Indians are crazy about wearing jewelry. No doubt, we are a gold nation. Whether it’s a wedding, festivals, or any special occasion, none of our celebrations are complete without gold. However, as ardent gold lovers, we need to master the art of buying gold. There are several things that we must pay attention to before making a gold purchase. So if you are planning to buy gold, plunge through this guide. This handy guide will acquaint you with all nuances of buying gold in India.
Before everything else, here is a list of factors that you must assess before making a purchase decision.
- Gold Purity and fineness.
- Potential to be repurposed or redesigned.
- Potential for upgrade or upcycling.
- Optimum exchange value.
- Value for money.
- Advantages as an investment.
Why buy hallmarked gold jewelry?
Hallmarking gold jewelry is a government mandate in India. As per the government circular all jewelry from June 2021 onwards, under the following weight categories 14, 18, and 22 karats should be compulsorily hallmarked. Bureau of Indian Standards (BIS) is responsible for prescribing purity standards and quality of gold jewelry in India. Depending on these standards only the purity of gold is determined.
Hallmarking is visible on gold coins of different weights and all pieces of gold jewelry. According to BIS, a piece of hallmarked jewelry carries the following four signs:
BIS logo –
The BIS symbol is a testament to the purity of gold jewelry. The triangular BIS mark signifies that the piece complies with BIS standards.
Gold purity in karat and fineness –
The figure denoting purity has two parts: the first three digits represent karats and the latter three digits represent gold fineness. For example, if hallmark showcases 18K750, it implies the piece is an 18K gold and 750 is its fineness. The higher is the fineness, the purer is the gold.
Assaying and Hallmarking Centres’ identification mark –
This is the mark from the body where testing and certification of your gold is carried out.
Jeweler’s identification mark –
BIS-licensed jeweler will provide you jewelry engraved with their identification mark.
Check the price break up for gold you are buying
The cumulative cost of gold you purchase is inclusive of per-gram price and applicable custom duty on gold. Apart from this, your gold jewelry price also includes 3% GST and making charges as imposed by the jeweler.
All in all, your invoice will display:
- Gold price (with 10% import duty).
- Making charges (including wastage).
- GST (3%) (applicable for both coins and jewelry).
Different styles of Indian jewelry
There are several Indian jewelry styles which have their unique making procedure and intricacies. Most of the popular jewelry styles in India are handcrafted by skilled artisans. So, if you are searching for lightweight gold jewelry for her, considering finding your options from these authentic Indian styles:
Hence, when you are prepared to make one of the most significant purchases of your life, don’t forget to check this guide.