Planning to buy Gold? Follow these tips and you will never get cheated
When you step out to buy gold jewellery, be wary of getting duped. Check for purity and hallmark besides buy-back policy, says an expert.
Jewellery designer Akassh K Aggarwal has shared a few tips that can help consumers avoid getting tricked:
* Gold purity: When it comes to purity, most gold jewellery has markings inside that indicate its Caratage. Pure gold is too soft to use for jewellery. So it is alloyed with a mixture of metals like silver, copper, nickel, and zinc to give it strength and durability. The most common ‘Carat' options are 18K, 22K or 24K.
* Hallmarkings: All pieces of jewellery are stamped with the specific karat quality, called a hallmark. The hallmark is usually found on the inside part of each piece, and will indicate the gold content. Every piece of gold should have a Bureau of Indian Standards (BIS) hallmark.
The value of your jewellery is determined by the certification it carries. The Indian government has identified BIS as the sole agency for certifying gold. Ensure that the gold jewellery you are purchasing has the BIS hallmark on it.
* Weight: Gold jewellery is usually weighed in grams. The higher the gram weight, the more expensive the piece. Heavier, thicker pieces of gold jewellery also withstand daily wear and tear, especially in rings, bangles, chains and bracelets.
* Buy-back policies: Ask the jeweller or salesperson about return policies as to what amount of labour wastage percentage they deduct when you come back to return the piece and if there are some other ways to reinvent the old piece of jewellery and by not selling it off.
* Certificate of authenticity: If you are buying gold studded with diamonds, having a certificate of authenticity ensures that you are purchasing a quality piece of jewellery. It should also indicate the briefing about the piece you purchase, so every detail regarding the product is given on the authenticity card.
* Bills: Retaining a record of purchase is important while buying and selling gold jewellery. The invoice doubles as a record of gold purity. In case of doubt regarding the purity of gold, the retailer cannot contest the case after you produce an invoice. A good jeweller usually demands an invoice when you want to sell gold.