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.
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.
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
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 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%.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
You should also consider ease of selling before buying gold. Also, note that the buyback option is not available in case of gold coin. Gold is just like a saving for all of us, therefore this is an important point which you should confirm before buying any gold.
If you purchase gold ornaments, make sure you will not get back the cost of manufacturing charges, administrative fee, profit margin and tax when you sell it. At any time, there will be a need to see the gold you have bought, hence calculate all the amount precisely and keep an additional budget so that you do not face any loss of money in future.
Gold is expensive, so make a budget plan so that you can save your money according to by excluding all these parameters listed above.
Gold is always costly, so make sure you can save as much as possible when you plan to buy it. You should study the offer carefully before opting for any offer.
If you visit a store, it is obvious you can get some discount if you return your old gold jewellery and with that, you can buy a new one for a less price.
Buying gold online can also be a good option as you can avail discount offers available on the various bank.
One should also consider discount offers available with the vendor before buying gold. Most of the vendor launch various discount and Diwali offers on gold.
So this was our list of 12 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.
Q1. Is it right to buy gold on Akshaya Tritiya?
A1. Akshaya Tritiya is a festival that occurs annually, and it is a good time to invest in gold. You can also use the regular investment plan route for such investments.
Q2. What should I know before buying gold?
A2. Before you plan to buy gold, here are some things to keep in mind. Don't use Credit, buy gold with your savings, store some Coins near you, and also store some gold in a safe place.
Q3. What should I keep in mind while buying gold?
A3. Be sure about the brand name and credibility, know the carat, for example, 22 carats, 1caratsat etc. Also, look for the colour that you want, such as white, gold, rose etc. and the price of the gold jewellery.
Q4. What can I buy on Akshaya Tritiya 2020?
A4. You can celebrate Akshaya Tritya by buying a bar of gold. Many people believe that buying gold on the day of Akshaya Tritiya brings prosperity and wealth. Also, on this day, you can think of buying a new vehicle or a new house.