Summary of this article
Gold prices crossed Rs 1 lakh per 10 grams for 24-carat recently
With Dhanteras around the corner, many will still want to bring home some of it for luck and prosperity.
But when prices are this high, even small mistakes can cost a lot.
Know how to make sure what you buy is genuine and worth its price.
Every Dhanteras, the same ritual repeats itself in millions of Indian homes; people step out to buy at least a small piece of gold. It could be a coin, a pair of earrings, a chain, or even a bangle, but the belief behind it is the same: gold brings prosperity.
This year, though, the price of gold has crossed Rs 1 lakh for 10 grams of 24-carat. That is reason enough to pause and double-check what you are buying. Here are five simple but important things to keep in mind.
Don’t buy without a BIS hallmark
The hallmark is not just a stamp; it is your assurance that the gold is real. Every genuine piece must have a BIS (Bureau of Indian Standards) mark along with the purity in karats (for instance, 22K or 18K) and a six-digit HUID number.
That HUID can be verified on the BIS Care app, it confirms whether the piece has been properly hallmarked. If the shopkeeper hesitates or says it’s not needed, that should be a cause of concern.
Know your karats
Pure gold is 24 karats (which is supposed to represent 99.9 per cent purity), but it’s too soft for jewellery. Most jewellery you see is 22K (91.6 per cent), which is sturdier and still bright yellow.
18K and 14K pieces contain less gold and are more affordable. Always check that the karat mentioned on the tag matches what is written on the bill. It is a small thing, but it matters a lot when you try to resell or exchange later.
Watch the making and wastage charges
Making charges are what jewellers add for craftsmanship, and they can vary widely. A simple chain will have lower making charges than a heavy bangle or filigree work. Ideally, one should not pay more than 8 to 10 per cent in making charges.
Some jewellers might also add a “wastage” fee for gold lost in crafting. At the time of purchase, ask clearly whether that is included or separate. During the festive season, some stores offer discounts on these charges, so it’s worth comparing before you buy.
Get the weight checked and the bill right
Ask for your gold to be weighed in front of you on a digital scale. Even a small difference in grams can make a big dent in the final price. Your bill should mention everything, including the gold’s purity (in karats), total weight, making charges, 3 per cent GST, and the HUID number.
It is advised to never settle for a handwritten or vague bill; a proper invoice is your only proof if you ever want to sell or exchange later.
Pick Your Shop Carefully
Gold purchases are best made from a BIS-certified jeweller or a trusted brand. Even if you make your purchases from a local shop, do not ignore the necessary credentials during purchases.
If you are buying gold online, it is even more important to check whether the seller lists BIS-hallmarked gold and provides all certification details, including the proper invoice.
Moreover, it is best to avoid deals that seem too good to be true. Gold has a fixed daily rate and real discounts are rare other store discounts on making charges and extra goodies.
As tempting as it is to rush into festive purchases, a few extra checks can save you from buying something fake or overpriced. Gold will always hold its charm, just make sure yours holds its value too.
