Things to Check before Buying Gold Jewellery
Indians’ obsession with the shiny and luxurious metal called gold is nothing new. Our appeal for gold goes beyond realms, and usually, gold buying for us means only one thing - jewellery. On average, we are among the top consumers of jewellery made of this precious yellow metal. Buying gold jewellery is not only an investment but also a great fashion accessory for women. It is the perfect addition to flaunt on every occasion, be it festivals, parties or weddings. As gold lovers, we think we have become skilled at the art of purchasing it. But is it true? In a world where gold consumption is so frequent, it is evident for anyone to make silly mistakes. So be it any piece of gold jewellery, checking a few simple things before making any purchase could ensure that one gets the best deal for their investment.
Know the Cost Per Gram:
Firstly, make sure you buy your gold jewellery from a genuine platform that follows all government rules. The next thing is to check the current gold price per gram
before even going to the store or going for any online purchase. Make sure you check not just one but multiple websites to know the right price of gold. Though it can vary a bit for different jewellers as well as various states, the difference will be minor.
Check the Weight:
The cost, as well as the durability of a gold piece, is directly affected by its weight. Gold jewellery is generally measured in grams. Higher the value, the more expensive will be the jewellery piece. Also, gold pieces that are thicker and heavier can withstand damages in everyday use and hence are more durable.
Many jewellers often add the weight of precious stones like emerald and diamond studded to the ornament and measure it as the total gold weight. It means you might end up paying more than the actual weight. Make sure that the value of gold is calculated based on the entire weight of that jewellery minus the weight of those studded diamonds or gemstones. The cost of diamonds and gemstones must be added separately. This is an essential consideration before purchasing studded jewellery items.
Check the Purity:
The next step is to check for the purity of gold in that piece of jewellery. The best method for that is to find the hallmark on the piece. A hallmark defines the purity of that gold and also the actual proportion of gold used while making the piece. The government agency responsible for certifying and hallmarking gold jewellery in India is the Bureau of Indian Standards (BIS). So, whenever you buy gold, be it yellow gold or white gold
or rose gold
, always check and go for BIS-certified gold.
Look for Offers & Discounts:
Gold rates change during certain occasions and seasons. It is best to make a purchase when you find apt prices. Also, most of the jewellers or online sites offer special discounts during occasions like Diwali, Dhanteras or Akshaya Tritiya. So, look for various discounts available online or offline to make your purchase an affordable one. If you are planning to buy trendy jewellery
with amazing discounts, Melorra is the best choice.
Cross-Check the Pricing:
While gold pricing is determined based on the purity of gold, several other factors affect the final amount you pay, such as gold rate, making charges, the value of gems, taxes, etc. The price of gold changes every day based on the market rate. Every city has its own gold jewellers association, and the gold rate is declared by these associations every morning. And which is why the gold prices are not the same, even in each town. It would be best if you cross-checked the final price before making any purchase.
The final price of any gold jewellery piece always includes other charges along with the cost of its weight and knowing about these extra charges will let your purchase be worthy. These additional charges are making charges, wastage charges and GST where apart from GST the other two may differ based on the jewellery you select and from one seller to another.
Check Purchase Back Terms:
While designs and trends come and go with time, the value of gold stays (almost) the same. Most jewellers offer the choice to buy new gold jewellery
in exchange for old ones. So, don’t forget to check this option while making your gold purchase. This will be beneficial for those who get bored with their jewellery after a certain amount of time. It’s best to avoid selling your gold jewellery to any store other than the one you bought it from. Most jewellers and online platforms have a buy-back policy in which they ensure you get 100 per cent of the net value of gold. However, you will have to drop the making charges from the resale value almost always. For buying gold coins
, the making charges and purchase back terms will be different.
Others Things to Keep in Mind:
Never buy any gold jewellery without a proper bill. Make sure the seller gives you a proper invoice that includes the full breakdown of various charges that make up the final price of your ornament.
Discounts and offers may seem to lure someone towards a particular seller, but if the jewellery is cheap, that doesn’t mean it’s the best. Never purchase any jewellery from a store where the gold is not hallmarked even if they provide you with amazing offers or discounts. The purity comes in question here, and you don’t want to spend a penny for something which may not be real.