Gold purity is measured in carats, with 24 carat gold being the purest.
Buying gold during Dhanteras is a significant tradition in many Indian households. The yellow metal is often considered a secure investment. Many people see Dhanteras as an opportune time to invest in gold, whether in the form of jewellery, coins, or bars. It is a tangible asset that can be easily liquidated when needed.
Remember, to enjoy the process of buying gold during Dhanteras and ensure that you are making an informed decision, seek advice from experienced family members or friends, or consult with a trusted jeweller.
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Here are some important things to keep in mind while purchasing gold:
Buy certified gold: Only buy gold that is certified by the Bureau of Indian Standards (BIS). This ensures that the gold is of the purity and quality that it is claimed to be. The BIS hallmark will have the purity code, testing centre’s mark, jeweller’s mark, and year of marking. Always buy gold that has been hallmarked. The hallmark certification assures the purity of the gold and is a mark of authenticity. It is a guarantee of the quality of the gold.
Check the purity: Gold purity is measured in carats, with 24 carat gold being the purest. Common gold purity levels in India are 24, 22, and 18. Choose the purity level that is right for you and budget. Gold is measured in carats, and 24 carats is considered pure gold. However, it is not always practical for jewellery due to its softness. Commonly, 22 carat and 18 carat gold are used for jewellery. Ensure you know the carat of the gold you are purchasing.
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Compare prices: Gold prices vary from jeweller to jeweller. Compare prices from different jewellers before making a purchase. You can also check the gold rate online. Stay informed about the current market price of gold. Prices can fluctuate, so it is essential to know the prevailing rates before making a purchase. Check multiple sources to ensure you are getting a fair price.
Beware of making charges: Jewellers charge a making charge for converting gold into jewellery. Making charges can vary depending on the design and complexity of the jewellery. Ask about the making charges upfront and compare them from different jewellers. Jewellers often charge for the craftsmanship involved in creating the jewellery. Be aware of these charges, as they can significantly impact the overall cost.
Understand the buy-back policy: Before making a purchase, understand the jeweller’s buy-back policy. This will tell you how much you will get back if you sell the gold back to the jeweller in the future.
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Buy from reputable jewellers: Purchase gold from reputed and established jewellers. This ensures the quality and authenticity of the metal. Reputable jewellers are more likely to provide accurate information about the gold they sell.
Check for discounts and offers: During festive seasons, many jewellers offer discounts and special promotions. Keep an eye out for these to get the best value for your money.
Documentation: Ensure that you receive a proper invoice and all necessary documentation for your purchase. This includes details like the purity, weight, and making charges. This documentation is crucial for any future transactions or exchanges.
Be aware of the risks: Gold is a valuable asset, so it is important to be aware of the risks involved in buying it. Store your gold in a safe place and be insured against theft and loss.
People buy gold for a variety of reasons, and the cultural, social, economic, and religious significance of gold plays a crucial role in shaping these reasons. By keeping these factors in mind, you can make a well-informed decision when buying gold, ensuring that your purchase aligns with your goals and preferences.
