Last Updated on March 17, 2023 by ahmadaftab
Indians are crazy about wearing jewelry. No doubt, we are a gold nation. Whether it’s a wedding, festival, or any special occasion, none of our celebrations are complete without gold. However, as ardent gold lovers, we must master the art of buying gold. We must pay attention to several things 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, consider finding your options from these authentic Indian styles:
A Quick Overview
Buying gold jewelry can be a daunting task, especially if you’re not familiar with the various factors that determine the quality and value of the jewelry. That’s where an expert’s guide to buying gold jewelry can come in handy.
Firstly, it’s important to understand the different types of gold jewelry available. Pure gold is often too soft to be used in jewelry, so it’s typically mixed with other metals to create a more durable alloy. The purity of gold is measured in karats, with 24-karat gold being the purest form. However, jewelry is typically made from 14-karat or 18-karat gold.
When it comes to selecting the right gold jewelry, there are a few key things to look for. The first is the quality of the gold itself. Higher-karat gold is generally more valuable, but it’s also softer and more prone to damage. It’s important to balance the value of the gold with the practicality of the piece.
Another factor to consider is the craftsmanship of the jewelry. Look for well-made pieces with sturdy clasps and well-set stones. You’ll also want to consider the design of the jewelry to ensure that it matches your personal style and will be something you’ll enjoy wearing for years to come.
In addition to these factors, it’s important to consider the reputation of the jeweler you’re buying from. Look for jewelers with a solid reputation and a long history of producing high-quality pieces.
By keeping these factors in mind, you can make a smart and informed decision when it comes to buying gold jewelry. With the right knowledge and guidance, you can find a piece that’s not only beautiful but also a valuable investment for the future.
Hence, when you are prepared to make one of the most significant purchases of your life, don’t forget to check this guide.