Buying gold on Diwali is considered auspicious. People believe that this brings happiness, prosperity and progress to the house. But, this time the height at which gold prices have reached has made it no longer easy to buy gold. On October 9, the price of gold was Rs 1,24,150 per 10 grams. The price of gold has reached this level for the first time. This year gold has given around 50 percent returns.
Gold price on the day of purchase
Gold prices are not uniform across the country. Angara CEO Ankur Daga said that if you want to know the price of gold in your city, then for this you can contact the Bullion and Jewelers Association.IBJA) can count on. The association publishes benchmark rates of gold. After prices, the second issue is that of purity. Basic information about purity is important.
Hallmark’s HUID verification
24 carat gold is considered the purest. However, 24 carat gold is not used for making jewellery. For this, gold ranging from 22 to 14 carat is used. After hallmarking became mandatory, the problem regarding purity has gone away. Despite this, it is important for you to verify Unique Hallmark Identification (HUID) before buying gold jewellery.
Other charges included in the final price
Apart from the base rate of gold, other charges are also included in the final rate of gold jewellery. Making charge is most important in this. The making charge of normal jewelery can range between 5-8 per cent, while the making charge of special and hand crafted gold jewelery can go up to 20-30 per cent. Experts say that before paying the price, it is important to understand the price breakup from the jewellers.
Buying new jewelery by exchanging old jewelery
If you are going to buy new jewelery in exchange of old gold jewellery, then you need to be even more careful. Jewelers decide the value of old jewelery on the basis of the rate of gold which is prevailing that day. Therefore, you will have to properly ask the jeweler as to what rate he has priced your old gold jewellery. You may suffer a huge loss due to charging even a slightly lower rate.
Understand the gold scheme properly
Jewelers offer gold schemes to customers. In this, customers are given the opportunity to buy gold in easy installments. This scheme is suitable for those who do not want to spend a large lump sum amount. But, it is very important to understand the terms and conditions of the scheme properly. If you buy gold in such a scheme in a hurry, you may suffer loss instead of profit.