Gold is an alluring object, and everyone finds themselves attracted to its shine and luster. The glittering gleam and glam make everyone fall in love with its beauty. Every little piece of jewelry speaks about your personality and taste. In an era where people let their individuality stand out and shine, what better way to express yourself than an elegant piece of gold jewellery?
As gold is considered a significant investment in India, we need to be careful when buying gold ornaments as they are valued highly. Counterfeit gold ornaments are being sold in the market. Follow our guide and check these key points before buying gold jewellery.
Gold rate in your city:
- The rate of gold varies from one city to another city.
- This is due to the fact that demand for gold and import costs varies depending on the cities.
- Gold rates are lower in cities with ports than in cities situated internally.
- Gold prices are updated twice a day in every city.
- The labor cost for producing the gold jewellery types varies from city to city.
- Always procure the gold rates for the day before heading out to buy gold.
Purity of gold:
- Gold’s purity or weight is measured in Karats, the highest being 24K.
- The highest karat is the purest form of gold.
- 24K gold is 100% pure gold and does not have any other alloy mixed in it, hence making it too soft to mold into traditional gold jewelle
- 24K gold has a distinctive bright yellow color.
- It is available in the form of coins, bars, biscuits, and lumps.
- Since it’s in the purest form, it is more costly than gold with an alloy mixed in it.
- The next purest grade is 22K gold.
- 22K gold is used for making gold Indian jewellery as it has metals like silver, copper, and zinc mixed with gold.
- By mixing alloys, it is hard and durable enough that it can be molded gold jewellery set designs for adorning them.
- 22K gold is also known as 91.6KDM as it has 91.67% purity.
- 18K gold consists of 75% gold mixed with 25% alloys.
- 18K gold is used to make gold jewelry that has different stones and diamonds embedded in them.
- 18K ornaments are usually less expensive than 22K, but the stone value can make it expensive.
- For example, a diamond-studded 18K gold jewellery mangalsutra will be more expensive than a plain 22K gold mangalsutra.
Hallmarking of the gold:
- Hallmarking gold is an industry practice and a very crucial step in buying gold jewelry for women.
- It ensures that the purity and credibility of the gold the jeweler claims are true.
- In India, the BIS (Bureau of Indian Standards) regulates the certification of gold as per the norms of the Government of India.
- Hallmarking of gold jewellery is mandatory, and it is done by stamping or laser etching the purity, date of hallmarking, and identity of the jeweler.
- Checking the hallmark is essential before you buy the jewelry piece.
Making Charges of the jewelry pieces:
- The cost of producing and designing the jewelry piece is known as making charges.
- The purity of gold plays a vital role in making charges.
- If the design is more intricate and has impressive craftsmanship, a lot of time is involved in making the piece; hence, the making charges are high for such grandeur pieces.
- For instance, a plain gold chain jewelry piece will have less making charges, which is roughly around 3% to 25% of that of gold jewellery set design.
- Making charges varies from one jeweler to another jeweler.
- Some jewellers charge fixed rates per gram of gold, while others charge based on the percentage of the total jewelry weight.
Wastage Charges of the gold ornaments:
- Gold is molded into gold jewelry for women by melting, cutting, and shaping them in the desired design.
- These shaped pieces are then combined to create the gold jewelry piece. While doing so, wastage of the metal happens.
- Stone embellished jewelry causes a little more wastage than plain gold jewelry.
- For example, gold bangles with stone embellishments have more wastage charges than plain gold jewellery bangles.
- In recent times, modern methods and technology have been more efficient in using gold in jewelry production and minimizing the wastage of gold.
Final amount calculation for buying gold:
- Several factors are to be considered in the final calculation of gold jewelry pieces.
- The gold rate on the day of purchase, making charges, wastage charges, and if stones are embellished, then the value of those gemstones must be considered.
Sales of the gold jewellery:
- Gold prices peak during festivals and wedding seasons.
- Buying gold jewelry during off season is a smart move as the prices are lower and there will be plenty of discounts.
Buyback policy:
- A few jewelers offer the option of buyback, where you can exchange your old jewellery to buy new gold jewellery pieces.
- The value of gold remains the same, but the making charges are deducted.
- The value of gold is calculated on the date of buyback, depending on the prevailing rates.
- You will get returns based on the current rate of gold.
- The buyback option isn’t available on gold coins, as per RBI.
Gold Schemes by the Jewelers:
- Jewelers offer gold schemes to make gold jewellery affordable and easy for their customers.
- These schemes involve payment in easy installments for a fixed period of time.
- At the end of the scheme tenure, you can buy gold of equal value from the jeweler.
- Most schemes offer discounts on making charges or waiving off the last installment.
Here are a few tips that you need to look out for:
- While buying platinum jewellery, make sure its counterpart, white gold jewellery, is not duping you.
- White gold jewellery is more affordable than platinum. If on a budget, try white gold.
- White gold is a popular metal for engagement rings, with a modern look and feel.
- Pink gold, more commonly known as Rose gold, is an alloy made from pure gold and copper.
- Pink gold jewellery is trendy among young people as it looks magnificent and durable and is an excellent choice for everyday wear.
- If you are wondering how to clean gold jewellery at home, gently rub a soft cloth on it to remove dirt and bring back its shine.
- Avoid going to unknown stores to buy gold jewelry, as you might get duped by gold-plated jewellery sets. Always go to stores that are well-known in the market.
Conclusion:
There are millions of jewelry stores. Opt for the best gold jewellery brands in India. Ensure to visit a few of them before buying the gold jewellery. Compare the making charges and wastage charges and also checkout the hallmark on the pieces.
