Dhanteras is on 29 October this year. Obviously you will also be preparing to buy gold or gold jewelery on this special occasion. Buying gold jewelery serves two purposes. It is not only an investment but also a great fashion accessory. On an average, Indians buy the most gold jewelery in the world, with jewelery stores witnessing a steady rush of customers during festivals. It is common to make mistakes in buying gold on such occasions, but if you keep a few things in mind, it can ensure that you will be able to buy pure gold and you will not face any problems later.
Be sure to check the purity of gold
The purity of gold is expressed in carats. Note that 24 carat gold is 99.9% pure and 22 carat gold is 92% pure. According to BankBazaar, 14 and 18 carat contain only 58.33% and 75% pure gold respectively. 24 karat gold is not suitable for making jewellery, which is why jewelers use 14, 18 or 22 karat gold. It is not at all advisable to buy gold jewelery without checking its purity. It is always better to check the purity before spending your hard-earned money. Hallmark is an indication of the purity of gold and it is advisable to buy hallmarked jewellery.
Understand the making charge thoroughly
When you are buying gold jewellery, you must know how much making charge is being taken along with that jewellery. Making charges are essentially the labor charges involved in making jewellery. One thing to know is that the more spectacular the design of the jewellery, the higher the making charge may be. However, insisting on a fixed making charge could make buying gold cheaper and would certainly make sense. Making charges on machine made designs are lower than man made designs, making mass produced jewelery cheaper.
check weight
Most gold jewelery in India is sold by weight, and heavier jewelery commands a higher price. Precious stones like diamonds and emeralds are often added to gold jewellery, making them heavier in the process. Jewelers weigh the entire piece of jewellery, which means one may pay for gold that is not actually there and it is important to keep this in mind when buying studded jewellery.
sales and price
On certain special occasions, gold purchasing peaks, due to which gold prices increase. It would be wise to buy gold jewelery during off season, when prices are lower and discounts are plentiful.
buyback
Most jewelers offer a buy back option, wherein one can exchange their old jewelery set with a new one. While designs and trends may change, the value of gold remains the same and discussing buy back during purchase can benefit someone in the future if they ever get bored of their jewellery.
Where are you buying jewelery from?
India has millions of jewelery stores, small and big, serving its population. Buying gold jewelery from small stores can be risky as they may sell impure gold as pure gold or sell stolen gold designs. It is beneficial to go to a reputed jeweler to buy gold as there is a guarantee on such purchases. Here, when you buy gold from a proper channel, there will be transparency in it.
