Akshaya Tritiya 2023: 7 things to keep in mind before buying gold jewellery

On the auspicious occasion of Akshaya Tritiya, make an informed decision while purchasing gold jewellery. Here are some important tips to keep in mind.

Akshaya Tritiya, also known as Akti or Akha Teej, is an auspicious day for Hindus and Jains celebrated across India. This day holds immense significance for those who wish to invest in gold as it is believed that any new venture, investment, or purchase made on Akshaya Tritiya will bring prosperity and good luck. This year the occasion will be celebrated on April 22. However, before you rush to the jewellery store to make a purchase, there are certain things you need to keep in mind to ensure you get the best value for your money. From checking the purity of the gold to understanding the making charges and hallmarking, this article will guide you through the essential factors you should consider before buying gold jewellery on Akshaya Tritiya.

Things to keep in mind before buying gold jewellery:

Dishi Somani, Founder of Dishis Designer Jewellery, shared with HT Lifestyle, some important tips that will help you make the most of your gold purchase on Akshaya Tritiya.

1. Purity: When buying gold, purity is of utmost importance. Gold purity is measured in karats, with 24 karat gold being sure comes at a higher cost. “It's essential to verify the purity of the gold you are buying, as adulterated gold can be a common issue. Look for BIS (Bureau of Indian Standards) hallmarked gold jewellery or gold coins, which indicate that the gold meets the prescribed purity standards.”, informed Dishi. It's also advisable to purchase gold from reputable jewelers or trusted sources to ensure authenticity.

2. Weight and pricing: Gold is priced based on its weight, and the market rates can fluctuate. “Make sure to check the weight of the gold jewelry or gold coin you're buying and compare it with the current market rate to calculate the cost.” Advised Dishi. Further Somani adds “Jewelers often charge making charges or wastage charges, which vary depending on the design and craftsmanship. It's important to understand these charges and negotiate them, if possible, to avoid overpaying.”

3. Budget: Set a budget before buying gold and stick to it. “It's easy to get carried away by the allure of gold and end up spending more than planned. Assess your financial situation and determine how much you can comfortably afford to spend on gold without compromising your other financial goals.” quoted Somani. Avoid going into debt or using credit cards to purchase gold, as it can lead to unnecessary financial stress.

4. Purpose: Consider the purpose of buying gold. Is it for investment or for personal use? “If you're buying gold as an investment, you may want to opt for gold bars or coins, as they are easier to sell or exchange. Jewelry, on the other hand, may have additional costs associated with making charges, and the resale value may not be the same as the purchase price. If it's for personal use, choose a design that you love and aligns with your style preferences.” explains Dishi.

5. Certification: Look for certifications or authenticity marks when buying gold jewellery. “Trusted jewelers often provide a certificate of authenticity along with the purchase, which validates the purity and weight of the gold.” added Dishi. This can be useful for future reference or in case you wish to sell or exchange the gold in the future.

6. Return/Exchange Policy: Inquire about the return or exchange policy of the jeweler or seller. “It's essential to know their policies in case you want to return or exchange the gold due to any defects or other reasons. Read the terms and conditions carefully and keep all the receipts and documents related to the purchase in a safe place for future reference.” advised Somani.

7. Storage and safety: Once you have purchased gold, ensure proper storage and safety. Gold is a valuable asset and can be prone to theft or damage. Consider investing in a safe deposit box at a bank or a secure locker at home to store your gold. Insure your gold to safeguard against any unforeseen events.

“Akshaya Tritiya is an auspicious occasion to buy gold, but it's crucial to be well-informed and make a wise purchase. Consider factors such as purity, weight, pricing, budget, purpose, certification, return/exchange policy, and storage and safety before buying gold. By keeping these points in mind, you can make a well-informed decision and enjoy the prosperity and blessings associated with Akshaya Tritiya. Happy shopping and may your purchase bring you joy and prosperity!," concludes Dishi Somani.