Planning to buy gold on Dhanteras? Remember to check these things

Gold is considered to represent wealth and success. It can also be a long-term asset that individuals can rely on when situations get difficult. Dhanteras and Diwali are two of the most favourable occasions to buy gold in India. Jewellers will experience a significant jump in demand for yellow metal in the form of jewellery or coins as Diwali comes knocking at the door. However, some buyers may be misled by gold merchants about the applicable rates, manufacturing costs, applicable GST, etc. Therefore, it’s crucial to avoid falling for scams while buying gold.

Here, we have come up with some basics that anyone needs to consider while buying gold during the festive season:

Purity

Only purchase gold that contains the Bureau of Indian Standards (BIS) hallmark. It guarantees the excellence and purity of gold. In addition to the hallmark, you should take the purity code, testing centre mark, jeweller mark, and year of marking into consideration.

Price

Gold prices should constantly be double-checked because they change from time to time. The cost also differs depending on whether you get gold of 24-carat, 22-carat, or 18-carat purity. Customers should compare the existing price of the metal with the weight of the gold they are buying.

Trusted retailers

You should only buy from authorised vendors and verify the seller’s validity before purchasing any gold. Consider the RBI’s Sovereign Gold Bonds (SGBs) if you intend to purchase gold for investment purposes. They offer annual interest and are much more secure.

Avoid cash payment

Instead of paying with cash, gold buyers can use banking services or UPI-enabled digital payment applications. An invoice for your purchase should also be received from the seller after the purchase is done. If you opt for an online purchase, you should check the delivery package to be sure it hasn’t been altered.

Determine reselling and buy-back policy

You should verify the gold’s resale price and be knowledgeable about the seller’s buy-back policy. When reselling your jewellery, some vendors reduce a set percentage of the gold’s value, while other merchants may take the existing rate into account.

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