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Five Things You Need To Keep In Mind While Buying Gold During Dhanteras

Be a smart buyer this prosperous day and welcome ‘Lakshmi’ in the form of gold with all your heart and good spirits!

Photo Credit : Reuters

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With the festival of lights, wealth, and prosperity around the corner, there is no better a time than now to invest your hard-earned money in any object of acquisition, be it any utensil or metal, as a sign of worship for Goddess Lakshmi and Lord Kuber. Gold has become synonymous to this festive period, and this is what comes to the mind first when we think about buying anything on Dhanteras and Diwali. This exquisite piece of jewellery generally has to stand true to the 2Ps – Purity & Price. However, a majority of the gold commodities sold in the markets today have many variances and can easily confuse or even cheat the buyers.  Considering the sentiment of devotion that Indians associate with gold during this time of the year, here are a few things to keep in mind before buying it on Dhanteras:

Purity of gold: The most important thing one should check while buying this royal lustrous metal is purity. Gold generally is denoted in carat (K). The most pure form of gold is 24K, which is 99.9% pure but is not really suitable to be crafted out into jewellery due to its fluid nature. So, what is sold in the markets usually is 14K, 18K, or 22K gold. 22K, with 92% and 18K with 75% gold, make up for the most durable amounts to be crafted into jewellery along with adding alloys to it. So, always ask for the purity before taking home this precious metal.

Making charges: Another important factor to keep in mind while buying gold is the making charges. Making charges vary depending on the design and purity of gold. The more elegant and intricate design you get made, the more it will cost you. Making charges can also be contingent on whether it is man-made or machine-made. It can add up to 6-25% of the actual gold price. Therefore, it is advisable to check if you are paying the making charges according to the gold rates as both of them are linked to each other.

Buy hallmarked jewellery: Your gold coming in home with a certificate ensuring purity—what else would one need? Hallmark is the certification of purity for any gold object. It is identified by the BIS (Bureau of Indian Standards) certification introduced by the Government of India to avoid adulteration or cheating of buyers. It is suggested to go for branded jewellers or reputed shops to buy gold from and to also check for these four BIS hallmarking components: BIS mark, purity/fineness, assaying and hallmark centres’, and jewellers’ identification mark/number, before buying any gold commodity.

The exact price of gold on the day of Dhanteras: Price, while being an important criterion when it comes to buying Gold, varies regularly and geographically too. Usually, all jewellery stores display a specific bullion rate for customers, which needs to be discounted according to the purity. Although falling for three days in a row, Gold prices have now rose to 144 to Rs 39,000 per 10 gram, as of October 24. You must also look for the weight per gram as some buyers like to have precious stones like diamond, emerald etc. beaded up in their gold jewellery. Therefore, one should make sure the gold is weighed separately while billing and not along with the beaded stones to avoid being overcharged.

Instead of coins/bars, invest in what you can utilise: While this is totally a personal choice, but buying a coin/bar would cost you approximately the same (or even little higher) as buying a jewellery and would remain forgotten in the locker once the festive season is over. So why not make this Diwali grander by getting your favourite gold jewellery to flaunt this festive season? So this Dhanteras, rather than getting a gold bar or coin, pair up your jhumkas, pendants, rings, or whatever you like and cherish it for future Diwalis and other occasions.

Be a smart buyer this prosperous day and welcome ‘Lakshmi’ in the form of gold with all your heart and good spirits!

Disclaimer: The views expressed in the article above are those of the authors' and do not necessarily represent or reflect the views of this publishing house. Unless otherwise noted, the author is writing in his/her personal capacity. They are not intended and should not be thought to represent official ideas, attitudes, or policies of any agency or institution.


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diwali festival festive season

Rupesh Jain

The author is Founder & CEO of Candere Jewellery

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