Change the way you buy gold in 2020

As the New Year approaches, this might be the right time to reassess the way you make important purchases and commit to financial prudence.

You might have bought gold on various occasions in your life. But are you sure you have carefully assessed and ensured that you get your money’s worth?

If you’re not sure, here are some questions you must ask yourself:

Did I buy from a jeweller who’s certified by the Bureau of Indian Standards (BIS)?

There might be several jewellers in your city. However, to ensure the quality and genuineness of your purchase, always buy gold jewellery from a BIS-certified jeweller.

This is because BIS certified jewellers sell BIS hallmarked jewellery. Once a jeweller obtains the certification from the BIS, he has the right to register himself with any of the BIS recognized Assaying and Hallmarking Centres to get his jewellery hallmarked. So, buying from these jewellers will help ensure that you receive only legally hallmarked jewellery.

The complete list of BIS-registered jewellers in your city can be downloaded here.

Did I check the BIS hallmark on the gold item?

To ensure that the gold item you’re buying meets the quality guidelines set by the BIS, look for the BIS hallmark. It not only certifies that the quality standards are met, but also guarantees the purity and fineness of the gold item.

Here are the 4 symbols of the BIS hallmarkyou need to look for when buying gold:

Once you spot these symbols, you can be assured of the jeweller’s claim of quality and purity.

Did I check the prevailing price of gold and calculate the cost of the item myself?

Always check the current price of gold. Head to mygoldguide.in/price and check the price that you can verify with the jeweller’s quote.

Different jewellers might quote different prices to you. This is because they might follow the price set by different jewellery associations. You can check with the jeweller which price he is following and then confirm it from the official website of the association.

Did I calculate themaking charges?

Making charges are usually between 5%-30% of the cost of the gold item. Ask the jeweller for the making charges applicable. Remember, making charges can also be bargained for.

Be sure to account for this to ensure you’re not being overcharged.

Did I check the weight of the gold in a studded item?

Make sure that the jeweller measures the weight of only the gold and not stones as well and calculates the price of gold and the stones separately so that you are not wrongly charged.

Did I ask for an invoice?

This will ensure that complaints are resolved efficiently, should the need ever arise.

Did I ask the jeweller about the return or buyback policy?

To ensure that you don’t face any hassles in case you decide to recycle or sell your jewellery, make sure you know the terms beforehand.

So, before embarking on any gold purchase in future, make sure to revisit this checklist to ensure that you receive exactly what you are paying for.