This festive season buy gold jewellery keeping these points in mind

Navratri marks the beginning of festive season in India. During this time, you witness the brightest streets and homes and also great rush at various gold jewellery shops. As buying gold during this time is considered auspicious, people, irrespective of prevailing high gold rates, buy it in the form of gold jewellery and gold coins. If you too are planning to buy gold soon, here are a few things that you must know before you splurge on this glittering metal.

1.Gold Rate Per Gram

Before you visit a jeweller, you must know the current gold rate per gram prevalent in your city. If you live in Delhi, you must know today’s gold rate in Delhi. Similarly, if you reside in Mumbai, you must check for today’s gold rate in Mumbai. You must check the gold rate of the day you intend to buy it. This is because the gold price changes every day based on the market situation. Also, it varies in different cities. Knowing the current gold rate before buying gold will give you a fair idea of the current gold price in the market. Another thing which you must know is that the gold prices may vary from one showroom to another. This difference is because these gold rates have been set by different associations of gold jewellers. However, the difference is usually negligible. While big jewellery showrooms display bullion rates, the smaller shops don’t. Therefore, you must always check gold prices before visiting a jeweller.

2.Purity of Gold

Whether you are buying gold jewellery or gold coin, always check for its purity. To ensure the gold you are buying is authentic, look for BIS Hallmark. What is a hallmark? A hallmark is an official mark or symbol that certifies the purity of gold. In India, BIS hallmark certifies the gold purity. BIS is an acronym for the Bureau of Indian Standards - a national accreditation body that certifies gold purity. A BIS Hallmark has 5 components, which are:

• BIS Standard Mark
• Purity Grade
• Mark of Hallmarking Centre
• Year of Making
• Jewellers Identification Mark

Jewellers don’t hallmark gold ornaments. Only BIS-recognised Assaying and Hallmakring Centres has the right to hallmark gold jewellery. To understand the caratage in gold jewellery, look for the letter ‘K’ which stands for karat and denotes the gold purity. For example, if the BIS hallmark includes ‘22K’, it implies that the gold article is 91.6% pure. Similarly a BIS hallmark that includes ‘18K’ will imply that the gold article is 75% pure.

3.Other Related Charges

Any gold article you buy does not only comprises of current gold rate and tax. The final cost you see on the bill includes other variables as well such as making charges, wastage charges, etc. These additional costs may differ on the basis of the gold jewellery design you choose. These rates also vary from one jeweller to another. Gold jewellers may not tell all charges that will be included in the final bill; therefore, you must ask them about it. At good shops, the related charges are clearly bifurcated in the purchase bill. Another thing you must remember when buying gold jewellery is that intricate designs will have higher level of impurity and also higher making charges as compared to simple designs.

4.Gold Resell & Exchange Terms and Conditions

Another important thing that you must know when buying gold jewellery is its resale and exchange terms and conditions. It is wise to check buy-back terms and conditions from your jeweller so that at the time of financial emergency you can sell your gold article to the same jeweller without facing any hassles. With resale offer, it is even better if your jeweller allows you to exchange the gold item anytime. This will allow you to buy new fashionable gold jewellery pieces without shelling out too much from your pocket. When you visit your jeweller, enquire how much he will offer if you wish to exchange or resell the gold jewellery in future. It is unlikely that you will get the entire value that you paid at the time purchase but you may be assured of good concessions on the making charges.

5.Purchase Invoice

When buying gold jewellery if you have quality concerns, you must insist for purchase bill. Requesting an invoice will not only instill fear among jewellers who are involved in unethical practices but can also be a tool to eliminate such practices. Some gold buyers insist on purchasing gold jewellery without a bill so that they can avoid paying taxes. But by doing so the quality of your gold ornament might get compromised. Moreover, it will also create problem when you will need to resell or exchange it. Without the purchase invoice, some jewellers even deduct extra charges at the time of reselling the gold article. Having purchase invoice will act as a proof that whatever purchase you made is of exactly what reflects on the bill.

A Word of Advice

If you intend to buy gold for investment purpose, go for Digital Gold. It is a smart and transparent way to invest in 24K pure gold at live market rates. It is highly affordable and convenient as you can buy it in fractions anytime at low price. Unlike gold jewellery, Digital Gold does not include high making charges and lifetime storage costs. The gold purchased on the platform is backed by physical gold which is stored safely in an insured central vault, thus, freeing you from the worries of your gold being lost or stolen. There is absolute transparency as you can view the transaction history on the platform from where you are making the purchase. Moreover, every time you make a transaction, an invoice is generated automatically, which can be viewed, downloaded and printed anytime you want. The gold you buy might be in digital form bit it is all yours. When you have enough gold accumulated in your digital gold account, you can sell it (again at live market rates without incurring any deductions) and request for doorstep delivery in the form of 24K gold coins.

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