This year, Dhanteras or Dhantrayodashi will be observed on November 2, 2021. The day marks the beginning of Diwali and is considered an auspicious day to invest in gold and other precious metals. Dhanteras means wealth and prosperity and therefore, gold, silver, and utensils are bought on this day. The demand for gold or silver rises every year as Indians flock to buy the yellow metal in the form of either jewellery or coins on this auspicious day.
Gold shops or jewellery shops even give some special offers or discounts to attract customers. If you’re planning to invest in gold this year, here are 5 important things that you must keep in mind.
KNOW THE EXACT GOLD PRICES
Gold prices are determined based on the purity of gold i.e, it varies according to the quality of gold. 24-carat gold is the purest quality and hence, charged the highest. While purchasing gold, one must know about the existing price of the yellow metal as it changes every day based on the market rate. All jewellery stores display daily gold rates for consumers.
ALWAYS GO FOR HALLMARKED JEWELLERY
Hallmarked jewellery guarantees the purity of gold and hence it is believed to be safe to purchase. The process of certifying the purity of gold called is called hallmarking. The Bureau of Indian Standards (BIS) hallmark is the agency for certifying gold.
KNOW THE PURITY LEVEL
The purity of gold is expressed in karats, such as 24 karat gold is believed to be 99.9% pure, whereas 22 karat gold is 92% pure. While purchasing gold or any gold jewellery, always check its purity and pay the price accordingly.
CHECK TO-MAKE CHARGES
Making charges are the labour charges applied to gold jewellery, depending on the type and design, and also whether it is machine-made or hand-made. Machine-made gold jewellery is cheaper than man-made jewellery as it consumes less labour. While several jewellery stores offer a certain discount on making charges, it is advisable to check the offers once and the making charges before purchasing the jewellery.
CHECK EXACT WEIGHT
Most gold jewellery in India is sold by weight, however, precious stones like diamond and emerald make it heavier. Hence, do not confuse the exact weight of the gold with the entire weight of the jewellery. You might end up paying for gold that is not actually there, and when you go to resell it, only the weight of actual gold is taken. Thus, purchase wisely.
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