Beware! Keep these 10 things in mind while buying gold on Dhanteras: Money Today
Produced by: Navneet Dubey Designed by: Mohsin Shaikh
Things to keep in mind while buying gold on Dhanteras
Buying gold on Dhanteras is a historic tradition followed in India. But like any investment, purchasing gold requires meticulous planning and careful consideration of several factors
Check the price
The price of gold fluctuates frequently with changes in global economic scenarios. Always check the live market rates before making a purchase
Know purity
Gold purity is measured in Karats. Always go for hallmarked gold, as it guarantees purity. 24-karat gold is considered pure gold, but it’s too soft to be made into jewellery; hence 22-karat gold is commonly used
Look for Hallmark
The most vital factor is to check the Hallmark. Buy from a jeweller with certifications like the BIS hallmark in India. This ensures that the gold you’re buying meets the standard quality parameters
Understand the weighting unit
Gold is often measured in troy ounces (1 troy ounce = 31.1035 grams). Others might use “Tola” (which equals 11.66 grams) or simply in grams as a unit. Understand these conversions to avoid confusion
Making charges
This is an important yet overlooked factor. Check the making charges of the gold ornaments before purchasing as they add to the buying cost
Ask for the bill
Always ask for a bill, as it ensures the benefit of any future exchange or sale
Check the return and buyback policy
Understand the seller’s terms and conditions regarding the return and buyback policy. A clear, easy return and buyback policy can save a lot of trouble in the future
Evaluate investment schemes
Many jewellers offer monthly investment schemes. Evaluate these as they can lead to savings
Compare prices
Before finalising your purchase, Don’t stop comparing prices across jewellers or online platforms
Diversify your investment
Diversify your investment; don’t only buy physical gold. Consider digital gold, gold mutual funds or ETFs