Gold is amongst the most precious and loved metals around the world. People’s love and admiration for the brilliant and shining metal: gold can be understood by the fact that it is versatile and chiefly considered to be a safe investment. You can wear it as an ornament or sell it during times of financial depression.
For people, especially in India, Gold is revered as a holy commodity. It speaks of the opulence and prosperity of a family. Naturally, it is the most favored precious metal.
However, there are certain things that we should always keep in mind before we decide to buy gold. This article will provide you with the insight that you need to have before your big investment. Take a look at a few tips on how to buy gold jewelry:
#1.The price of gold fluctuates almost every day. So, before you decide to buy gold coins or buy gold jewelry, you need to understand that this volatility of the market has a direct impact on the cost of gold depending upon purity and quality. Make sure you have a fair know-how of the market, and buy gold when it is selling for the cheapest price.
(Image Courtesy: Time)
#2.Talking of the purity of the gold, there is a certain standard that each gold ornament has to meet. One thing to know here is that the gold we wear is generally an alloy of gold with other metals. So, the percentage of gold in jewelry determines its cost. The higher the purity, the higher is the cost.
#3.Don‘t go by the jeweler’s words when it comes to purity. Makes sure you check well before buying gold coins, gold bars or ornaments. The standard way of checking the purity of a certain gold ornament, or gold coin is to check for its hallmarking. In India, it is the BIS that is the accreditation agency that hallmarks gold jewelry.
#4.Talking of hallmarking, there are a few things that you should keep in mind. All hallmarked jewelry comes with a BIS stamp along with a number. To know what the exact caratage of any gold jewelry is, just look for the letter ‘K’. 21K, for instance, means that the ornament has 91.6% of gold. Also, never buy jewelry that doesn’t have a hallmarking.
#5.Now that you know that gold sells at different prices depending upon its purity, it would be a nice time to know as to how much you should ideally pay according to the karats. Like we discussed earlier, gold prices vary every day. However, there are a few added costs as well. The jeweler will charge you an extra ‘making charge,’ along with levying the taxes in accordance with the current tax scheme. So, the price of the ornament you buy is a sum total of the gold price, and the making charge, and the taxes.
(Image Courtesy: Texas Gold And STTilver)
#6.Making charges vary depending upon the jeweler and also a number of intricacies that you expect in your ornament. For instance, machine made jewelry costs way too less as compared to the one that has been specially designed by an artisan. Having said that, you can always try and negotiate the making charges. These are not government decided prices, and you can get a good deal if you bargain.
#7.There are many people who wonder if buying gold coins, buying gold bars or buying gold jewelry online is safe. We would suggest that you go to a trusted jeweler to purchase gold. While online is a viable option, you don’t really know what you’re getting until you hold it in your hands. So, we would advise you to abstain from buying gold online.
(Image Courtesy: Gold)
#8.Talking of things that you shouldn’t do when you decide to buy gold coins, bars or gold jewelry, another thing that comes to mind is that you should also avoid buying stone studded gold. In such ornaments, you have the risk of never knowing the exact weight of the gold and the jeweler can overcharge you. Always buy plain gold jewelry- it is classy, authentic and safe.
#9.The source from where you buy gold coins, bars, and ornaments is also crucial. Make sure that you go to a trusted jeweler to buy all your gold from. Buying gold from a person means that you’ll be building a lifelong relationship with that person, so, make sure you choose someone who has a credible track record and is known for his authenticity.
So there you have it. We hope that we addressed your question of how to buy gold and how to buy gold online. If you have more queries or want to add something, kindly use the comments’ box below to communicate with us.
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