With the onset of Diwali festival season, everyone around is geared up with their list of shopping to make the most of it. Festival is the best time to spend with your loved ones and impress them with selective gifts. In India, Dhanteras Is considered as the most auspicious time to buy gold and silver. This tradition leads to spurt in the sales of gold and silver jewellery. To attract customers, many sellers launch lucrative offers as well.
But buying gold or silver is not as easy as it sounds. With the soaring prices of these metals, it is essential to make an informed decision before stepping out for your Dhanteras shopping. Here are some quick tips which will help you in making the right decisions for buying gold or silver:
Educate yourself about the gold rates
The prices of gold vary from state to state, depending on the cost of transportation and different other factors. But the NCDEX and MCX lay down the standard rate, and the prices of gold should not have higher variation when compared to these underlying rates. Refer the price of gold at MCX and NCDEX to assure that you are not over-paying the gold price. Additional charges such as labour charges and making charges are not inclusive in it and largely depend on the jeweller you are buying from.
The labour involved in making a jewel varies depending on the craftsmanship, finishing and detailing. Do you know, in most of the jewellery stores, making charges are negotiable? The mass-produced machine-made jewels should be charged on a lesser making charges as compared to hand-crafted ornaments.
Purity of Gold
Hallmark gold jewellery certifies the purity of the gold. There are different levels of virtue which are indicated by ‘K’ as 18 K, 22K and 24K. A 100% pure gold composition is denoted by 24K. 8K gold composition is denoted by ‘333’ i.e. the purity percentage of gold is 33.3% in 8K hallmark jewel.
Other denotations such as GP stands for gold plated, PT stands for platinum, GF means gold-filled jewel and PD stands for palladium. You must know the essential abbreviations before you head for gold jewel shopping.
There are several buyback options which jewellers offer. Hence the jewellery you are buying must have a buyback option by the jewel. It will allow you to exchange it in the future at a marginal cost.
Diwali season is an excellent opportunity for the seller to encash their stock by offering attractive deals. A most of the buyers wait for Diwali to buy for gifting and personal us; sellers offer the bonus and discounts to induce buyers to purchase more. Always look for the offers from different sellers and make a comparative analysis to choose the best deal.
Do not ignore the terms and conditions as well as the reputation of the jeweller before making a decision.
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