Gold is a captivating and attractive commodity and people have always had their eyes set on it for ages. The value and beauty of gold have made it a good investment opportunity. There are numerous factors that you must consider while purchasing gold in order to get the ideal ROI. Owing to its popularity, there’s counterfeit gold that is often sold as well. Here are some tips to help you buy pure and high-quality gold.
Jewellers collect making charges on the coins and ornaments over and above the gold rate. The manufacturing process for gold items is labour-intensive and the complexity of the design impacts these charges. The gold making charges are proportionate to the designer’s creativity and the craftsmen’s effort utilized in making every jewellery piece. Thus, you might be paying 8 to 10 percent more than the actual gold value of the item. If you purchase gold for investment reasons, it is suggested that you opt for bars or coins. They are affordable owing to the minimal intricacy of the design. It also helps you avoid needless making charge expenses.
The gold rates in India differ from one city to another. The gold cost in your city is different from the rate in the neighbouring city owing to the import costs, demand and various other factors. Taxes, octroi charges, transport costs and other charges implied in procuring gold determine the rate. For instance, the rate of gold in a port city is lower when compared to an interior city. The price of gold gets updated twice every day [morning and evening]. The labour cost involved in making ornament varies as well across cities, thus influencing the rate of gold for every product. It is vital to be aware of the rate of gold in your city for that particular day before you buy gold.
Weight related tips
The gold cost is based on the gold’s weight [gram basis]. The gold cost will always fluctuate daily across various locations. You should check the gold rate on the purchase date through various sources including reliable websites. Jewellers will also let you know the daily gold rate in accordance with the charge for a gram. When you purchase a gold ornament, you must check the weight thoroughly and compute the cost according to the gold rate for the day. If you acquire a gold ornament with precious stones such as diamonds, then you need to take pay extra attention. Ensure that the gold is weighed separately to steer clear of having to pay extra.
Most jewellers offer the choice of buyback to let you exchange the old jewellery to keep pace with the trends. Though the gold value of gold will continue to be the same, the jeweller will subtract making charges whilst receiving the gold. They will work out the gold value on the buyback date depending on current rates. Regardless of the purchase date, you will obtain the return based on the present gold rate only. One good tip for purchasing gold is to take into account the buyback policy that your seller offers. You should discuss and comprehend the buyback policy of the online jewellery store.
Gold schemes offered by your jeweller
Jewellers provide gold schemes to make purchasing gold ornaments affordable for people. You should check with the jeweller for gold schemes to better plan your purchases. The majority of schemes involve having to pay in instalments for a particular time period. At the conclusion of the tenure, you can buy gold for that value from your jeweller. Some schemes offer price cuts on making charges whilst others tend to waive off one last instalment. You can order a custom design and get it at the end of the duration of the scheme. Investing in a scheme will make the procedure easier and more systematic for you.