Buying gold on Akshaya Tritiya: From purity to return policy, here are 4 points to remember
The best way to ensure you buy pure gold is to buy it from reputed jewelers or branded stores
Demand for gold is expected to remain high this Akshay Tritiya, an auspicious day when many Indians buy gold. And, though a section will buy for traditional reasons in small quantity, there are many who also venture into the yellow metal as an investment option. Having said that here are a few things to keep in mind to not get duped while buying it.
1) In India, purity of gold is an issue. The best way to ensure you buy pure gold is to buy it from reputed jewelers or branded stores. They give you a certificate of authentication. This may mean that you pay a little extra, but it’s worth the cost since it ensures purity. Else you will have to rely on the word of your local jewelers for the purity. It’s your call to take.
2) Ask the jeweler to show you the purity of the item by using the carat meter at the store, instead of the traditional touchstone method. If your jeweler can’t afford a Rs 10 lakh machine, probably you don’t need to give him business either.
3) If you are buying gold coins or bars, banks are the best. They too come with assay certification for the highest quality of gold at 99.99% purity as per international standards. Plus many banks offer special discounts for online purchase or to their own customers. So, don’t fail to check your own bank’s website before going shopping for gold coin and gold bar deals.
4) Ask about the return policy to the jeweler. Also find out about the amount of labour wastage percentage that will be deducted when you go back to return the piece. If there is no buy-back policy, don't bother to buy from him. You better go to another jweller with this policy.
Ideally, you should not have more the 5-10 percent of gold in your financial portfolio. So if you are planning to buy gold today, make sure you don’t go overboard.
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