During festivals or any occasions, to mark the moment special, we often tend to buy gold or gold ornaments. As we know, gold price is now touching the roof. With the high price there are many chances to get a impure gold before you can realise. There are some ways to avoid the fake gold ornaments, so that you can invest your hard earned money at right place. There are 5 best ways to avoid the risk while buying gold ornaments.
Buying gold without hallmark
Many people forget to check the BIS hallmark when purchasing gold. You think you’re buying 22-carat or 24-carat gold, but in reality, its purity may be lower. This can lead to losses when selling or exchanging gold later. Therefore, always check the BIS hallmark when purchasing gold. Gold bears the BIS logo, purity (e.g., 22K916), testing center code, and jeweler identification number. You can also check this yourself using the BIS Care app.
Ignoring making charges
Most buyers focus solely on the gold rate, but making charges can range from 8% to 25% or more. This significantly increases the actual price of gold. Understand the total cost before purchasing.
Fall for discounts
During festivals, many shops offer offers like “zero making charges” or “huge discounts.” However, these offers often contain hidden charges or lower gold purity. So, always be cautious and don’t fall for cheap offers.
Do not compare prices
Gold prices, making charges, and brand premiums vary from jeweler to jeweler. If you buy without comparing, you may end up paying more for the same design. Be sure to check rates at two or three places before buying.
Buying gold from unknown digital platforms
Buying digital gold has become easy these days, but the risk increases if you purchase from an unregulated app or website. Avoid such platforms and only purchase digital gold from government-approved apps or banks.
