What to Consider When Making Your Purchases In Gold
People buy gold for purposes of consumption or investment. Gold is often purchased in its physical form as gold coins, gold bullions, or gold bars, sometimes even as gold jewelry. Some people, however, prefer buying gold as magnificently embellished jewelry. In India, buying gold jewelry is almost a tradition. Festivals like Ugadi, in Kerala, Baisakhi in the northern parts of India – especially Punjab, Akshaya Tritiya, Navratri, Dussehra, KarwaChauth, Dhanteras, and Balipratipata, call for exorbitant expenditure on gold jewelry for near and dear ones. In Indian culture, it is believed that gold is an auspicious metal bringing love, happiness, and abundant good fortune to families.
It is essential, however, to consider certain aspects before opening a gold bullion account.
- Shopping for Gold Online
Are you planning to buy gold online? Are you looking for gold stores? Not a bad idea!
As the world has expanded into areas of electronic marketing, gold stores, even though ancient, have not stood far behind. Gold brick-and-mortar stores have taken advantage of the online platforms, enabling their customers to enjoy a relaxing and memorable shopping experience. As e-marketplaces like Amazon, Flipkart, and Paytm begin to sell gold, customers should be wary of fraud and deception.
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- Know Your Dealer
Whether deciding to purchase online or from a brick-and-mortar gold store, it is critical to be sure of the authenticity of the seller/dealer or website. E-shopping may often seem convenient, quick, less painstaking, and comfortable; however, behind the screen of your mobile phone or laptop, you are often left befuddled and fooled by shrewd marketers. While the internet may appear to be the right place to look for bargains or discounts when buying gold, things change drastically. Storage costs, insurance payments, processing fees, and premiums are all added expenditures one may have to bear over the retail price of gold. Consider making your gold purchases from reputed dealers only. This will save you the mental stress of being robbed or tricked into fraudulent deals.
- Purity in Carats
Gold is available in 24, 22, 18, and 14 carats; 24K is the purest form of gold. Gold jewelry may not be available in 24K, gold bars and gold coins are valued gold purchases. Purchasing gold jewelry in 24K is often impossible as gold is malleable and has to be mixed will alloys, such as silver, copper, or nickel. When making your purchase, be sure to look for the ‘carat’ or ‘K’ of the jewelry.
- Hallmark Certification
India is the second-largest market for gold and its jewelry, and the Bureau of Indian Standards (BIS), certifies that each piece of jewelry conforms to its laid-out ideals. Therefore, it is imperative to look for the Hallmark certification when purchasing gold online or ensure that the gold you are buying from a brick-and-mortar store is from a certified BIS dealer.
- Know Your Math
Many investors prefer buying pure, 24K, gold in coins or bars, thinking it is a good investment. While that may be true, one must keep in mind that purchases from different dealers involve different pricing systems. As all dealers have processing costs to bear and all processing costs are not identical, prices may often vary for customers.
Be an intelligent buyer! Gold is a big market, and more often than not, there is someone out to rob you. Make your gold purchase after you have verified the weight of the gold you intend buying, along with the per gram rate and the total price you ought to pay. Be sure that your bill is correct, showing adequate information on the purity of the gold, net weight, and rate of gold per gram.
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- Return & Exchange Policy
Today, most gold dealers can return or exchange the gold you may have purchased from them. Make it a point to check the website, if shopping online, or inquire from an attendant at the shop for return or exchange policies. As the terms and conditions of return and exchange may be stricter, it is often useful to pre-plan your gold purchases and ensure you are making the right choice.
- Perfect Packaging
In the case of jewelry, one often purchases gold for family or friends. You want to ensure that your packaging is top-notch and presentable. Moreover, when making your purchase online, your jewelry’s mishandling may often lead to unwanted problems. Since gold is delivered to you, you want to ensure it is safely and securely packed, sealed, and untampered. If, in any situation, you have the slightest doubt about your product being tampered with, it is best not to accept it and have it returned to the dealer immediately for verification. Shipment charges may be an added cost when making an online purchase. While most online dealers do not charge for shipping, it is best to check and know for yourself.
- Bill is Evidence
When purchasing commodities like gold, silver, or other precious metals, the bill is often more useful than you think. The bill not only assists with return or exchange but also enables you to ensure that you have paid for what you have received. It is a way of verifying your purchase, knowing that it is authentic and transparent.
- Repairing & Resizing
With jewelry, it is common to experience problems like a jewel falling off your gold ring, or the polish fading from your necklace. In such cases, it is best to take your jewelry back to the dealer you purchased. As they understand and know their manufacturing process, they know the small fixes your jewelry needs to look new again.
- Home Trials
Some gold stores do offer their customers the option to try the jewelry in the comfort of their homes. Customers are allowed to select their preferred pieces from the store’s choicest collections, and the gold is brought to their doorsteps so that customers can make better judgments. The environment of one’s home, with the family to spare suggestions, is always a good space for making expensive purchases and critical decisions. Home trials are often free of cost and are an addition to customer services.
With the details above, you are sure to be more particular when buying gold. It is quite like a lifetime decision you want to get right in the first attempt.