Buying gold during the festive season is a common practice, but it’s important to exercise caution to ensure a safe and sound purchase. Here are some essential precautions to keep in mind both before and after buying gold or gold jewelry:
1. Make Online Payments:
- While cash payments are common when buying gold, making online payments can enhance security.
- You can opt to pay with a debit card, credit card, or use online payment methods.
- Online payments leave a digital record of your transaction, providing an added layer of security and transparency.
2. Check for Hallmark Certification:
- Before purchasing gold, ensure it bears the Hallmark certification from the Bureau of Indian Standards (BIS), which is now mandatory.
- Examine other markings such as purity code, testing center mark, jeweler’s mark, and marking date when buying gold jewelry.
3. Verify Gold Rates:
- Before making your purchase, check the daily gold rates.
- Visit the website of the Indian Bullion and Jewellers Association (IBJA) to find the gold rates for 24-karat, 22-karat, and 18-karat gold.
- Knowing the rates for different purities will help you make an informed decision.
4. Obtain a Receipt:
- Always insist on getting a bill or receipt after buying gold.
- The receipt will serve as proof of your purchase and can be invaluable for future reference.
5. Understand Making Charges:
- When buying gold jewelry, be mindful of making charges.
- Machine-made jewelry typically incurs lower making charges, usually ranging from 3% to 25%.
- Intricately designed pieces might have higher making charges, sometimes up to 30%.
- It’s advisable to inquire about any discounts on making charges beforehand.
By following these precautions, you can enjoy a worry-free gold shopping experience during the festive season, ensuring that your investment is both safe and valuable.
