Diwali is one of the holiest festivals for Indians. Indians love to splurge while buying gold jewellery. They are of the belief that buying gold jewellery is a sound investment. It can come handy later in marriages, or even liquidating for cash during some financial crisis. Diwali is a festival of wealth and prosperity and thus, it would only make sense for buying gold jewellery during this auspicious event.
With gold so greatly in demand this season, it would be unwise to just jump the bandwagon and purchase foolishly. Often, jewellers can fleece customers. With an investment as large as what one makes like buying gold jewellery, it would be advisable to think it through before writing that cheque.
Tips to Keep in Mind While Buying Gold Jewellery This Diwali
1) Check the BIS Hallmark
With the intention of protecting innocent consumers, the Government has laid certain norms that jewellers have to conform to. A hallmarking agency accepts each and every jewellery item and ensures that the jewellery adheres to the international and national standards of purity. BIS hallmarked products may be pricey than non-hallmarked items, but if you are anyway paying a dear amount, you might as well pay a little more to ensure that you are purchasing what you pay for, right?
2) Hallmark Centre
India has around 350 hallmarking centres and in case of any discrepancies with the purity stated and the actual purity of the metal, one can trace the centre and raise an issue there. The BIS hallmark website contains a list of all the 350 centres and their respective identifying logos. This builds further trust in the purity and the guarantee of the purity.
3) Wastage Charge
Many of us are well acquainted with the term “Making Charges.” This is the charge applied by the jeweller to make the jewellery out of the gold. It is charged per gram of the gold. What very few people know is that certain jewellers also charge wastage charge if you are buying gold jewellery from them. In old times, jewellers would claim that some of their gold is wasted, or lost in the process of making jewellery and thus the customer should be charged for the wastage. But in current times, with modern machinery, negligible gold is wasted, and yet wastage charge is still applicable! Ensure that you are not looted off your hard-earned money through the now redundant wastage charge.
4) Gold Purity
The Purity of gold is measured in Karats. Gold is a highly malleable and ductile metal and hence is mixed with certain other semi-precious and precious metals to make it less soft. Thus, the quality of a gold item is measured by the purity of the gold present in the mixture. 22Kt is the highest purity by Indian standards. You can confirm the purity claimed by the jeweller through the BIS hallmark while buying gold jewellery.
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Price is one of the basic determining factors while making any purchase and naturally, it would be while buying gold jewellery too. Check the base market price of the gold beforehand and be equipped with the knowledge, lest you cough up price worth 22Kt for an 18Kt item.
6) Exchanging Gold Jewellery
Often the gold jewellery that you purchased years ago seems like it has lost its charm. You crave for newer designs that are in vogue right now. Exchanging old jewellery for new would be a more appealing idea than spending the same load of cash. Certain jewellers charging melting and handling charges that are just devious ways to pinch some money from you. Make sure that you get the full price for what you are selling.
7) Don’t Forget the Receipt
Demand for a valid cash memo or an invoice for your purchase. For any issue regarding complaints, or even exchange of jewellery, a receipt is necessary. No activity will be entertained if you are not in possession of a valid bill authorising your purchase. Thus, do insist on the documentation of your purchase through an invoice no matter how trusted the jeweller or the brand may be.