The wedding season has begun. Crowd of people shopping for marriage is seen in the market. After clothes, the most important item in wedding shopping is jewellery. But nowadays the price of jewelery is skyrocketing. In such a situation, it is not easy for everyone to buy it.
It is every bride's dream to wear gold jewelery in her wedding. But nowadays buying and identifying genuine jewelery is a challenge. If you too want to buy gold jewelry this wedding season, then there are a few things to keep in mind. So that you can get good gold jewelery at best rates.
So let's go today'In 'Work News' Let's talk about what things should be kept in mind while buying gold jewelry in the wedding season? You will also learn that-
- What are the methods of assaying gold?
- Is it worth getting new jewelry in exchange for old jewelry?
Expert: Abhishek Soni, Jeweller, Uttar Pradesh
Question- Why is gold so important in Indian weddings? Answer- Gold jewelry is an important part of Indian weddings. Nowadays hardly any wedding is complete without the purchase of gold jewellery. For many families in India, gold jewelery is an heirloom, inherited by a bride from her mother-in-law at the time of marriage.
Even in modern times, this heritage is an integral part of Indian wedding rituals. Gold jewelery can easily be exchanged into rupees. This is the reason why it is also considered as the safest method of investment. According to the World Gold Council (WGC) 2020 report, Indian women wear the most gold in the world. Indian women own about 24,000 tonnes of gold. This is 11% of the world's total gold reserves.
Q- What are the rules for exchanging old gold jewellery? Answer- From April 1, 2023, the central government has changed the rules for buying and selling gold. Under this, gold jewelery cannot be exchanged or sold without Hallmark Unique Identification (HUID). HUID certifies the quality and purity of gold.
Question- What to do to get hallmarking done on old gold jewellery? Answer- If you want to get the gold jewelery hallmarked, you have to take it to a jeweler registered by the Bureau of Indian Standards (BIS). The jeweler will take it to the BIS Appraisal and Hallmarking Centre. For this a fee has to be paid according to the weight of the jewellery. The fee for hallmarking of gold jewelery is Rs 45 per item. Apart from this the service charge is Rs 200. Hallmarking center examines jewelery and gives BIS certificate.
Q- How much does a jeweler charge when exchanging old gold jewellery? Answer- Jeweler Abhishek Soni says that along with buying gold, sales are also taxed. It depends on how long you have the jewelry. Also, when exchanging old gold jewellery, jewelers may charge 3% to 25% of the gold weight as making charge.
Q- What are the things to keep in mind while selling gold jewellery? Answer- If you are going to sell old jewelry, you should have correct information about its weight and carat. Apart from this keep the original bill of jewelery with you as many jewelers may ask for the bill from you. Understand this from the graphic below-
Question- Is it appropriate to replace old jewelery with new jewellery? Answer- Most of the people prefer to get new jewelery in exchange for old jewelery in weddings. This can be a good deal. Understand it like this-
10 years ago the price of gold was around Rs 3,000 per gram and today the price of one gram of gold is around Rs 7,400. In such a situation, if you want to sell your old jewelery weighing 5 grams, it will cost around Rs 37,000 at today's rate. While its old price was around 15,000 rupees. In such a situation, even after deducting some tax, you can buy new design jewelery without paying extra money.
Question- Is it worth paying cash while buying gold? Answer- At the time of marriage, people buy jewelery worth lakhs. In such a situation, one should avoid making cash payments. Instead, online payment is a better option. Apart from this you can also pay through debit or credit card. If you have ordered any jewelery online, check its packaging for sure. If the packaging is tampered with, do not accept it immediately.
After buying jewellery, you should always get a receipt or bill. This keeps an official record of your jewelery purchase.
Image Credit: (Divya-Bhaskar): Images/graphics belong to (Divya-Bhaskar).
