Millennium Post

Tips to avoid deception while buying gold

When you step out to buy gold jewellery, be wary of getting duped. Check for purity and hallmark besides buy-back policy, says an expert.

Here are a few tips form an expert that can help consumers avoid getting tricked:

Gold purity: When it comes to purity, most gold jewellery has markings inside that indicate its Caratage. Pure gold is too soft to use for jewellery. The most common ‘Carat' options are 18K, 22K or 24K.

Hallmarkings: The hallmark is usually found on the inside part of each piece, and will indicate the gold content. Every piece of gold should have a Bureau of Indian Standards (BIS) hallmark. The value of your jewellery is determined by the certification it carries.  

Weight: Gold jewellery is usually weighed in grams. The higher the gram weight, the more expensive the piece. 

Buy-back policies: Ask the jeweller or salesperson about return policies as to what amount of labour wastage percentage they deduct when you come back to return the piece and if there are some other ways to reinvent the old piece of jewellery and by not selling it off.

Certificate of authenticity: If you are buying gold studded with diamonds, having a certificate of authenticity ensures that you are purchasing a quality piece of jewellery. It should also indicate the briefing about the piece you purchase, so every detail regarding the product is given on the authenticity card.

Bills: Retaining a record of purchase is important while buying and selling gold jewellery. The invoice doubles as a record of gold purity.
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