Many people want to buy gold on this occasion, especially with Dhanteras and Diwali just around the corner. Gold conjures us images of wealth and prosperity. It is also a long-term resource that people may rely on when they are unfortunate.

In India, Dhanteras and Diwali are regarded as two of the best times to buy gold. However, some customers could be misled by some gold dealers regarding the material costs, production charges, GST application, and so forth. In this sense, being duped during the enthusiasm of buying gold is unimportant.

8 Tips on avoiding scams while purchasing gold for Dhanteras and Diwali

1. Verify Gold Prices

Every day, the price of gold changes, thus it is crucial to double-check the current price before making a purchase. While the majority of jewellery shops show the daily gold price, others don’t. In particular, you should deduct the purity of the gold from the rate when determining the cost of the sort of gold you’re purchasing.

2. Ask for a Gold Purchase Invoice

One must always ask for an invoice while buying gold as it serves as an official and legal record of your gold purchase and would also help you in tax related queries. A bill will also assist you while exchanging gold and prevent you from being overcharged as it would list making charges, GST and the current rate of gold.

Take a look at your possibilities among gold sellers. Although purchasing gold from a local jeweller would be the most practical alternative, one should take into account the numerous possibilities accessible, including different banks, e-tailers, MMTC, or specific Non-banking financial firms for extended services. However, be sure the business of your choosing upholds the greatest standards of integrity, openness, and responsibility. Be absolutely certain to maximise the advantages and profits prior to making this investment.

3. Purchase Certified Gold

Only purchase certified gold marked with the Bureau of Indian Standards (BIS) logo. It guarantees the superior quality and purity of gold. Along with the hallmark, other factors to take into account include the purity code, testing centre mark, jeweller mark, and year of marking.

4. Negotiate the costs associated with making Gold Jewellery

Jewelers typically pass on the labour costs associated with making jewellery to their clients. Making charges is not regulated and is left up to the individual jewellers. Less intricately designed jewellery produced by machines often has cheaper manufacturing costs, ranging from 6 to 14 percent of the price of gold.Jewelers can charge up to 25% of the price of gold as creating fees if the jewellery piece has a complex design. In order to acquire the greatest price for your gold purchase, you have the opportunity to haggle over the production costs.

5. Check the purity of the Gold

Examining the gold you’re buying for a hallmark is the first and most crucial step. The Bureau of Indian Standards is the recognised hallmarking agency in India (BIS). A hallmark has both a number and a BIS stamp. Therefore, be sure the gold you buy always has a BIS certification.

6. Check the Buy-Back and Resale Prices

You should confirm the gold’s resale value and be aware of the seller’s buy-back policy. When reselling your jewellery, some vendors reduce a set percentage from the gold’s worth, while other merchants may take the current rate into account.

7. Purchase from Reputable Merchants Only

You should only buy gold from trusted dealers and double-check the legitimacy of the vendor before making a transaction.

8. Think about your alternatives while buying Gold

Even if buying gold from a neighbourhood jeweller is the most practical alternative, one should also take into account the other possibilities that are accessible, such as different banks, online retailers, MMTCs, or some non-banking financial firms for broader services. However, be sure the company of your choice is reliable, honest, and accountable in upholding the highest standards. Maximize the advantages and profits prior to making this investment.

Where to get Loans for purchasing Gold?


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