Wisdom and awareness will make your gold more valuable..
With the advent of the wedding season in India, there is a steep rise in the number of people who buy gold. Buying gold is a very pleasant experience, as gold jewellery not only enhances the beauty of the individual, but is also a good investment. However, this pleasant experience can easily turn into a nightmare as the market is abounding with fraudsters and scammers.
Gold comes in different forms
The first thing that one should know about buying gold is that the price of gold varies greatly according to weight, karat and the place from where the purchase is made. Gold is measured in karats, where 24 karat gold is the purest form of gold. Since pure gold is extremely malleable, it is often mixed with base metals like copper, zinc and nickel in order to make jewellery. Most of the gold jewellery in India is made of 22 karat gold, which consists of 22 parts gold and 2 parts base metal.
Check the mark
Most pieces of gold jewelry are stamped with the specific karat quality, called a hallmark, usually found on the inside part of each piece. The government of India recognizes the ‘BIS’ as the sole agency for granting hallmarks, which is aligned with the international criteria of hallmarking. According to this scheme, licences are granted to jewellers by BIS under the hallmarking scheme. Always check these stamps before making a purchase.
Gold or gold-plated: know the difference
Gold jewellery may also be plated or filled. Keep in mind that this is not a solid gold article, but a coating of gold over a base metal. There is a significant difference between the price of jewellery that is plated and jewellery that is solid. It is important to study the item in detail before purchase.
While buying gold, make provisions for selling it too!
Last but not the least, one should always ask about the return policies and certificates of authenticity while buying gold jewellery. While a thorough knowledge of the return policies ensure that the item may be returned in case of any discrepancies, the certificate of authenticity ensures that you would get the proper value for the gold if you ever decide on a resale.
AS A CONSUMER – let us know what precautions and measures you took before buying gold by commenting below.
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