Gold has been a valuable commodity among all. Throughout history, gold is not only used as currency but also as an investment. It is a symbol of wealth and power. Still, wondering why people are so fond of gold? There is so much to know about the importance of gold. Indians buy gold jewelry during the festival times. There are certain things one needs to consider buying gold jewelry or gold coins.
All those factors are listed below:
The Purity of gold:
Karat is what we hear every time while buying gold. Remember 24 karats or 22 karats gold? Yes, that’s what the measure of gold. There are two ways to measure the purity of gold: fineness and karat. Pure gold has a purity of 24 karats. An alternative method of measuring purity is fineness. This measure tells the purity of gold in parts per 1000.
Gold may be alloyed with other metals such as silver, copper, zinc, or silicon to produce purities less than 24 karats. Silver and copper are the most commonly used alloying elements for gold. Pure gold is too soft to be able to be used for jewelry. There are also a few methods to test the purity of gold. Those methods are ICP, X-Ray Fluorescence, Fire Assay, Touchstone, Electronic Pen, Density.
One should check the hallmarking before buying gold. Hallmarking is the accurate determination and official recording of the proportionate content of precious metal in precious metal articles. Hallmarks are thus official marks used in many countries as a guarantee of purity or fineness of precious metal articles. So, the Government of India has set up the BIS (Bureau of Indian Standards) to check the purity. The BIS hallmarking scheme aligned with the international criteria of hallmarking.
From this year, BIS has declared that it is mandatory for hallmarking of gold jewelry. So before buying the gold, make sure you see the hallmarking. According to the BIS website, this hallmarking has 4 components: BIS logo, Purity in Carat and Fineness, the logo of the hallmarking center, and jeweler’s identification mark and number. Hallmarking is not done instantly. It may take approximately five to six hours to get the purity of gold checked before it is hallmarked.
Wastage / Making Charges:
Making charges is one of the key factors which we need to consider. These vary with the type of gold jewelry you are buying. There are no standard wastage charges. It depends on the style of cutting and finishing of the ornament. It often termed as wastage charges.
Crafting jewelry pieces out of a gold bar requires melting gold, cutting it and shaping it into the jewelry piece, in the process some amount of gold may get wasted. So, you are expected to charges on this basis too. Customers bargain to reduce these charges. Modern methods and technology used are generally more efficient in how they use gold, minimizing the wastage that occurs while crafting the design pieces.
Be it your wedding gifts, or the gold purchased during auspicious occasions, gold is considered a haven during any financial crunch. Gold Insurance assures security for your jewelry. Insurance can help you recover the financial loss due to a mishap at home or the bank.
The insurance protects against accidental loss, burglary, theft, damage, or loss of the jewelry deposited in the bank locker. You must keep all relevant documents in place as some insurance companies ask for purchase receipts of the lost or damaged gold jewelry to pay for the settlement. Most Indian gold insurance companies provide a limited settlement claim amount. Insurance companies do not take responsibility for recovering losses if the damage caused by the owner or a family member or maid/caretaker.
The budget has a high impact on buying gold. The key benefit is buying gold on EMI. If you are planning to buy physical gold, you should take a look at EMI offers given by jewelers.
EMI facilitates customer with the following benefits:
a. Affordability: It gives freedom to the consumer to purchase those things which cannot be afforded to make full payments. So, EMI lets consumers pay for the product in installments.
b. Flexibility: Loan bearer can make payments as per their income or financial situation.
c. Absence of mediator: The EMI is directly paid to the banks or money lenders, so there is no commission for a mediator.
d. Easy on the Wallet: Loan borrower can choose the amount of borrowed money that can be paid by him in each month.
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