Gold has been an integral part of Indian tradition, festivals, and other social occasions. Indians’ fascination with this metal stems from the fact that it is a safer investment option as it stands steady even in the face of inflation. As and when the gold jewellery rate drops, people tend to invest more in gold, and when the price shoots up, the number of gold sellers increases.
With the gold jewellery rate at its best and expected to increase in the future, now may be the right time to buy gold. However, it is advisable to be mindful of multiple factors while purchasing gold items, including jewellery, gold coins, etc.
Let’s go through the following tips to make an informed decision while buying gold jewellery.
Know about the market price:
Inquiring about the market price should be the first thing you need to do before investing in gold. The gold jewellery rate varies across cities, states, and gold dealers. For instance, the gold jewellery rate in Delhi will not be the same as the gold rate in Maharashtra. The gold rate is highly influenced by factors, such as state laws, hauling costs, import duties, etc.
So, it is imperative to conduct thorough research on the internet before buying gold jewellery. It is advisable to use a gold price calculator to determine precisely how much you should pay for 10-gram gold jewellery or any other item. Based on the acquired information, you can make a decision accordingly.
Buy hallmarked gold:
It is worth pointing out that when you plan to sell your gold jewellery, the gold buyer may only accept hallmarked gold. So, it is necessary to buy hallmarked gold. This way, you can be sure of the weight and quality of gold.
On the other hand, the government of India has made it mandatory for gold dealers to sell only hallmarked gold. You will need to ensure that your gold jewellery is hallmarked by the Bureau of Indian Standards (BIS).
Gold Hallmarking is a process of certifying the purity and fineness of gold items. While getting your gold jewellery hallmarked, ensure it bears the BIS mark, purity in karat and fineness, assaying centre’s identification number, and the gold dealer’s identification number.
Buy from a reputed dealer:
The gold market is not short of scammers or gold dealers who indulge in illegal activities. Also, if you are buying gold online, be wary of online scammers. One way to do that is by ensuring to find a reputed gold dealer who has a record of offering honest prices.
It would be wise to look for reviews and testimonials of former clients and customers. The online reviews offer great insight into gold dealers’ reputations. Buying from a reputed dealer enables you to buy gold jewellery at a fair market price.
Check the fine print:
While buying gold jewellery, you will have to bear the making charges that gold jewellers add to the final price. The added cost is for craftsmanship. So, while buying gold jewellery, make sure that making charges are transparent.
Use the gold price calculator:
Every reputed gold dealer has an online gold price calculator you can use to determine how much gold jewellery can cost you. Keep in mind that gold jewellery price depends on the weight and its purity level. For instance, a 22k gold jewellery price is higher than an 18k gold jewellery price.
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For the bright sparkles are larger than the facet from where it comes from.
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