On average, we Indians are one amongst the principal consumers of gold jewellery. The sheer number of jewellery stores present across the nation is proof to this fact. As a nation filled with gold lovers, we may believe that we have somehow mastered the art of acquiring gold jewellery. However, is it really true? Well, not really, particularly when you consider the quantity of adulterated gold jewellery that is available in the market. People most often find out that they have been duped into purchasing impure gold jewellery at the price of high-purity jewellery only at a later stage.
The mention of the word gold is enough to grab the attention of people in this country. This sometimes distracts them from doing the proper research necessary to purchase gold jewellery. To purchase real gold jewellery and stay away from losing your hard-earned money, here are some do’s and don’ts that you need to follow.
The do’s
Check the purity
The primary step to undertake when you opt for gold jewellery shopping is to assess the purity of gold that is utilized to make the gold jewellery that you wish to buy. The ideal way to examine the gold purity is to locate the hallmarking on the jewellery piece. A hallmark has the certified proportion of gold utilized. The BIS [Bureau of Indian Standards] is the authorized agency accountable for attesting and hallmarking jewellery in the country. So, you need to opt for BIS-certified gold.
Know the fundamentals
Now that you are aware of the hallmark, how does one goes about knowing further details? Any jewellery that contains a hallmark will have a particular number typically engraved along with the BIS stamp. It carries the hallmark year and another mark to recognize the jeweller. To comprehend what the carat is, you need to look for the letter “K”. This indicates karat or the purity percentage. For instance, if you are acquiring a 22kt gold chain, it means the chain has 91.6 % pure gold.
Cross-check the cost
It is as important as examining the hallmarking to check the pricing too. The purity of the gold will determine the cost. The cost of gold keeps changing every day according to the current market rate. Jewellery stores all over the country display the everyday rates of gold for their customers. To get an idea about how to work out the gold price, you need to discount the gold purity from the bullion price.
Discuss the making fee
One more important step to note while acquiring gold jewellery such as gold hoop earrings is to discuss the making fee. Making gold jewellery involves labour costs, which jewellers will pass on to their customers. This charge may differ as it is normally a percentage of the current gold price. You can bargain to get the finest price on your pick of jewellery.
The don’ts
Plain gold Vs stone studded jewellery
The primary thing that you need to avoid doing is not purchasing stone-studded jewellery like ruby bangles, diamond earrings etc if you are purchasing them as an investment. The issue with this jewellery is that it is tough to check the stone’s purity. If you still wish to buy them, you need to check the gold net weight and pay accordingly.
Cheap doesn’t signify the best
There are over 13,700 hallmarked stores in the country. And there are nearly 435 hallmarking and assessing centres too. But, there are several areas in the country that do not have any hallmarking centre. Do not buy jewellery from a showroom if it’s inexpensive but not hallmarked. You need to buy only from BIS-hallmarked and trusted jewellers. The BIS website has a list of the jewellers who sell hallmarked jewellery. You can contact the agency as well if you are not pleased and still have apprehensions about a future gold purchase.