Buying gold jewellery for Akshay Tritiya? 6 tips to get value for money
April 18 is Akshay Tritiya, which is considered an auspicious time to buy gold. Here’s a checklist of things to keep in mind before you buy.Updated: Apr 14, 2018 12:42 IST
Akshay Tritiya is considered to be one of the most auspicious days to buy gold in India. But purchasing something as precious as gold is quite a task. Prakshi Sharma, creative head and designer, Prakshi Fine Jewellery; and Chitwn D Malhotra, lead designer and founder at Dillano Luxurious Jewels, list smart ways to invest in gold:
* Check for purity: When buying gold jewellery, it is necessary to check for its purity as it determines its true worth. The Bureau of Indian Standards (BIS) is the authorised agency that hallmarks gold jewellery, and ascertains its purity. Every hallmarked jewellery will have a number attached to it, a BIS stamp, its carats, hallmarking year (represented alphabetically), jeweller’s identification mark, and the assay centre. Before buying any gold jewellery remember to check the hallmark.
* Look for discounts on making charges. To celebrate the occasion and attract customers, several jewellery brands give huge discounts on making charges for a stipulated period. There are many such offers available, so make sure you check them all out.
* Compare prices. The price of any piece of gold jewellery varies from one store to another. Before buying, take a quick survey of the prevalent market prices, consider the differing making charges and the discounts provided on them, and make an informed decision.
* Buying gold jewellery is generally considered a safe investment, but a prudent choice must be made on what to buy and what to avoid. It is advisable that you buy something that will give you optimum returns in the future.
* Opt for gold coins or biscuits instead. If you’re looking at buying gold purely as an investment, then opting for gold coins or biscuits might be a better idea.
* Avoid stone jewellery. Studded ornaments are generally priced higher than a regular gold piece, and while precious stones do add to the beauty of jewellery, they lower the value of an ornament. They incur high making charges but when they are exchanged or sold, the stones are taken out to determine the value of the gold. Chances are high that you will get an exchange value only of the gold, even if the stone is precious.
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First Published: Apr 14, 2018 12:41 IST