Buying gold for a daughter or daughter-in-law at the time of marriage is an important part of Indian culture. People buy gold for weddings, festivals or investment. But it is very important to take some precautions while buying gold. If you don't take care of these things, you can suffer big losses. Buy only hallmarked gold The first and most important thing when buying gold is that you should always buy hallmarked gold. A hallmark is a type of quality certificate that guarantees the purity of gold. Hallmarked gold has no risk of fraud. BIS Logo, Gold Purity (Carat), Hallmarking Center Code, Jeweler's Code… By checking all these things you can be sure that you are buying genuine Hallmark Gold. Get a Certificate of Purity Apart from hallmarks, also get a gold purity certificate from a jeweller. This certificate contains the purity, weight and other details of the gold. This certificate will remain with you as a guarantee. If you are buying jewelery containing diamonds or other precious stones, get a separate certificate for that too. Ask about the buyback policy Many jewelers offer a buyback policy. Under this, you can later sell your jewelery back to the same jeweller. Ask about the terms and conditions of the buyback policy. This information may be useful for you in future. If you are buying gold for investment, avoid jewelry with gemstones. Gemstone jewelery has low gold content and you may suffer losses while selling it. Also the weight of the gem is added to the weight of gold which is incorrect. Find out about gold purity and karat The purity of gold is measured in karats. 24 carat gold is the purest. But jewelery cannot be made from it as it is very soft. So 22 carat gold is used for jewellery. Á 24 karat = 99.9 percent pure gold Á 22 karat = 91.6 percent pure gold Á 18 karat = 75 percent pure gold Take specific information about karat when buying gold. Ask the jeweler what carat gold he sells. Don't buy 18 carat gold for 22 carat price. Check the correct weight of gold Gold is measured in grams. While buying gold, check its exact weight. Many times jewelers cheat customers by making mistakes in weight. So, check the gold weight yourself on the electronic fork. If you are buying gemstone jewellery, keep in mind that the weight of the gemstone should be calculated separately. Many times jewelers add gem weight to gold weight which is incorrect. Negotiate charges Making charges apply to gold jewellery. This charge is taken for the labor of making the jewellery. Making charges may vary from jeweler to jeweler. So, definitely bargain on this one. Make sure to get a fixed bill while buying gold. The bill contains instructions about gold weight, purity (carat), making charge, total price and GST. You will keep the bill as proof. If any problem arises later, you can prove your point with the help of this bill. Keep an eye on the market prices The price of gold changes daily. So, definitely check the market price of that day before buying gold. You can check the live gold rates by visiting the India Bullion and Jewelers Association website. Ask the jeweler at what rate he sells gold. If the price is higher than the market price ask the reason. Check the weight of gold yourself Á Check the weight of gold yourself while buying it. Don't believe what a jeweler says. Check the weight of gold manually at the electronic counter. If you notice any discrepancy, talk to the jeweler immediately. Á Be careful while buying online Á Take some extra precautions if you are buying gold online Á Only buy from trusted websites Á Must read reviews and ratings Á Check return and exchange policy Á Only pay through secure channel Buying gold coins Tips Á If you are buying gold coins, keep these things in mind. Á Buy only from banks or government agencies Á Check the weight and purity of the coin Á Learn to identify genuine coins Á Keep the certificate that comes with the coin safe Tips for buying gold bars Á Keep these things in mind while buying gold bars. Á Buy only from reputable companies Á Check the weight and purity written on the bar Á Keep the certificate that comes with the bar Á Arrange for storage and insurance
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