifying gold bullion and legal-tender coins from retail sales tax, but the exemption does not cover jewelry. Our article on the Virginia bullion sales tax exemption explains which items qualify and when the exemption is currently set to expire.

If you plan to sell older jewelry before buying, our cash for gold counter tests items with X-ray fluorescence (XRF), which identifies 26 different metals, and makes a same-day offer against live market pricing. Selling jewelry in Virginia also comes with identification and record rules that do not apply to coins, and our guide to Virginia precious metals dealer law covers them.

Diwali Gold at The Bullion Bank

A gold item being tested at a bullion counter, with The Bullion Bank logo printed on a receipt

Our Lakshmi listings include PAMP Suisse Lakshmi gold bars and The Bullion Bank's own custom Lakshmi 1 oz silver round, for anyone who wants the design in silver. For 22-karat coins, we carry the American Gold Eagle in 1, 1/2, 1/4 and 1/10 oz sizes and the Krugerrand in 1 oz and 1/10 oz. Stock changes, so call either store before making the trip.

Walk-ins are welcome during normal business hours at both stores, in Chantilly and Vienna, including Saturdays from 11am to 5pm.

This article is educational and reflects general information about precious metals and collectible coins. It is not investment, tax or legal advice, and The Bullion Bank is not a registered investment adviser, broker-dealer or tax professional. Metal prices fluctuate and past performance does not indicate future results. Consult a qualified professional about your own situation.

Frequently Asked Questions

What gold is traditionally bought on Dhanteras?

Gold coins, small bars and jewelry are all bought on Dhanteras, and Business Standard reports silver demand as a lower-cost alternative. Coins and bars stamped with Lakshmi, the goddess of wealth, are a common choice. In 2025 the same paper reported buyers in India diversifying toward coins, bars and lightweight jewelry rather than heavy pieces.

What is the difference between a 22K and a 24K gold coin?

A 24K coin is essentially pure gold, usually marked 999 or 999.9. A 22K coin is 91.67% gold, marked 916 or .9167, with other metals making up the rest. The American Gold Eagle and the Krugerrand are 22K, yet each one-ounce coin still contains a full troy ounce of fine gold; the alloy adds weight on top.

How is the 1 tola gold price worked out?

One tola is 11.6638 grams, exactly 0.375 troy ounces. Multiply the spot price per troy ounce by 0.375 to estimate the metal value of one tola of pure gold. For 22K, multiply the result again by 0.9167. The price you pay will also include making charges or a dealer premium on top of the metal value.

What is a gold biscuit?

"Gold biscuit" is an informal South Asian name for a small gold bar. The ten-tola bar, which weighs 116.64 grams or 3.75 troy ounces, is the classic example. A biscuit is priced like any other bar: by its weight and fineness against the spot price, plus a premium. We test and buy gold bars, tola bars and biscuits included.

Does The Bullion Bank sell Lakshmi gold coins?

Yes, in bar form. Our Lakshmi listings include PAMP Suisse Lakshmi gold bars, plus our own custom Lakshmi 1 oz silver round for anyone who wants the design in silver. Stock changes, so call our Chantilly or Vienna store before visiting. For 22K coins, we also carry the American Gold Eagle and the Krugerrand.