Gold Buying in Festival: The people of India are quite old with gold, which is getting stronger over time. Gold is found in almost Indian homes despite market fluctuations. This has also become the financial condition of the family. It becomes a singar of brides on special occasions like marriage. Akshaya enhances brightness in festivals like Tritiya, Diwali, Dhanteras.
But, the value of gold will remain only which is absolutely lived. If the gold is adulterated or fake, you may suffer heavy losses. Therefore, it is important to take care of certain things while shopping for gold.
It is necessary to choose the right gold retailer
Now the biggest concern of consumers is to choose a retailer who is reliable and responsible. Also, you buy and sell gold honestly. Many times customers buy gold from a retailer who fraudulently do not have information. The result is that both their money and long -term earnings are lost.
So first of all choose a retailer who sells hallmark gold jewelry by Bureau of Indian Standards. There should be credit in his market. If any of your family knowledgeable jeweler
Paper process and hallmark stamp
The reliability of the jeweler is very important when buying gold jewelery. Trusted jewelers give you an invoice, guarantee card and a report, which shows the purity of gold.
The invoice should have details of different parts of the purchase. Such as gold price of that day, fee for making, waste and tax. It should also be confirmed that the retailer has a clear return or buyback policy. Also, after-cells service should be available.
Before leaving the store, check whether there is a hallmark stamp on jewelery. This will give you better resale price and insurance coverage. Also, ask your retailer that he is using a national level sanctioned lab to check the purity of gold.
Long distance made from illegal gold
When you buy gold, especially for such a huge amount and for long -term investment, it is very important that the gold you are taking has come in the right and legal way. The retailer has sourced it legitimately and made it correctly.
You should make sure that gold is not from black money or smuggling or has not been deposited illegally. Many times some shopkeepers melt old or illegal gold and make a new jewel, which can cheat the customer. There is also a danger of getting into legal difficulty.
If you examine a report, invoice, source, supplier carefully, you will avoid buying fake or illegal gold. If there is a messy jeweler, it will avoid giving such details. In such a situation, do not buy jewelry from his shop, even if shopping there is getting cheap.
Test the price of gold like this
The price of gold is not only on its weight, but according to purity and carat. The more pure gold, the greater the price. Therefore, before purchasing your gold, it is important to understand what kind of gold you are taking and how its price is made.
18k gold: It contains about three-fourths of gold and the remaining metals are mixed. It is made in a light and complex design. 18K jewelery is modern and stylish.
22k gold: It contains 91.6% pure gold. It is the most preferred for big opportunities like traditional and wedding.
24k gold: It is almost completely pure. But it is not ideal for making jewelery because it is very soft, but is best for coins or long investment.
The mixture of metals affects the durability, design and pricing in the long term. Therefore, get complete information from the retailer about which carat gold is, what kind of mixture is there and how the price was fixed. With this you can take a better decision.
Digital gold is also a good option
Buying gold in India is not limited to happiness like festival or marriage. It is now seen as a means of long -term investment and safety. The price of gold remains stable over time and in the long period it gives good returns. This is why gold is always up in the list of Indian investors.
Many parents keep it as a legacy for their children. At the same time, young couples and families are now preferring to buy it as digital gold. Because it is safe like physical gold and can be easily used for investment.
Buy digital gold like this
Find out about the retailer’s resail and buyback policy. This will let you know that you can turn digital gold in real gold or cash, and how many rupees you will get at that time.
If you get interest or any kind of additional return on digital gold, then its information should also be taken. Sometimes it also becomes a source of extra earnings.
Also find out who your gold will be kept safe. Physical gold is usually safe in a bank or locker. At the same time, it is kept with licensed custodian on digital gold platform.
While purchasing gold, check whether you have all the necessary certificates. In digital gold, you should get a digital certificate of purchase like hallmarking. This will prove that gold is safe in your name.
The terms and charges of digital gold redemption vary from every platform, so it is very important to understand them in advance. This will not cause any problem while selling your gold.
Also read: GST on Old Gold Jewelery: GST affair while selling old jewelry? Know when to pay tax, how to get exemption