With Indian jewellery market already on the robust recovery path, the jewellers are expecting strong Diwali sales in the Dhanteras as the festive mood remains high with low Covid third wave possibility and softer gold price this season.
As the festive season approach, many of you must be planning to buy a gold coin or jewellery. It is believed that buying gold on such occasions brings prosperity and happiness to the family.
However, it is important to know the correct dimensions for buying gold and getting the best value for your money.
Here are some factors that investors should watch out for before buying gold:
Gold Purity: Mostly, people spend more time choosing the design of a gold ornament than looking at its purity. You can judge the purity of gold coins by keeping in mind a few factors like Bureau of Indian Standards (BIS) hallmark, purity in carat and fitness, hallmarking centre's number and jeweller's identification mark, according to The India Today.
In terms of purity, 24 carat is considered to be the purest form of gold, while 22-carat gold comes with other metals such as silver or zinc. This is why 22-carat gold has more durability than 24-carat.
Weight: Check the weight of the coin on the weighing machine, to see whether it matches with what the jeweller claims.
Manufacturing charges: Generally, making charges are lower for coins in comparison to pieces of jewellery. Making charges may vary from store to store, so you can also make a decision depending on this factor.
Proper billing: One of the most important things to keep in mind while buying a gold coin is to ensure that the bill has all the vital details such as the carat, weight, price and making charges.
Picking authentic jewellery shop: People should select an authentic jewellery store for purchasing gold. Select stores which offer gold of standard weight and purity.
Meanwhile, World Gold Council India managing director Somasundaram PR said, “We expect this quarter to be one of the best in recent years, benchmarked to pre-covid seasons. Pent up demand, soft prices and good monsoons, combined with easing of lockdown across regions, bodes well for a strong surge in demand."
The demand for gold in India jumped 47 per cent year-on-year (YoY) to 139.1 tonne as compared to 94.6 tonnes in the year ago period, higher than 2019, the World Gold Council said.
On Monday, the gold prices declined marginally by Rs 10 to Rs 46,673 per 10 gram in the national capital amid muted global trends, according to HDFC Securities.
The precious metal had settled at Rs 46,683 per 10 gram in the previous trade.
Silver also declined by Rs 230 to Rs 63,014 per kg from Rs 63,244 per kg in the previous trade.
(With PTI Inputs)
