Some customers may be misrepresented by certain gold vendors on the applicable rates, making charges, GST applicable.
With Dhanteras and Diwali around the corner, many people wish to buy gold on this occasion. Gold is a symbol of wealth and prosperity. It is also a long-term asset on which people can depend in times of adversity.
Dhanteras and Diwali are considered among the most auspicious occasions for Gold buying in India. However, some customers may be misrepresented by certain gold vendors on the applicable rates, making charges, GST applicable, etc. Therefore it is important not to get duped in the excitement of gold buying.
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In order to avoid getting duped by jewellery vendors, you should rely on the following 5-point guide on Dhanteras/Diwali, according to Dr Suresh Surana, Founder, RSM India.
- Buy Certified Gold
You should only buy certified Gold with the Bureau of Indian Standards (BIS) hallmark. It ensures the purity and high quality of gold. Apart from the hallmark, you should also consider the purity code, testing centre’s mark, the jeweller’s mark and the year of marking.
- Cross-check Gold Price
You should always cross-check the prices of gold as it varies from time to time. The price also depends on whether you are buying gold of 24K or 22K or 18K purity. Buyers should also compare the existing price with the weight of the gold jewellery. (Check today’s gold price here).
- Don’t Pay in Cash, Get Invoice
Gold buyers should preferably make payments through banking channels, digital payments apps powered by UPI, and avoid cash payments. You should also obtain an invoice for your purchase. In the case of online buying of gold, you should ensure that the delivery package has not been tampered with.
- Buy from Trusted Vendors only
Before buying Gold, you should also ensure the authenticity of the vendor and buy only from trusted vendors.
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- Check Reselling Price, Buy-Back Policy
You should ensure the reselling price of the gold and know about the buy-back policy of the seller. Certain sellers deduct a certain percentage from the gold’s value at the time of reselling your jewellery whereas there are certain vendors who may consider the existing rate.
Lastly, if you are planning to buy Gold for investment purposes, you may consider Sovereign Gold Bonds (SGBs) offered by the RBI. They are much safer and also provide annual interest.
