What precaution should be keep in mind while purchasing gold
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Answer:
Check for purity: When you buy gold jewellery you should always check for its purity. The easiest way to check for purity is to look for hallmarking. A hallmarked piece of jewellery tells you the official proportion of the metal. The Bureau of Indian Standards (BIS) is the accreditation agency that certifies and hallmarks gold jewellery.
How do you read the hallmark? Any jewellery that has a hallmark will come with a number attached to it along with a BIS stamp on it. It also has a jeweller’s identification mark and the year of hallmark. To understand the caratage, look for the letter ‘K’ which stands for karat and denotes the percentage of purity. For instance, if it says 22K, it means 91.6% purity (percentage of gold content) or 916.
Cross check the pricing: Gold pricing is determined based on the purity of gold. The price of gold changes every day based on the market rate. All jewellery stores display the daily bullion rates for the consumers. To give you a sense of how the price is calculated, you should first look at the bullion price and then discount it based on the purity of gold. . Let us say, the cost of 10g gold is Rs.25,854 at bullion rate. The price of 22K gold (91.6% purity) will be around Rs.23,682.
While bigger jewellery shops display bullion rates prominently, the smaller shops don’t. Therefore, always check prices before visiting the shop.
Negotiate making charges: Jewellery involves labour cost and all jewellers pass on this cost to the buyers in the form of making charges. Making charges are usually a percentage of the current gold price. Hence, depending on the gold cost, the amount you pay as making charge can vary.
Generally, machine-made jewellery or jewellery with little art work will come with lower making charge and ranges between 6% and 14% of the cost of gold. Some jewellers offer fixed making charges on purchase of ornaments in bulk.
If a piece of jewellery has intricate design, the making charges are higher and can go up to 25% of the cost of gold. You can always bargain on making charges as these costs are unorganised.
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