Gold Buying tips: Festive season is going on in the country. The wedding season is also going to start in the coming weeks. In such a situation, a lot of movement is being seen in the markets. Talking about the bullion market, the demand for gold has increased here. It is at its highest level ever during the last trading session. Gold is considered a safe option of investment. Investing in gold is also considered auspicious during the ongoing festive season in the country.If you are also planning to buy gold this season, then keep some special things in mind. So that you can avoid purchasing fake, adulterated gold.
take care of purity
While buying gold, it is very important to take care of its purity. If you want to take pure gold then it is of 24 carat. However, you will not get jewelery in 100 percent pure gold. This is because gold is very flexible and soft. Due to this, 24 carat jewelery cannot be made. 22 carat or 18 carat gold is used in jewellery. But gold bar or coin can be purchased in pure gold. Apart from carat, purity can also be determined through purity. There are purity numbers like 916, which means the coin is 999.9 percent pure.
price per carat
Keep in mind that 22 carat gold is cheaper than 24 carat gold. Since the jewelery is of 22 carat gold, its price will not be as per 24 carat gold. Keep in mind that for 22 carat jewelery by declaring it as pure gold jewellery, the money should not be charged as per 24 carat. While making the bill, get the purity and price of gold written on the bill by the jeweler.
Making charges of gold jewelery
While making gold jewellery, making charges are taken according to the work done on it. The more intricate the jewelery work is, the higher the making charge. Demand is high during festivals, taking advantage of which some jewelers charge the same as heavy jewelery even for small jewellery.
Most of the customers have less time and want jewellery, hence they are ready to pay the making charges quoted by the jeweler without much bargaining. But the right thing to do is to bargain as much as you can regarding the making charges.
In gold coins, you can also buy gold coins with minimum weight of 0.5 grams and hence the making charge on them is less as compared to jewellery. Making charges on gold coins range from 4 percent to 11 percent, while making charges on gold jewelery range from 8-10 percent.
Ignoring Hallmark
Most people ignore the hallmark while buying gold. BIS Hallmark guarantees the purity of gold. Therefore, do not buy jewelery without hallmark. While buying a gold coin, also check that it is BIS certified.
There are five things marked on any gold item – BIS logo, a number indicating purity or fineness like 22 carat or 916, logo of the assaying or hallmarking centre, year of marking and jewelers identification number. It has been announced by BIS that it will do hallmarking only on 22, 18 and 14 carat gold jewellery. This rule has come into effect from January 1, 2017.
If you are buying state jewelery
In stated gold jewellery, the price of the piece is also included. While buying such jewellery, definitely take a certificate of purity of stones or gems. Also note their price and weight on the bill. A jeweler told that although the price and weight of the studded items is given to the customer separately on the bill. But some jewelers include the stones and gems used in studded jewelery in the price of gold and do not weigh them separately while weighing.
When the customer sells that jewellery, the price of the gems is different and that of gold is different. It does not matter if there are 1 or 2 small stones, but when there is heavy work, it becomes necessary to pay attention. In such a situation, if the stones are cheaper than gold and are less then there is a loss. Therefore, if the price and weight of the items studded on the bill are given separately, you will be saved from fraud. Certificate of purity will save you from paying the real price for fake gems and stones.
not taking bill
While purchasing gold, make sure to take its certified bill. Many people do not pay attention to the bill while shopping from a known shop, which is wrong. No matter where you buy gold, do not forget to take its valid bill. Also keep in mind that it should contain complete details of the jewelery purchased, making charges and shopkeeper etc.
gold coin packaging
Gold coins come in tamper proof packaging. Tamper proof packaging ensures that the purity of the coin remains intact. Therefore, while buying a gold coin, keep in mind that the coin should be in tamper proof packaging. If you want to sell it later, you will have to maintain the same packaging.
