10g Kundan Refinery Lakshmi Ganesh Silver Coin

The 10g Kundan Lakshmi Ganesh Silver Coin

This 10 gram silver piece from Kundan Refinery carries the Hindu deities Lakshmi, goddess of wealth and prosperity, and Ganesh, remover of obstacles, on .999 to .9999 fine silver. Kundan Refinery, established in 2011 as part of the Kundan Group (founded 1971, headquartered in New Delhi), was recognised by 2014 as the largest private gold refinery in India, and the Lakshmi Ganesh line is its flagship devotional range, produced with Swiss minting technology.

The product is built for a specific purpose: auspicious gifting. Buying gold and silver on Dhanteras, the first day of Diwali, is considered extremely auspicious in Hindu tradition, and the Lakshmi Ganesh imagery ties the product directly to that custom, alongside Akshaya Tritiya, weddings, and births. No international mint produces comparable deity-themed bullion at this scale, which makes the line essentially unique to the Indian market. At 10 grams of silver the outlay is small, reflecting India's price-sensitive market where even modest precious metal purchases carry cultural weight.

The trade-off is scope. These are private refinery products, not legal tender, and Kundan is not LBMA-accredited, so international dealers will typically pay scrap or assay value rather than any brand premium. Resale works best within India through jewellers and local bullion dealers. Buyers outside India who want small silver with global liquidity are better served by sovereign coins such as the 1oz Silver Maple Leaf; buyers inside India choosing a festival gift are squarely in this product's home territory.

Kundan 10g Silver Lakshmi Ganesh Specifications

The design shows Lakshmi typically seated on a lotus holding a pot of gold coins, with coins cascading from her hands, alongside the elephant-headed Ganesh, usually seated with four arms. The wider Lakshmi Ganesh silver range spans 10g, 20g, 50g, and 100g pieces, including coloured and enamelled variants where the deities appear in traditional multicoloured style, and products come in oval, rectangular, rounded, and square shapes. Each piece is embossed with the Kundan logo, purity, and weight.

Quality assurance leans on Indian regulatory infrastructure rather than international accreditation: Kundan's labs are NABL-accredited under ISO/IEC 17025, manufacturing is ISO 9001 certified, and purity is verified by fire assay and XRF testing. The tamper-proof packaging must be destroyed to access the product, which doubles as proof of authenticity, so sealed pieces should stay sealed until use. Kundan gold bars have also been accepted on India's National Stock Exchange platform since 2020, a marker of domestic institutional credibility.

Tax Treatment of Kundan Silver in India and Abroad

This product's market is overwhelmingly India, so Indian tax rules are the ones that matter in practice.

• India: 3% GST applies to silver and gold coins, bars, and bullion, with making charges attracting a further 5% GST. There is no GST exemption for physical coins and bars (unlike Sovereign Gold Bonds). Under the 2024 rules, long-term capital gains are taxed at 12.5%, with short-term gains taxed at the individual's income slab rate.
• United States: for buyers who do find the product abroad, no federal sales tax applies and most states exempt bullion; state treatment varies and some apply purchase thresholds that a single 10g silver piece will not meet. Gains are taxed at the collectibles rate of up to 28%.
• United Kingdom: 20% VAT on silver, and no CGT exemption since the piece is not UK legal tender.
• Canada: the federal GST/HST exemption applies to silver refined to at least 99.9% purity in coin, bar, or wafer form, which the .999+ variants meet on purity.
• Australia and New Zealand: the GST-free thresholds for silver require 99.9% purity; whether a given variant qualifies depends on its fineness (.9999 versions clear it, .999 versions sit at the line of Australia's accredited-source expectations).
• Singapore: the IPM exemption ties qualifying coins to an approved list and accredited refiners, so non-LBMA deity rounds are unlikely to qualify; Hong Kong levies no sales tax on anything.

Note that the product is not readily available outside India in any case, with no established overseas distribution.

Kundan Lakshmi Ganesh vs MMTC-PAMP and International Silver

Within India, the closest competitor is MMTC-PAMP, the joint venture between government-owned MMTC and Switzerland's PAMP SA, which also produces a Lakshmi Ganesh range. MMTC-PAMP carries LBMA-associated credibility and is generally considered the gold standard for Indian bullion; Kundan counters as India's largest private refinery with lower pricing closer to spot. For a Diwali gift the difference is marginal; for a holding that might one day be sold abroad, the accreditation gap favours MMTC-PAMP. Augmont and RSBL round out the domestic field with similar BIS-hallmarked product ranges.

Against international refiner bars from PAMP, Valcambi, or Perth Mint, the trade is price versus liquidity. The international brands command higher premiums in India but bring LBMA accreditation and global resale; Kundan products cost less over spot but will typically fetch only metal value outside India. The deity branding itself has no international equivalent at scale, so the choice is really between a culturally specific Indian product and a globally fungible one.

Against sovereign silver coins such as the Maple Leaf or 1oz Silver Britannia, the structural difference is legal tender status. Sovereign coins carry government backing, face values, and the security features of state mints, and they unlock coin-specific tax treatment in some countries. The Kundan piece answers with religious and cultural resonance, festival packaging, and a 10 gram entry price well below a full troy ounce, strengths that matter for gifting in a way no Western bullion coin can replicate.