10 Things to Know Before Buying Gold this Akshaya Tritiya [Updated May 2019]

If you are about to make your shopping for this Akshaya Tritiya then we have mentioned some things that you need to know before making your shopping for Gold.

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  • UPDATED ON: 2 May 2019

The Season of Akshaya Tritiya has come as close as it can be. On this auspicious day, it is customary for us Indian to purchase Gold. In our Country, Gold is not just an investment of security but something that clings to our emotions. It is not usual for us Indians to sell our Gold unless there is a bloody good reason. In our country Gold is passed on from one generation to another. Although, if in case you are about to purchase gold this Akshaya Tritiya then it is important for us to know how we can avoid fraud. Why? Because India is the highest consumer of Gold in the World but also has the highest cases of fraud in the name of Gold. Below we have mentioned for you to get the Best Gold Coins to Buy as well as Some great tips on Gold Coin buying tips & Jewellery.

Note: In case if you wish to know about some great Akshaya Tritiya Offers Online then click on the provided link

1. Choice of Gold

If you ask a usual person to invest in Gold then his choice of product would be Jewellery, Gold Coins, or Biscuits. Although, being the prime way of investing in the market by the Indian sense these are not the only ones. We have mentioned some other ways by which you can invest in Gold.

  • Gold ETF: ETF or Exchange Traded Fund is a sort of stock although in this case, we are talking about investing in Gold Value. You won’t be receiving any Gold although the number of stocks you purchase would be equivalent to the price of 1 gm Gold as per the current market price.
  • Close-End Funds: It is another great way of investing in gold. In this, you get the gold stocks at a discounted price. If you feel that the Gold prices might go up then you can purchase it although the transaction fees in this are 1 to 2 percent.
  • Single Stocks: Well, you can invest in Gold Mining Companies and predict the future of Gold. It is sort of a future contract in which the two parties decide a price of a certain commodity today ,in this case , it is Gold. Although, the investment is highly risky so it is not something which is recommended.

Also Read: Top Jewelery Trends in 2019

2. Standard of Purity

In the ancient times, the Gold coins were the way of transactions between two parties. A single Gold coin was equivalent to 24 Silver ones and that is where the concept of 24 Karat came from. 24K is the purest form of Gold that you can buy in the market. 24K means that the Gold you have is 24 parts Gold with the purity of percentage close to 99.9%. Why? Because there are always some impurities. Also, if you are thinking of purchasing 18K then it means that it has 18 parts Gold and 6 parts Other metal.

3. Packaging of your Purchase

In case if you are thinking of Investing in Gold Coins then the packaging of it is very important. As it means that the Gold Coin that you have purchased has not been tampered with. It is also a sign of authenticity. In case if you have 24K Gold in mind to invest with then the only option that you have is buying a Gold Coin. You can not make out jewellery from 24K Gold.

4. Price of Gold

The prices of Gold are highly unstable which means only a person with a decent knowledge about the trading in metal might be able to make a prediction. The prices of Gold depends on many factors. Although, the most important among it is the value of Dollar. A Dollar is a currency which still dominates the world and therefore the price of the Gold is connected to its strength. Gold is mostly many people’s financial safety plan in case their economic status fails. Therefore, if the value of Dollar is increasing then the value of Gold will decrease and vice-versa. Although, this is not the only reason. In case if you have any idea how the prices fluctuate then do take that into consideration as it will benefit you in future for better returns.

5. Making Charges on Your Jewellery

If this Akshaya Tritiya, you are thinking of buying something for your wife, mother, sister, or any special women in your life in particular then buying a Jewellery would be your idea of purchase in Gold. Although, a lot of people don’t really take the making charges of a Jewellery very seriously. It is important to know what are the making charges on the jewellery that you are purchasing.The making charges that you pay on the Jewellery does not add any value to it. It is simply the price of the design that the Jeweller asks you to pay. In case if you like the design then ask for the making charges, if you feel that the price you are paying is deservable then go ahead. If you purchase Gold from any brand then the making charges on the jewellery will depend upon the complexity. You should also ask for the amount of wastage during the making in case if you are getting it done with your own Gold.

6.Other Places to Buy Gold

Well, a lot of people don’t really know about the places where you can buy Gold other than their local jewellery store. Although, there are other places where you can purchase Gold very easily and with trust. You can purchase Gold Coins from various banks. You can also get gold from the Stock Holding Corporation of India and even the MMTC which is a government Authorised Public Sector company which sells gold to you. Muthoot Finance is also a really great company for purchasing it. It is a non-banking financial company that deals with Gold.

Muthoot is known for selling coins for as less as 0.5 gms to their customers. The Gold Offered by them can be purchased with 24K/999 Fineness. Even the State Bank of India sells gold although the least Denomination they have for sale is of 2 gms.

7.Weight of the Stones

A lot of people don’t really follow this but it is very important as adding to the weight of your Gold is taking your money away. If you are buying a Diamond Jewellery then the value of the Jewellery is determined by the stone. Although, in the case of Gold, it is the yellow metal which matters.

Make sure you know the weight of the artificial stones that are used in your Jewellery so that you can estimate the amount of Gold Used. This will benefit you in future as while selling your Gold Jewellery the Jeweller doesn’t consider the weight of the stones.

8. Hallmarking

Hallmarking of a Gold Product is a very important aspect to figure out the authenticity of your gold product. It is a combination of multiple different symbols while each meaning something to the Gold that you are purchasing.

  • BIS Logo: The BIS or The Bureau of Indian Standards Logo marks the authenticity of the Gold Jewellery that has been provided to you. The logo can also be seen in Silver Jewelleries.
  • Purity of Gold: The purity of Gold is determined by two factors, Karat and Fineness. Although, on the Jewellery only the Fineness is mentioned seeing which you can determine the Karats of your Jewellery. Below is the table that can help you determine the Karats of Gold you are purchasing.
Fineness
Karats
Gold Percentage

999

24 Karats

99.99%

990

24 Karats

99%

916

22 Karats

91.6%

875

21 Karats

87.5%

800

19.2 Karats

80.0%

720

18 Karats

72%

620

14.8 Karats

62%

585

14 Karats

58.5%

417

10 Karats

41.7%

375

9 Karats

37.5%

333

8 Karats

33.3%

  • Assay Center: It marks the logo of the center it has been tested for purity. The logo of the assay center can determine the country and the place in which it was tested for purity.
  • Jeweller’s Mark: It is the branding on the Jewellery in which the Jeweller marks his logo.
  • Year Of Hallmarking: It is denoted by a letter which denotes the year of Hallmarking. For instance, “A” denotes 2000 and “J” represents 2008.

9. Certificate of the Jeweller

The certificate for Gold is the only trust between the Jeweller and the Customers. The certificate tells a lot about the Jewellery that you are buying. It is a paper that determines the authenticity of your Jewellery as these are issued by a Governing Body. The most important aspect of the certificate is the etymology of the Gold Jewellery which is written. It also tells you about the additional metals that are used with Gold to make it rigid.

10. Karatmeter

A Karatmeter is the fastest way of checking the authenticity or the Karat of Jewellery that you are purchasing. The machine uses X-Rays to determine the percentage of Gold that is in the Jewellery. The Device has been named by the Titan Company Limited. Also, it is used internationally because of its high precision and Accuracy.

So this was our list of 10 things to know Before Buying Gold this Akshaya Tritiya. We will be real if this article may have been of any help to you. Also, Thank you for reading the article till the end.

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