Countless Indians are getting ready to purchase gold in anticipation of Dhanteras today. Purchasing this precious metal is seen as lucky and is associated with wealth and good fortune. Before you spend your hard-earned money on gold, it would be prudent to double-check a few things. After all, there is no dearth of dishonest jewellers who would misrepresent the quality of jewellery in an effort to close a deal quickly!
Gold Or No Good
• International guidelines state that any jewellery containing less than 10 carats of gold is fake.
• Be aware of the government-mandated Hallmark Unique Identification (HUID) requirement, which requires buyers to confirm the weight of gold being sold. Also, it is advisable to purchase from reputed jewellers alone.
• You may do a magnet test on your jewellery at home. Magnets will never be drawn to real gold.
• Another option is to take the float test. Since pure gold is a heavy metal, it will drop to the bottom of the container right away.
When buying yellow metal, one must exercise caution in terms of purity, cost, and quality. By following these safety measures before purchasing gold, you can make sure that the transaction is safe and secure. your choice is well-informed and fits your needs and financial objectives.
5 important key points to consider before buying
Purity & Hallmarking
To ensure the purity of the gold coin, make sure it is hallmarked. Gold with a Bureau of Indian Standards (BIS) hallmark is widely recognised in India. Check the coin for the BIS logo and purity grade markings. Gold coins with a purity of 22 or 24 carats (99.9 per cent or 91.6 per cent) are preferred.
Seller’s Reputation
Purchase from respectable vendors to guarantee the genuineness of the gold. These include banks, renowned jewellers, or reliable merchants. Examine and confirm the seller’s legitimacy by looking up customer testimonials and getting referrals.
Price & Making Charges
Prior to making a purchase, compare costs and charges from several sellers. Making fees varies from seller to seller and has an impact on the final price. Select a vendor who offers competitive pricing along with a fair making charge.
Weight & Size
Ascertain the size and weight of the gold coin you want to buy. Make sure it satisfies the criteria and standards you have in mind. To get the best value, it’s important to compare the premiums of smaller and larger coin sizes. Smaller coins may occasionally offer a higher premium.
Return Policy
Recognise the seller’s return policy in the event that the gold coin has any discrepancies. Make sure the gold coin you bought comes with the right paperwork, including a purity certificate, warranty, and sales invoice.