Though there are so many options for investments today, many people still prefer to invest in gold. Also, gold has always been an auspicious and an eminent part of the Indian culture. Whether it is a wedding ceremony or some other important occasion such as the festival of Dhanteras, buying gold is a mandatory ritual.
But with passing time, fraudulence in gold transactions have also increased. Even if it is not fraudulence, often you may make the wrong deal due to your own negligence. Hence, it gets quite crucial that you know some of the important tips that you can use for buying gold.
Here are some of the important tips that you should surely know before buying gold.
Check the Gold Rate:
When you have started thinking about buying gold, start noticing the gold rates in the market. If it is an urgency, you may have to buy your jewellery even when the price is high. But if you are buying gold just for the sake of investment or because you want to, then you should always try to wait for the right time when the gold prices have gone down a bit. Of course, when the prices are low, you have to invest less and you may buy more.
Also, when you are aware of the market value of gold, you can calculate the price of the jewellery at the gold store. You can ask for the gold rate at the store and check whether it is the same as that of the market or is higher. If the store rate of gold is similar to the market rate, you can proceed towards the purchase.
Even if the store is offering the same gold rate that is there in the market, it is not sure that they are going to offer you a genuine product. In order to be sure about the authenticity of the gold, you should check the certification that the store has. In India, Bureau of Indian Standards (BIS) offers the purity hallmark to different metals such as gold and silver.
Hence, one of the best ways to find out whether gold jewellery is authentic or not is to check whether it is BIS hallmarked or not. It is always better to buy gold with the BIS hallmark is a guarantee of purity. Also, with this hallmark, you can be sure that you can resale this gold anywhere later on.
Check Other Charges:
Do not just get carried away that you have to pay only as per the gold price in the market. If your buying jewellery, you also have to pay for the making charges that the store adds to the value. Different stores have their own making charges. Apart from the making charges, there can be also other charges such as tax and others. So, you should check out all the details that you may have to end up paying.
Of course, there are instances when the stores also offer discounts on their making charges on different occasions such as Dhanteras or Diwali. So, you can either wait for such occasions to get a discount on the making charges or you can search for the store that offers you a comparatively lower making charges than others.
Know the Gold Types:
If you are not aware of the different gold types available, you may feel cheater later on. Hence, you should know about the different gold types before you have gone out or gold shopping. The gold types are on the basis of the purity of the gold. 24K gold is the purest form and you may get it in the form of coins and bricks.
Gold is a delicate metal. Hence, goldsmiths find it quite difficult to carve designs on the 24k gold. This is the reasons most of the jewellery are made out of 22k gold in India. This gold type of 91.67% pure and has other metals such as copper and zinc in it.
The next type is the 18K gold that is 75% pure. Most of the creative designs that you see are in 18K gold form. Of course, the price of the jewellery lowers down as the purity of gold reduces down. Currently, 14K gold jewellery that is just 58% pure is also trending among women who are not much concerned about purity but are more attracted to the designs.
So, if you are buying gold for the purpose of investment also, you should always prefer to go by the 24k and 22k gold. Otherwise, the 18k and 14k gold jewellery have become the latest favorites of many women today.
Buying gold can be a tough task if you are not aware of some of the eminent facts about gold. Following the above-mentioned tips will surely help you in buying gold in a much efficient way.