Diwali and Gold shopping go hand in hand. At this festival of lights, many people choose to invest in gold as a symbol of prosperity and wealth. Whether you’re buying gold jewelry for yourself or as a gift for a loved one, there are some important factors to consider to ensure you make the right choice. In this blog, we’ll discuss six key things to keep in mind when purchasing gold this Diwali.
- Check the Price per Gram:
The first and foremost consideration when buying gold is the price per gram. Gold prices can vary from city to city and from one jewelry store to another. It’s essential to check the current market rate of gold before making a purchase. You can do this by visiting different jewelry shops or using a reliable website that compares prices for you. This way, you’ll be sure to get the best deal at the best price.
- Buyback Terms:
Another crucial aspect to consider is the jeweler’s buyback policy. Find out how much the jeweler is willing to offer if you decide to return the jewellery in the future or exchange it for a different design. Reputable jewelers often promise to buy back gold at the current market rate, giving you peace of mind in case you need to sell your jewelry later.
- Time of Purchase:
The timing of your purchase can significantly impact the price you pay for gold. Gold prices can fluctuate due to various factors, so it’s a good idea to keep an eye on market trends. You might find better deals during certain times of the year or during special occasions like Diwali sales.
- Check the Quantity:
Gold jewelry often comes with a wastage charge that varies from piece to piece and ornament to ornament. To avoid confusion, ask the jeweler for the exact quantity of gold you’re purchasing. This ensures you know precisely what you’re paying for.
- Keep the Bill of Purchase:
Always insist on getting a bill of purchase when buying gold. This document is vital for proving the authenticity of your purchase and holding the jeweler accountable. The bill will contain essential details, including any applicable GST charges and your PAN number. It can also be used as evidence in a consumer court if needed.
- Gold Hallmarking:
Since June 1, 2022, all gold jewelry and artifacts must be hallmarked, regardless of purity. This is a crucial step to ensure you’re buying genuine gold. Look for the following on your gold item’s inner rim to confirm its hallmarking: –
- The BIS Logo
- Purity in Karat and Fineness
- Assaying Centre Identification Mark
- Logo/Code of the Jeweler
By keeping these six things in mind, you can make a well-informed decision when buying gold this Diwali. Whether you’re adding to your jewelry collection or celebrating with a special gift, these considerations will help you make the most of your investment while ensuring authenticity and quality. Happy Diwali and happy gold shopping!