Buying gold is an attractive investment option for all investors. As investors we are always tracking gold price today bahadurgarh or Mathura just hoping for the price to be in that sweet affordable range so we could invest. However, being successful with gold investments takes a lot more than just tracking the price. So here we have made a list of some of the steps an investor should necessarily follow to be successful in their gold investing journey.
- Know your seller
Buying gold on an unknown website can lead to huge losses as it may be fake. Research the website thoroughly and look for customer reviews to ensure the seller’s authenticity.
An easy way to do so is to go through the reviews of that website or seller on platforms like Google reviews, Facebook, Twitter etc. If there are multiple positive reviews, they are likely authentic. The government has recently launched an e-marketplace for buying and selling used jewellery named ‘The Indian Gold Exchange (TGBEX).’ It provides a trustworthy platform for both buyers and sellers of used jewellery. Ensure that your seller is registered on this website.
- Check the purity
The gold content of jewellery is measured in karats. In India, 24 karat gold is considered to be the purest form of gold available and has 99.9 per cent purity (23 karats = 95.8 per cent). Anything below 22 karats is not considered to be pure and hence not recommended for investment purposes. When you buy gold, always check the weight and purity of the metal. For example, if you are buying 22-carat gold, then it must have 91.6% pure gold and 8.4% other metals like silver, copper or zinc. If it is any less than this, then it cannot be classified as 22 carats.
- Calculate making charges wisely
Making charges are decided by the percentage of weight or in rupees per gram. Ideally don’t go by percentages, calculate it in rupees per gram basis. This will help you compare better across different stores/websites. You can practice this at home by just looking up gold rate today Gandhidham or for any other place and then calculating the associated charges. See more.
- Best time to buy
Gold prices remain volatile due to various factors like international market trends, rate of interest, currency fluctuations etc. However, there are certain festivals and events when sellers offer discounts which can help you save a lot on your purchase!
- Check for refund policy
Always check for return/refund policies before buying any product online as there can be chances of wrong orders, damaged products etc. In case of such occurrences, there should be clarity on return policies as in who will bear the cost of shipping etc.
- Make sure that your purchase is insured
If you are purchasing gold worth Rs 20,000 or more from a jeweller, then your purchase must be insured by him. However, if you are buying from an e-tailer, then make sure that it is properly insured.
- Importance of hallmarks
Hallmarking is a process that entails stamping jewellery with a recognised symbol by authorised agencies. It ensures that jewellery has been independently tested and adheres to standards specified by the Bureau of Indian Standards (BIS). Hallmarked jewellery guarantees the purity and quality of gold jewellery in India. When buying gold online, make sure that you check for hallmarks of purity and quality.