Weddings, special occasions, or a shield for financial security — gold can have different purposes, but everyone wants to own it! The sheen of gold may attract you in an instant, and rightly so, but don’t make any decision in haste. Yes, you heard it right. Buying gold jewellery online may seem like a no-brainer, but it is important to stay up-to-date so that you get your hands on the right quality and price.
To help you out, we have created a special guide that will assist you in steering clear of counterfeit gold and making the right choice. Before we get to the details, remember to keep a track of the price of gold in your city. That’s because there could be a difference, owing to multiple charges such as transport, taxes, and so on. What’s more, the cost of gold is weighed per gram. This means you must always check the weight and calculate its cost accordingly, on the day of its purchase.
It’s now time to know the other parameters that you must keep in mind:
1. Purity: Gold is a valuable commodity, which is why it is highly likely that counterfeit versions of the precious metal may be floating around in markets. The purity of gold is determined by carats. A 24-carat gold piece is 99.9% pure, which also means the lower the carat, the lower its purity. Gold jewellery and coins generally fall between 14 to 18 carats.
2. Hallmark: Hallmark is a critical metric that denotes quality control and assurance; it certifies the purity and fineness of gold. Since jewellery is made using a gold alloy, it must meet international standards, over and above the mentioned threshold. Hallmarking is a procedure made mandatory by the Bureau of Indian Standards (BIS), wherein they stamp or etch a mark through laser printing that mentions the purity, identity of the jeweller, and the date of hallmarking.
3. Making charges: There is an additional cost that a buyer has to incur, over and above the cost of gold that a jeweller charges for the chosen ornaments or coins. Yes, there is a fee levied to design the jewellery, which is known as the making charge. In the case of gold jewellery, the making charge could range anywhere between 3-25%; the more intricate the piece, the higher the making charge. If you are purchasing gold entirely for the purpose of investment, you might want to save up on this cost by opting for gold bars or coins.
4. Amount payable: As mentioned above, there are several factors that dictate the final price of the jewellery. Making charges, taxes and purity are factors that come into play. The final price that you pay is likely to differ from the price that you saw initially. However, here’s a rough formula that will help you calculate the final jewellery price.
Final Jewellery price= (Price of (24 carat/ 22 carat/ 18 carat) gold per gram on date of purchase * weight of gold (grams)) + making charges + wastage charges + GST at 3% on (total charges)
The perfect option to buy gold
While you should always do your own checks, it is always helpful when you buy from a trustworthy jeweller like Bhima Gold. Not only can you enjoy the credibility that they offer, but you can also access their range of gold schemes that can help you buy your favourite gold pieces without any hassle.
Under the Bhima My Choice - Golden Key plan, customers can buy gold digitally, just by making Easy Monthly Advance (EMA) payments. The jewellery purchase plan lets buyers own jewellery for as low as Rs 5,000 for 11 months. All payments can then be redeemed at the end of this period with full benefit.
The member can purchase BIS Hallmarked 22 karat gold jewellery or gold coins depending on their choice, with benefits such as 0% on value addition or making charges.
There’s also the Bhima My Choice - Kubera plan, wherein for 11 months, customers can make fixed and equal EMAs for a minimum of Rs 2,000 or above. The weight of 22 Karat gold equivalent to the value of the EMA will be credited to the customer’s Kubera EMA account for the amount paid month on month as per the prevailing rate on the day of payment received by Bhima.
Plus, there are other options too — check out the Bhima My Choice — Samruddhi plan and Bhima My Choice — Ratna plan today! Customers can also purchase gold or gold coins digitally at www.bhimagold.com.
