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Ways to Buy Gold

Buying Gold

 



When you buy gold this Dhanteras, opt for hallmarked jewellery to ensure purity and don't get sweet-talked into paying too much for the making charges.

Quality and reputation

It is best to go for hallmarked jewellery. A hallmark is a certification that the jewellery is of the stated quality. If, at any point, you wish to pledge, exchange or resell your jewellery, no questions will be asked in the case of hallmarked jewellery. Hallmarking per se doesn't push up the cost of jewellery. The Bureau of Indian Standards (BIS) charges only `25 per piece or a minimum `150 per consignment for hallmarking (service tax extra). This will be a very small fraction of the total cost of your jewellery. Look for the five signs of hallmarking (see graphic).

It is best to go to a reputed jeweller. Buy from jewellers who have a sound reputation, offer good service in case repair work is needed, and have a good buyback policy.

Don't overpay for design

Making charges depend on the level of craftsmanship. It may be wise not to overspend on this count. In case you have to sell the jewellery, the jeweller will deduct making charges and pay you only for gold. When you go to sell gold, you could lose out as much as 30% of its value--about 20% in making charges and another 10-12% due to purity-related issues. Ask the jeweller for a break-up of costs at the time of purchase: the current rate of gold, making charges, stone's value and VAT (1% in most states, 5% in Kerala). In the case of new designs, you are only given the total cost. "The making charges for many of these new designs tend to be much higher than for traditional jewellery. Since you are not given the cost separately, it has turned into a hidden cost.

Adopt an SIP approach

At the time of festivals like Dhanteras, prices tend to rise high. To avoid this, try to buy a small amount of gold every month. This accumulation may be done via gold ETFs, bars or coins. By buying gold regularly, you can average out your cost of purchase and avoid the risk of unfavourable pricing

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