The festive season is around the corner and many of us would be at the jeweller's shop sooner than later. Buying jewellery in India is not merely about making a choice and than the payment. More often than not, it goes beyond that. Take a look at 7 much needed steps before buying gold jewellery in India.
1) Check for hallmarks
Hallmarking will guarantee that the jewelry has been tested and meets quality standards. The hallmarking should contains fineness, year of marking, jewellers mark, BIS logo, hallmarking center mark, code letter.
2) Melting gold to re-make can prove costly
If you are melting existing jewelry, be careful, if you do not have a hallmark. The jeweler might melt 10 grams gold and say there is only 7 grams. This means that you would lose precious weight and money. Discuss everything beforehand and prior to melting of your gold.
3) Check the Carats
Gold is soft and has to be added with metals like silver and zinc before making jewelry. Carat will tell you the purity of the gold. Do not buy the gold unless you check the Carats. The most common 'Carat' that is available include 18 K, 22K or 24 K. The higher the Carats the more pure is the gold.
Pure gold is 24 Carats of 999 fineness and 99.9 per cent purity.
The Bureau of Indian Standard (BIS) is the sole agency that has been approved by the Government for hallmarking. The BIS Hallmarking Scheme has been aligned with International criteria on hallmarking (Vienna Convention 1972). Many BIS certified jewellers can get jewellery hallmarked from the BIS. This is the safest way to ensure purity of gold in India.
5) Allergies and white gold
White gold is perceived to cause allergies. It may not be true for all. White gold has nickel and the metal tends to cause skin allergies. To stick to the preferred yellow metal otherwise.
6) What the jewelers receipt must contain?
Make sure you take the receipt from your jeweler.
The receipt must contain details like the Carat quality of gold and the carat quality of diamonds or gemstones, if any. Do not leave the store without insisting on a receipt. Remember, in case of an emergency, if you want to sell the gold, other jewellers would demand a receipt, before buying the gold from you.
7) Decide in advance
Decide in advance what you want to buy and then purchase the jewellery. Do not go for impulsive buying as it maybe a bad idea. You may end-up with something you do not want to buy.
8) Take your time
While purchasing ensure there is no pressure from the salesperson. Take your own time and than decide.
Follow the below mentioned steps and chances of getting duped would be dramatically reduced. Gold is an expensive item and prices have almost tripled in the last 6-7 years. If you are planning to invest in gold, it is better to buy gold ETFs than jewellery. Read why here