Diwali season is here and many of us are looking forward to purchasing precious metal on the auspicious occasion of Dhanteras. E-retailers like Amazon, Flipkart, Paytm and PhonePe have come up with attractive offers that allow customers to buy gold online for investment as well as personal use. Before we look at the attractive gold offers online, here are things to note when you make a purchase:
Research on seller
Do not make purchases from unknown websites. Even if you pick popular platforms like Amazon and Flipkart, make sure to look at the seller details because it is not Amazon, for example, that is selling the product but, is simply providing a platform for the seller to place the product there.
There are also platforms like eBay, or OLX for example, which are popular but the website's business is different from Amazon as it is more of a bargain-hunting platform that allows anyone to make sales. Hence, those are not ideal to go gold shopping.
Check for details on the product. 24K (carats) is the purest form of gold and is not ideal for making jewellery, as it is soft. You may only be able to find gold biscuits or coins in 24K form. Usually, gold is sold in 24, 22, 18 and 14 carat forms. 18K would mean 18 parts of gold and the remaining 6 (24-18) could be silver, copper, etc. Make sure to look at the alloy specifications under 'product details'.
The BIS' (Bureau of Indian Standards) Hallmark certification is one of the most important ways to identify the authenticity of pure gold.
Once you receive the product, you can look for the BIS symbol (shown above). 22K will also have "916" imprinted on it as per BIS standards, which means that 91.6 grams (or percent) of pure gold makes a 100-gram alloy. 750 would be 18K and so on.
Hallmark details to look at are:
- BIS logo
- Purity markings (like 916, 875, 750, etc.)
- Year of certification
- Logo of the retailer
Do not be deceived by discounts
Discounts are usually given on making charges. If you buying for investment purposes, you may purchase gold bars or coins.
If you wish to buy jewellery, make sure to check the making charges, the cost of the stones on the jewellery (so as it see that the stones are not priced the same as gold), and the weigh of the gold (along with purity) used. Make sure the bill has a proper breakup of these details.
Return policy and trying at home
This is one of the most important elements of many any purchases online. Big retailers usually do have easy return and exchange policies, but it differs when it comes to gold or other precious metals. Therefore, it is important to read all the terms and conditions before you make a purchase.
In addition, some websites also provide a 'try at home' option that allows you to try the piece of jewellery and check if it looks good on you. This option could come handy if you are not sure of the purchase you make, rather than having to sell it locally.
PAN details and KYC
You will have to provide your PAN details (as per RBI norms) while making the gold purchase online. For availing any gold or cashback offers too, you will have to have completed your KYC formalities with the respective provider, like in the case of Paytm.
A delicate piece of jewellery could break or bend during shipment, losing its utility. It could also happen at a later stage from regular usage. In such cases, one often goes to the seller to get it fixed. Along with other details, check the online retailers repair or resizing policy.
Paytm allows users to buy physical as well as digital gold for investment purposes. You can buy for amounts as less as Rs 10. It also currently offering 1 gram extra gold on the purchase of 24K gold on first time purchase using the Paytm app or paytm.com. You can check their latest gold offers on https://paytm.com/offer/goldback.
Amazon has tied up with major gold retailers to sell physical gold in the form of bars, coins and jewellery. You can find discounts and offers under Amazon's "jewellery" section. You can buy gold from popular branded retailers like Joyalukkas, Malabar Gold, etc on Amazon.
The UPI app is currently running a 5 percent flat cashback offer up to Rs 6,000 on the purchase of gold through PhonePe. The offer is valid till 5 November. Payments will only be accepted via UPI, credit card or debit card. It is also running a Dhanteras offer that will give 100 lucky users a chance to win gold chains. Please check the app for complete details on the offers.
Other platforms like Mobikwik, Flipkart also sell gold online and running attractive offers for Diwali.