Dhanteras 2022 Time: Dhanteras and the Diwali season, in general, are considered auspicious for buying assets, especially precious metals like gold and silver. Jewellery stores are likely to be jam-packed with people, who are out for Diwali shopping.
However, investing in gold is a costly affair, and one can never be too careful when it comes to this precious yellow metal. From the reputation of the seller and the outlet to the purity of the gold used in making the item and the resale value, a customer should consider multiple things before investing in gold. Ensure you tick off these checkboxes before making your purchase.
Mind the price: Always cross-check the price when buying gold. Note that the price of the precious metal is based on its purity. The cost will depend on the karat specification of the gold. In addition, prices will also vary depending on the taxes levied by the state government, making charges imposed by sellers on jewellery and GST charges. Always compare the rate you are paying (keeping in mind these charges) with the weight of the product. You can put your negotiation skills to use and try to bring the making charges in your favour.
Ascertain resale value: Confirm the terms and conditions of the repurchase price and the buyback value. While some vendors will reduce a portion of the gold’s value, others will take current prices into consideration.
Insist on getting the bill: Do not opt out of getting the bill to save on GST charges. Having the bill is of supreme importance in the event of a dispute. Ensure that your invoice contains the details of the hallmarked article. Hallmarking, a purity certification of the precious metal, is now mandatory in India.
Purity check: The fineness of gold is calculated in karat. The classifications are 10, 14, 22, and 24 karats. The 18K, 22K, and 24K are the most common “carat” options for gold. A higher carat number indicates greater purity.
Seller credibility: Ensure that you only buy from licensed vendors, verifying the seller’s validity before shelling out the big bucks. In case you are buying gold for investment, consider RBI’s Sovereign Gold Bonds (SGBs).
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