Gold is considered to be one of the precious metals discovered in the world. It is portrayed as a symbol of wealth, prosperity and quality standards in the societies. People usually prefer to accumulate their wealth in the form of gold instead of cash. Some people buy gold from their savings to counter increasing inflation in their countries, especially in South Asia. Similarly, governments of different countries store their reserves in gold. And it also acts as an anchor asset to regulate and manage scarcity, inflation, currency devaluation, economic plans, etc.
Apart from its significance in economics, investment markets and wealth management areas, gold has another momentous area of significance. Currently, gold is trading at a higher price (comparatively to last five years) and generally values in big bucks. However, gold also carries a sentimental worth too, especially in the eyes of women like jewellery.
It would not be wrong to say that no woman in this world does not aspire to carry a beautiful piece of gold jewellery. For women, it is weighted with beauty, class, and pride. No marriage ceremony can be planned without considering worth gold jewellery complimenting the bridal dress. It is also denoted as precious for your loved ones on special occasions like birthdays, marriages, anniversaries, etc.
Since, jewellery made of gold worth quite handsome money and pertains risk of being misled or fooled with fake or poor quality, it is vital to consider the following elements when considering buying gold jewellery:
Weight Check:
Since gold price is determined primarily by the weight, it is advised to check and confirm the weight precisely. The measurement unit of gold in troy ounces, which is very light in the denomination; therefore, one ounce here and there can affect the price significantly. Additionally, the amount (and its relevant weight) used in jewellery also determines the durability too, as a heavier and heavier gold piece can resist wear and tear over time better than the lighter ones. Also, in certain jewellery designs, jewellers use eye-catching diamonds and precious stones like emerald, ruby, etc. which makes the gold jewellery heavier and some customers end up paying for the gold which is not there in the jewellery. Therefore, one must check the weight of gold and stones specifically and pay accordingly.
Purity (Karats):
Another thing to consider while buying gold jewellery is the quality and purity of the gold used. The purity of gold is determined by the unit of Karat. Karat determines the percentage of raw content remained in the final form of gold apart of other chemicals or chemicals used in the process of melting it down and used of jewellery-making. Usually, 24 karats are considered to be the purest form of gold. While buying gold coins or bars, 24 karats are preferred whereas, in jewellery, 22 karat is the preference as it holds its shape and sturdiness in jewellery.
Gold Price:
One of the most important things to consider while buying is the gold price. Gold Price fluctuates on an hourly and daily basis and depends on multiple dynamics. Thus, it is beneficial to check the international and local prices of gold on various online websites for your understanding.
Hallmarking Identity:
Since gold jewellery carries hefty value, in many countries gold jewellery is stamped with the cartage used in making it, according to the mandate. There are many requirements that need to be followed, as per the hallmarking arrangement or any local body of the country. The idea of hallmarking is to ensure that the gold jewellery you are buying is not fake and authenticated. Hence, it is recommended to check the hallmark identity.
Variety of Designs:
Since there are multiple shopping malls and jewellery markets are available in any part of the world, it is recommended to roam around and visit multiple shops or showrooms to finalize jewellery design. Do not get into the trap of impulse buying and make your decision on the very first shop. Also, with the influx of social media, online shopping, and e-commerce possibilities, you can find oriental and international designs, that you can either buy online or use them as a reference for your local jewellery designer.
Making & Designing Charges
One must also consider the making charges when buying jewellery, as there are pricing mechanisms that are followed. Some goldsmiths charge designing cost as a percentage of gold value, whereas some vendors charge as per the craft, skill, time and delicacy required for the selected design. Prospective buyers must analyze what scheme is suitable for them as per their desired design and gold prices.
Discounts Offer Available:
As stated above, gold price varies. It usually increases in the occasion seasons and stays moderate in offseason. So, wise buyers know when to shop. Also, some vendor offers special discounts and big sales on certain occasions like Christmas, Diwali, etc. which can be an ideal time to buy gold jewellery.
Invoice and Billing Details:
Do not forget to get the complete invoice from the shop while buying gold jewellery. Please ensure that it includes all the essentials which are necessary like gold weight, gold price, hallmarking details, making charges, etc. One must also keep the invoice and receipt for the future, as it usually helps in negotiations when selling back.
The credibility of the Jewelry Store
Importantly, the credibility and authenticity of a jewellery store should be considered. You can find numerous shops, big and small, old and new. Buying from a new or unknown vendor can be risky as you might be sold stolen goods or will not get satisfaction in terms of purity of gold. On the contrary, reputed sellers usually provide a guarantee about their products, as it indicates their credibility too.
Resale Value:
Reselling value of the gold jewellery is also considerable matter while purchasing. Usually, ladies want to replace their older jewellery with the latest trendy designs. Also, people sell out their gold jewellery in the time of need for money. Mostly, the making charges, wastage, admin cost, profit of seller and tax do not get paid back in the reselling value.
Possible Metal Allergies:
Some people can have allergies from certain kinds of gold like white gold. Also, sometimes the other ornaments or compounds used for jewellery design might not suit skin type and cause itching or burning. Therefore, it is recommended to check skin sensitivity with the selected design when buying.
Conclusion
In conclusion, gold jewellery has more sentimental value for people than its actual value; therefore, people may decide out of whim and lack rationality. One must spend substantial time in deciding what, why and hows of buying by looking into the details of discussed areas. Happy Shopping!