5 Questions Gold Jewelry Buyers In India Must Ask While Buying Gold

By Author: CMGJ
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There are no two ways about it: Indians love gold. Our obsession with gold extends beyond realms, and we believe we have perfected the art of buying it. For most Indians, purchasing gold means purchasing jewelry. Buying from gold jewelry buyers in India has two functions: it is an expense as well as a perfect luxury accessory. It is a well-known fact that Indians enjoy dressing up, and gold jewelry is the ideal accompaniment for every event. We see a variety of gold jewelry on display in our great country, whether it be at birthday celebrations, weddings, anniversaries, or get-togethers.

The very mention of this precious metal draws our eyes, drawing our attention away from everything else around us. This is all that is needed to transform a once-dream gold purchase into a nightmare. On average, Indians buy the most gold jewelry in the world, with jewelry shops around the country seeing a steady flow of customers.

So you want to purchase gold. But do you buy it with due care? The following are some critical questions to consider before buying gold:
Is the gold BIS hallmarked?

Though India has over ...
... 30,000 BIS-hallmarked jewelry showrooms and 877 BIS-recognized assaying and hallmarking centers, there are still large swaths of the world where there are no hallmarking centers.

Even though 30 percent of jewelry is now hallmarked – 80 percent of it is high-value and just 10% is low-value – and even with hallmarked jewelry, questions about the consistency and integrity of certain hallmarking centers persist.

As a result, you must ensure that the gold you purchase is from a BIS (Bureau of Indian Standards) hallmarked jewellery. Perhaps more important is ensuring that the ornament purchased bears the BIS hallmark.
A BIS hallmark sign is also the norm you can look for when searching for gold jewelry buyers near me. Buyers should exercise caution. The scarcity of BIS-hallmark-certified jewelry is particularly prevalent in rural India, which accounts for more than 60% of our annual jewelry consumption. Even if gold is cheaper in a smaller town or village, don't buy it because it's hallmarked.

Check the per gram price of gold
Often review the price of gold per gram before making a buy. The methods of getting there differ from city to city and are determined by different gold jewellers' associations. The top jewelers nearly all sell for the same price.

One way to ensure that the per gram price of gold is accurate is to look in more than one well-known showroom, or to check prices on reputable websites before making a purchase.

How much gold are you really getting?
The price structure of gold jewelry is usually complex. A consumer must pay for wastage in addition to the per gram amount (which varies from ornament to ornament and the mechanism of calculating which only the jeweller knows). In certain cases, there are also fines for making charges. If you've decided on a piece, making charges or a percentage of waste are removed from the price table, but that hasn't made it any easier for you, has it?

Finding out how much gold you really get in hand for the amount you pay will be a great way to simplify things.

For example, if the final price is Rs 50,000 for a 10 gm gold chain - you have essentially paid Rs 5000 per gram. Check the actual per gram rate on the day and see how much more you are expected to pay. If your heart is still in the deal post this calculation, only then go ahead.

Check on buy-back terms too
Also, see what your jeweller is able to sell you if you decide to refund the gold jewelry from the gold jewelry buyers in India and trade it for a more modern style at a later date. Most top jewelers nowadays plan to buy back gold at the current market rate if you want to take this way.
While this means you won't be forgiven for the waste you pay for or the making costs, it does provide you with some peace of mind. Check to see if there is an exchange and buy-back date and agreement in place, and if you are mindful of it. This will ensure that you can return your ornament in case you have any grounds for complaint.

The bill
In order to guarantee all of this, decide on a bill. Yes, you will be required to pay value-added tax; you may also be required to share your PAN information with the jeweller if your order exceeds Rs 50,000.
A bill that includes every essential aspect of the transaction, on the other hand, goes a long way toward maintaining accountability and supplying you with assurance. That is someone you should refer to if you are compelled to go to a customer court as well.
It is also your commitment to making the country's gold market more transparent.

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