Gold is one of the popular metals in India. Much of its popularity stems from the fact that it stands valuable even in the face of inflation. Whenever the gold prices drop, people run to gold jewelers to invest in gold jewelry and when the prices shoot up, turning to gold buying companies is pretty common. When the 1 gram gold rate in India drops, it is the best time to buy gold. This way, you can earn more returns while reselling it..
If you are one of the gold buying companies or an ordinary buyer, here are the top ways to buy gold jewelry:
Check the market prices before buying gold jewelry
The first thing you need to do before buying gold is to find the right market price. The 1 gram gold rate in India varies across different cities and states. For instance, the gold rate in Delhi will not be the same as the gold rate in Chennai. The reason is that the 1 gram gold rate in India is determined by factors, such as state laws, hauling cost, import duties, etc.
So, you will have to conduct thorough research on the internet. Collect rates from different sellers in the market and get one that best serves your needs and preferences.
Get hallmarked gold
It is worth pointing out that the government of India has made it mandatory for gold dealers to sell only hallmarked gold items. It is crucial to get your gold hallmarked from the Bureau of Indian Standards (BIS). Hallmarking is a process of certifying the purity and fineness of gold jewelry. Make sure that the gold you are buying is certified from a recognized assaying center in India. The hallmarked gold contains the following information:
- BIS mark
- Purity in karat and fineness
- Assaying center’s identification number
- Jeweler’s identification number
Find a reputed gold dealer
Whether you are one of the gold buying companies or an individual buying gold for consumption, you will have to ensure that you are not scammed while making a purchase. Since most gold sellers have restored to online platforms, scammers are targeting online gold buyers. So, while buying gold jewelry, make sure that your gold dealer is reputed and has a record of offering honest prices.
You can also look for reviews and testimonials of their former clients and customers. The online reviews offer great insight into gold dealers’ reputations and services. Find a dealer that offers the best gold rate in the market.
Check the fine print
Keep in mind that some gold jewelers add making charges on the gold jewelry they offer you. Since it comes with an added cost of craftsmanship performed on raw gold, you may have to incur an additional charge to the final gold price. So, before buying gold from the market, calculate the per gram gold rate and ensure you are getting the best price in the market.
Do not forget to check the buy-back policy of your gold dealer
Most gold buying companies accept the gold you had purchased from them in the past. So, while buying gold jewelry from a dealer, you will have to clear out things with them. For instance, you must understand how much you will get if you wish to sell it at a later time. Make sure to carefully read the buy-back policy of the gold jewelry before making a purchase.