An auspicious occasion of buying of Gold – Akshaya Tritiya is approaching and this year when Gold prices are almost at the same level as prevailing on the last Akshaya Tritiya, expectations are very high towards a higher sale. Lower price is due to an appreciation of Indian Rupee v/s USD and stagnant Bullion prices prevailing globally which are around 7% less as of now than the peak it reached during mid-February 2019. However, individuals buying Gold on this occasion should keep in mind the following points:
No need to stress this point as in buying Gold coins/jewellery purity is a paramount factor. Every Gold coin or article is nowadays either BIS or NABL certified. To check the purity you can visit at hallmark centre and labs to know the correct purity. The Gold coins are comparatively with high purity ranging up to 99.99% and are accredited with NABL on the packaging of gold coins.
Check the bullion prices and calculate the price based on the purity of items to be purchased. Gold prices are nowadays continuously displayed on various economic channels and also available as Bullion prices on Google. Calculate the price of the article being purchased and % purity mentioned on it with that of standard Gold price. While calculating ask the jewellers the basis of calculation if not able to calculate yourself. Keep the basis that made for rechecking, if required.
Although weights are mentioned on the paper slip attached with the article but to be doubly ensured, please check the weight on the electronic weighing machine which is available with all the jewellers.
Insist for a Receipt
After buying Gold, as you have already paid GST, do insist for receipt and keep it safe.
There is a lot of variation in making charges being charged by different jewellers. It is better to check making charges with 2-3 jewellers before striking the deals. These charges are negotiable generally. Check the article you are buying if it is hand-made or machine made and labour and artistic work involved in that article. Generally, hand-made articles are having more making charges.
It is better if you can along with your friends and relatives can go to the same shop for buying Gold on Akshaya Tritiya as it will help you to bargain the deal. Nowadays there is a culture of ladies kitty parties and same can be discussed on such occasions so that a good deal can be striked.
If not necessary do not tamper with the packaging especially in-case of Gold coins as it will ensure better rates at the time of resale.
The Reputation of Jewellers
All said and done, buy gold only from reputed brands or reputed jewellers.
Contributed by Vidit Garg, Director, Kundan Group