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Key things to Consider Before Purchasing Gold Bars

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Indians have a penchant for gold. The trend dates back to many eras. The love for gold amongst Indians has made the country to grab the position as the largest consumer of gold globally. In every household in the country, gold will be present either in the form of jewellery, coins, bars.

The change in the patterns of jewellery and the inclusion of hefty making charges/design charges has made people opt for purchasing gold bars which do not carry any of these charges. Nowadays, gold bars are even sold on e-commerce platforms like Flipkart, Amazon and so on.

These bars will cost less as compared to the ornaments and coins.

Key things to Consider Before Purchasing Gold Bars
 

But before heading for purchase of Gold Bars, the buyer will have to look into the following list of things. They are:

Fineness

Here Fineness shows the purity of gold by parts per thousand rather than Karats. The term Fineness is used to express the content of the metal of gold and it represents the purity in parts per thousand. If the gold bar is refined to a fitness level of 999.9 parts per thousand it will be stated as 999.9.

Certification

A Hallmarked Certification is must before purchase of a gold bar. It is best to buy that the gold bar, which is bought carries BIS (Bureau of Indian Standards) hallmark. The hallmarking system certifies that the piece of ornament conforms to a set of standards laid down by the Bureau of Indian Standards.

Purity of Gold

As a buyer, one must ensure that the gold they are buying is pure. The purity of gold is measured in terms of karat. Higher the karat more will be the purity of gold. In India, the purest form of gold comes in the following order 24 karats, 22 karats, 18 karats, 14 karats.

In the case of the 24 karats, all 24 parts in the gold are pure with an extremely low level of purities. But this 24 karat gold is the purest form of gold, which is 100 per cent gold and it suits the buyer if bought for investment purpose. Else opt for 22 karats gold, if it is for consumption purpose.

 

Packaging

If you are purchasing a gold bar online, then you will get it in a packaged form. Try to preserve the package as it is as keeping it intact in packing will maintain the purity of the gold bar.

Refinery

If the gold bar you have purchased is from the prominent refinery then it will have the highest purity level. At the time of purchase, do enquire from where the bar was refined. In India, two gold refineries are present they are MMTC PAMP ( a joint venture between MMTC and Switzerland's PAMP SA) and Bangalore Refinery.

GoodReturns.in

Read more about: gold gold bars
Story first published: Thursday, November 19, 2020, 21:19 [IST]
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