Are you planning to buy gold for a special occasion or simply as an investment? Gold is the most popular precious metal around the world, renowned for its elegance and high value. People buy gold for various purposes- personal use, gifting, or as an investment. The charm of gold jewelry never goes away because this metal defines class. Moreover, gold jewelry comes in a variety of attractive designs that suits everyone’s taste and style. Whether you’re getting married and looking for a smart investment, gold is the best choice. A piece of gold ornament not only enhances your beauty but also provides financial stability. During an economic crisis, gold can be easily sold to get access to quick cash because this precious metal retains its value.
No matter why you buy gold, purchasing gold jewelry can be exciting. However, the market is full of crooked sellers who deceive naïve buyers by selling impure gold. Gold jewelry is quite expensive and often buyers end up paying more for an impure piece of jewelry. This happens because of their lack of knowledge. In uncertain market conditions and increasing inflation, gold provides steady protection against these uncertainties.
But considering the high prices of gold, knowing how to buy gold is extremely important before you spend your money. So, if you’re looking for a piece of gold jewelry, here are some tips that will help you to make the right choice.
Read further to know how to buy gold jewelry.
Know the Purity
Before you start shopping for gold, make sure you understand the purity standards. The purity of gold is measured by carats. The purest gold is 24kt which consists of 99.9% pure gold. Next to 24kt are 22kt, 18kt, 14kt, and 12 karats (50% pure gold). The price of gold jewelry is determined by karat. Your choice will depend on your purpose of buying and budget. 24 karat gold is the purest and most expensive but also very soft and highly prone to damage. So, if you’re buying a gold ring, earring, or bangle for wearing daily, you shouldn’t go for something higher than 18 karats to avoid damage.
Price is one of the major factors in buying gold. As mentioned above, the purity level of gold determines its price. However, besides gold price, there are also making charges that are added to the final price of the product. So, the total value of a piece of gold jewelry includes purity, alloy it is mixed with, making charges, and tax. You should check the current gold rate before shopping because the gold rate keeps fluctuating. The current gold rate will remain the same but you can bargain on the making charges which is the labor cost of creating the piece. The making charges on mass-produced, machine-made jewelry are less than the hand-made artefacts.
Buy Hallmarked Jewelry
You can find several jewelry stores but not all of them can be trusted for buying something as expensive as gold. Make sure you find a reputed jeweler or trusted online jewellery store that sells hallmarked jewelry. To check the hallmark which is markings on the jewelry, you need to look at the inner circle of the ring or back of the earrings. Investing in hallmark jewelry is the safest option.
Color & Weight
Other factors to consider are weight and color. The price of the item also depends on the weight. However, you should find out the weight of actual gold and other stones to know the exact price. Stones can make the item heavier and you can be tricked into paying a higher price. Next, check out the jewelry in different colors such as yellow gold, white gold, or rose gold.