Gold buying tips in India 2019: We know Gold is among the most loved precious metals in the world. For Indians, gold is a symbol of purity. It is a known fact that Indians love to dress up and gold jewelry is the perfect accompaniment for every occasion. Buying gold jewelry is not only for investment but it is also a great and wonderful ornament to wear. Pure gold is too soft to use it as jewelry. In the Indian gold market, there is the quantity of impure gold jewelry is high. The people are fooled into buying impure gold jewelry at the cost of high-purity jewels. Therefore, to protect customers, the central government introduced a hallmarking system to certify the purity of gold. This article gives some tips to ensure the quality of gold when it buys.
Some important Gold Buying Tips listed below
- Check the Purity
There are variations in gold that affect its purity, quality, and price. When you buy gold jewelry you should always check for its purity. The easiest way to check for purity is to look for hallmarking. A hallmarked piece of jewelry tells you the official proportion of the metal. The Bureau of Indian Standards (BIS) is the accreditation agency that certifies and hallmarks gold jewelry. Any jewelry that has a hallmark will come with a number attached to it along with a BIS stamp on it. Pure gold is too soft to use it as jewelry. So it is alloyed with a mixture of metals like silver, copper, nickel, and zinc to give it strength and durability. The most common ‘Carat’ options are 18 K, 22K or 24 K. The higher the number, the higher the purity of the gold.
- Cross-check the pricing
The price of gold jewelry is determined by the purity of the gold, which alloy it is combined with. The price of gold changes every day based on the market rate. Jewelry stores across India display the daily rates of bullion for their consumers.
- Check the color
Gold has many variations. In addition to yellow gold, white gold and rose gold are also popular options. Combining pure gold with other metals creates a new and diverse color palette. Mixing in white metals, such as silver in combination, creates white gold. The inclusion of copper results in the soft pink complexion of rose gold. But the greatest demand for gold around the world remains for yellow gold.
- Negotiate the making charges
Another important step while buying gold jewelry is to negotiate the making charges. Jewelry involves labor cost and all jewelers pass on this cost to the buyers in the form of the making charges. Making charges are usually a percentage of the current gold price. Hence, depending on the gold price, the amount you pay as making charge can vary.
- Avoid stone-studded jewelry
It is difficult to check the purity of the stones embedded in the gold. So avoid buying stone-studded jewelry – such as diamond earrings, ruby bangles, and emerald rings if you are buying it as an investment. Studded jewelry also incurs more making charges as their intricate designs and patterns are labor-intensive.
- Avoid selling to other jewelers
Most branded stores, as well as local ones, have a buyback policy where they will give you 100% of the value of gold. And it is always better to go back to the store from where you bought the jewelry. By this way, you will almost always have to drop the making charges from the resale value.
- Check the Jeweller’s Reputation
Before buying the gold from jewelry, you must ensure that the brand is well established and has proven reliability and authenticity.