Buying Gold on Akshaya Tritiya? Here’s How You Can Do It Right.
Akshaya Tritiya is traditionally earmarked as a day for beginning new ventures, purchase valuables and make investments. It is believed to be an auspicious time where investments and other good deeds bring success and luck.
It is also a time to stay aware and alert
With such deep-rooted beliefs which are surrounded by ancient tales of prosperity, NBFCs and jewellers in India see strong footfall on Akshaya Tritiya to buy at least a token gold coin at the very least. Since buying gold is a popular practice on this day, it is also a time to take heed. This day presents a chance for opportunists to sell impure gold and ornaments at inflated prices. Therefore, being careful and aware about how to buy good quality gold is imperative, especially around days like Akshaya Tritiya.
Follow this 6-Point Checklist
There are some very basic things that you need to check before buying gold.
2. Check the actual weight of the gold you are buying
3. Be aware of the day’s gold prices to make sure you are paying a fair price for what you are buying
4. Making charges will always be added to any gold ornaments, but knowing the basic price of the piece is helpful
5. Check the buy-back terms offered by the jeweller
6. Check for a BIS Hallmark. Do not buy jewellery without hallmarking.
Of the above mentioned points, the most important is checking for a BIS Hallmark. This symbol is a guarantee of purity, an extremely important aspect to keep in mind while buying gold jewellery.
Know about Hallmarking
Hallmarking refers to the accurate determination of and the official recording of the content of precious metals in articles made from these precious metals.
Therefore, hallmarks refer to the official marks that are used as a guarantee of fineness and the purity of precious metal ornaments, including gold. At present, in India, gold and silver fall under the purview of hallmarking.
Did You Know?
Hallmarking charge on Gold Jewellery is only ₹35 per article, and for Silver Jewellery it is ₹25 per article
Jewellers do not hallmark gold jewellery. It is done by special laboratories known as Assaying and Hallmarking Centres.
KDM (Cadmium) jewellery is not Hallmarked jewellery. So, KDM cannot ensure purity of Gold.
For any concerns that you might have pertaining to hallmarking of gold jewellery, you can get in touch with the Bureau of Indian Standards (BIS) through: –
– For specific queries, visit the Contact Us section
Revised Standards of Gold Hallmarking
From Jan 1st, the Bureau of Indian Standards (BIS) revised the standards for gold hallmarking. The salient changes are: –
Here’s what you must know
· Hallmarked gold jewellery will be available in three grades – 14, 18, and 22 carats.
· The caratage will also be marked on the jewellery, in addition to the fineness. For e.g.:
For 22 carat jewellery, 22K will be marked in addition to 916 (22K916),
For 18 carat jewellery – 18K750, and
For 14 carat jewellery – 14K585.
Key Attributes of Hallmarked Gold Jewellery
· BIS Mark for purity. Each piece of hallmarked jewellery will carry this mark
· Purity in carat and finesse (e.g. 22K916)
· Identification mark of the assaying centre
· Identification mark of the jeweller
Buying gold on Akshaya Tritiya isn’t something you should rush into; proper forethought is essential while doing it. Make a well-informed decision, and do your due diligence to ensure you are getting precisely what you paid for.
