PURCHASE OF GOLD--- SOME USEFUL TIPS
INTRODUCTION:
Indians like
gold very much. There is no second opinion on this matter. Indian ladies will
get fascinated with purchase of gold. Gold jewelry is very much wanted by ladies.
Gold is a soft material. To make it hard and ductile, some other metals like
copper, silver or nickel will be mixed in gold. The purity of gold is measured
by carats. 24 carat gold is 100% pure. Different countries use gold of different
purity. In India we prefer 22 carat gold. The purity of this gold is about
91.6%.Some countries use 75% gold and some 50% gold.
Purchase of
gold serves two purposes. It is an
investment and it is a fashion accessory. Gold is a symbol of pride and
prosperity. Gold can be liquidated anywhere in the world. Many of us will
purchase gold ornaments for various purposes and occasions.
Some of the
tips to be followed for purchase of gold jewelry are mentioned below.
Purity of Gold :
Before you
make a purchase, ensure the quality of gold. The ornament you are going to
purchase should have hallmarking. The Bureau of Indian Standards is the
organization responsible to maintain the quality of gold. They have licensed
some laboratories to test and hallmark the ornament. You ensure this marking
you are going to purchase. It is better to go to standard jewelers only to
purchase the gold. In some of the shops you will find some testing equipment
for testing, you can witness testing there. In addition to hallmarking some
shops will have 916 k marking also. Ensure this before you purchase.
Don’t hesitate to bargain:
The rate of
gold is standard. It will be changing on day to day basis. But all shops will
have the same rate on the particular day.
So you can’t bargain on the price of gold. But jewelers add wastage and
making charges. Making charges will be
generally about 25 to 30 rupees per gram. Wastage will be around 8 to 10%. Many
say that there are no making charges but they will charge 13 to 18% on the cost
of gold as wastage. Here you have scope to bargain. Basing on the value of the
ornament they can reduce up to 2 -3 %
wastage. But those people will not lose any gold; they know the method of
recovery. But it is a profit for them. So don’t hesitate to bargain
Don’t purchase articles with precious stones:
Gold will be sold on weight basis. The
ornament you have selected will be weighed and charged as per the weight. If
you select an article with precious stones like diamonds and emeralds, their
weight will also contribute for the cost. Indirectly it implies that you are
paying rate of gold to these stones also. Try to keep them as minimum as
possible, so that your loss will be minimum there. Some shops they remove the
weight of these items and charge separately for that. But there is no way to
know the correct weight of these stones. The sellers charge more wastage for
ornaments with stones.
In addition
to the above three tips, you ensure correct invoice with a guarantee card for
the item. Don’t exchange gold articles very frequently. You will lose on
wastage and making charges. Don’t go for unknown shops.
Conclusion:
One has to
follow the above steps when they go for gold purchase. Main thrust is to be
given to purity of gold and making and wastage charges. Ensure hall marking.