Important Tips For Buying Gold Jewellery Online

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Gold is one of the most valuable metals in India. Much of its popularity stems from the fact that it stores value even in the face of inflation. When the gold prices drop, gold buyers in Bangalore and other cities in India rush to gold dealers. Most Indians buy gold jewellery when the prices drop only to resale them at a later date. It is a great way to earn some extra money and take care of financial requirements. 

With the increasing online presence of businesses, the number of online gold buyers has also surged significantly. So, if you want to buy gold and wondering what you can do to get the gold jewellery price, here are the crucial tips to be mindful of. 

Check the market price of the gold jewellery

The first step you need to follow before buying gold is to find the market price of your preferred gold jewellery. It is worth noting that the market price varies across different cities and states. For instance, the gold rate for gold buyers in Bangalore would be different than the gold price for buyers in Delhi. The reason is that the gold rate is determined based on factors, such as the individual state laws, hauling cost, import duties, etc. 

Therefore, it is imperative to research the market price of gold jewellery. Spend some time on the internet and collect rates from different gold sellers in the market. Make sure to know that the gold prices fluctuate every day. This way, you will be able to choose a gold rate that best serves you. 

Buy hallmarked gold 

There has been a recent development in the hallmarking of gold.  The government of India has made it mandatory for gold dealers to get their gold items hallmarked from the Bureau of Indian Standards (BIS). Gold hallmarking is a process of certifying the purity and fineness of gold jewellery. You will need to ensure that the gold item you are buying is hallmarked from a recognized assaying centre in India. 

A hallmarked gold eliminates any conflict concerning the purity and weight of the gold. It enables you to establish the purity level of your gold, which can be 91, 958, etc. While getting hallmarked gold jewellery, make sure it contains the following information: 

  • BIS Mark
  • Purity in Karat and Fineness 
  • Assaying centre’s identification mark or number. 
  • Jeweller’s identification mark/number 

Buy your gold from a reputed gold dealer 

As an online gold buyer, you will need to ensure that you are not scammed while making a gold purchase. Since most gold buyers in Bangalore and other cities have resorted to online platforms, scammers have shifted their target to online gold buyers. So, while making a gold jewellery purchase, make sure that your dealer is reputed and has a record of offering fair and honest online gold rates. 

Also, you can look for online reviews and testimonials of their former customers. Online reviews provide great insight into gold dealers’ reputations and services. Find a reputed gold deal is another way to get a fair market price for your gold items. 

Check the fine print 

Some jewellers tend to add making charges on the final product they offer you. Since gold jewellery comes with an added cost of craftsmanship performed on raw gold, you can expand an additional charge to the final price. Keeping that in mind, make sure that the making charges are not out of line. One way to ensure that is by calculating the per gram amount you are paying for your gold jewellery. 

For instance, you purchased gold jewellery of 100 grams of 22 karat gold that cost you Rs. 461400/-. It means that you are paying Rs. 4614/- per gram for 22 karat gold. Make sure to check this figure with the prevailing gold rate in your city. 

Know the buy-back policy of your gold dealer

Most online gold buyers purchase gold for investment. For instance, online gold buyers in Bangalore purchase gold only to resale it at a late date at a higher price. So, you will have to clear out things before buying gold jewellery. You must understand how much your gold jewellery will fetch at a later day if you wish to sell it.  

It is worth noting that most gold dealers accept gold items at the current market price in the city, excluding the wastage and workmanship cost that you had to incur while making a purchase. But when in need, you can visit trusted gold buyers like Muthoot Gold Point and get the best price for your gold.

 

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