Buying Gold Jewelery in India can always be a tricky proposition. There are a few things that you need to check or be cautious about before you venture into buying gold itself, including jewellery.
It's always a good idea to monitor prices beforehand. You should track gold prices at least for a fortnight before arriving at a decision. If you feel that the price has now dipped enough, then you can probably buy the metal. GoodReturns.in provides daily prices updates and other articles related to gold.
Check For Karats on The Jewellery
Generally you have Karats in the form of 22k or 24K. 22K means the gold is of 75 per cent purity and comprises of other metals for the remaining 25 per cent. Jewellery cannot be made in pure form and generally there is a mix of metals to make them more durable. So, check with your jeweller before buying the jewellery.
Reputation of The Jeweller
It's almost impossible for jewellers today to cheat as there are even machines to check for purity of gold. However, it's highly possible that a small jeweller may not have facilities and the purity of his jewellery could be lower. It's therefore best to got to a reputable jeweller or ensure that you have a mechanism to check for gold purity.
The Government has asked the Bureau of Indian Standards to hallmark gold jewellery in India. The BIS operates under certain rules and regulations. It has ensured that it practices international standards for hallmarking.
BIS certified jewellers may therefore want to approach the BIS to hallmark jewellery.
This is another important thing that you need to check with the jeweller. Making charges could differ from jeweller to jeweller and the type of ornaments. They are generally quoted in lumpsum. Do check this amount and if you feel it is on the higher side, you may choose to visit another jeweller.
Melting and Miscellaneous Charges
Most of them charge around one per cent for melting and wastage charges. However, many argue that this should be far lesser. In any case make sure that you do not pay anything more than this. A customer recently recounted how jewellers tend to mix the making and the wastage charges if you are buying new jewllery and selling the old one. Make sure that you understand what is being charged where.