It is easy to get duped when buying gold jewellery in India. Individuals who are planning to buy gold jewellery should be very careful and cautious.
The festive season is around the corner and many individuals will be planning to buy gold on auspicious day. Here are 7 mistakes to avoid when buying gold jewellery this festive season:
Not checking hallmarks
As per rule, all jewellery should be hallmarked which means that the jewelry has been tested and meets quality standards.
The hallmarking should contain fineness, year of marking, jewellers mark, BIS logo, hallmarking center mark, code letter.
Many BIS certified jewellers can get jewellery hallmarked from the BIS. This is the safest way to ensure purity of gold in India.
Buying gold jewellery as an investment
Individuals should avoid buying gold jewellery as an investment. Interested persons can consider biscuit and gold coins, which can be a better proposition as an investment than gold jewellery.
As gold jewellery will come with making charges, wastage charges etc. where an individual have to shed extra money. For investment one should consider buying 24 karat gold instead of 22 karat.
Not checking making charges
Making charges differ with each jewellery shop and design one should check for the percentage of making charges before buying any gold jewellery item.
Making charges are not considered during re sale of the jewellery. If an amount is on the higher side, you may choose to visit another jeweller.
Reputation of Jeweller
The reputation of jeweller plays an important role when buying gold jewellery. There are fewer chances for jewellers to cheat as there are even machines to check for purity of gold and reputation is very important for doing further business.
A small jeweller may not have facilities and machine to check the purity of the jewellery and there are chances to get duped. However, it may not be applicable to all small jewellers.
Many jewellers fail to provide proper invoice on the billing amount. Make sure your invoice contains all the details of the jewelery such as making price, gold price, BIS hallmark.
Once you have an invoice keep it safely as it will be needed when you plan to resale the same at a better price from the same jeweller.