It goes without saying that gold jewellery is of the smartest investments that one can make. In India, everyone loves gold and whether it’s a wedding or festivals, we are always fervent to add to our collection from the best jewellery showrooms in Delhi. We just need reasons to buy gold jewellery. But, in all this excitement, we often ignore the fact that any mistake while buying gold can mean a good amount of fortune lost. With so much at stake, knowing how to buy gold is crucial. To help you make the right decision and prevent you from making gold purchasing mistakes, here are a few do’s and don’ts that you must follow when buying gold jewellery:
Check the Purity: It is crucial to check the purity of the gold used to make the jewellery you have your eyes on. The best way to do that is to find the hallmark on the jewellery which is basically an indication of the proportion of gold used in its making. The official agency responsible for certifying gold in India is Bureau of Indian Standards (BIS). Therefore, when buying gold, always look for BIS- certification.
Cross-check the Price: Since the gold price fluctuates every day depending on the prevailing market rate, it’s important to educate yourself of the current gold price. Daily gold bullion rates are displayed by most of the jewellery stores in India. To calculate the exact price of the jewellery you intend to buy, discount the purity of gold from the price of the bullion.
Negotiate Making Charges: Making charges are nothing but the labour cost involved to manufacture your piece of jewellery. Although jewellers tend to convey a higher making charge, you have all the rights to bargain to ensure the best price on your choice of jewellery. This will make sure you are charged a reasonable amount.
Avoid Stones: If you are buying gold jewellery only for investment purpose and wish to save money, do not go for stone- studded pieces. Not only is it difficult to assess the purity of the stones but also the making charges of stone-studded jewellery tend to be higher, owing to their intricate designs and patterns that makes them labour-intensive.
However, if you like to dazzle and prefer the sophistication of stones, ask your jeweller for the breakup of costs before making the payment.
Don’t Exchange Jewellery from Unknown Jewellery Stores:
If you wish to exchange your jewellery, always take it to the store you bought it from. Since most of the stores have a buy-back policy, taking it to the store you bought it from will ensure that you get 100% of the net value of gold. Also, keep the bill safe for hassle-free exchange.
Keep these small precautions in mind to buy genuine gold jewellery that you won’t have to repent over later.