News India Live, Digital Desk: Often when we go to a jewelery shop to buy gold jewelry, we rely on the shopkeeper’s words. Many people simply see ‘916 hallmarks’ assuming that gold is up and buy. But later it is revealed that something else was handed over in the name of gold, and then there is nothing left except regrets.
Some shopkeepers are so vicious that in the blink of an eye, you can lime in things. Therefore, it is very important to show a little understanding while buying gold. Let us know some such things that you can avoid deception in gold shopping.
1. Don’t be happy to see just ‘916’:
‘916 hallmark’ simply means that gold is 91.6% pure. It is called 22 carat gold gold, which usually makes jewelry. You can understand it (22/24)*100 = 91.6%. But it is not enough to be satisfied by seeing this only mark. Many more things should be examined for the real identity of gold. Instead of getting stuck on only one symbol, look carefully.
2. Understand the hallmark properly and check:
Real Gold identifies from the hallmark itself. The Bureau of Indian Standards (BIS) puts its seal on jewelry, which is a proof of purity. Do see three things in real hallmark:
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BIS logo (triangle mark)
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Care in carat (eg 22k916)
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6 digit HUID code (Hallmark Unique Identification)
This HUID code is different on every jewelry and has both letters and numbers. If these three are not the things, or there is no HUID code, the gold may be fake or its purity is doubtful. That is why the government has made hallmarking mandatory.
3. Must ask the resale value of gold:
Usually selling something is low on selling something, but gold is something that can get a good price (gold resale value) on selling, just like land. Therefore, when purchasing gold, always ask about the current rate and its recylers or exchange value. Also make it clear whether the money for the making charge will be returned while selling it back.
4. Always take a firm bill, not raw slip:
Whenever you buy gold, never forget to take Gold Purchase Bill from the shopkeeper. In this bill, the purity of gold (eg 22k, 18k), the Hallmark’s HUID number, how much the making charge was charged, the full name, address and license number of the GST and the jeweler should be clearly written. There may be a lot of difficulty in selling or exchanging gold if there is no firm bill. Note that Gold Making Charges Explained can usually range from 8% to 30%, it should be written separately on the bill.
5. Stay more careful in stone jewelery:
If you are buying jewelry in which diamonds or any other gems are held (Stone Studed Jewelry Buying Guide), then you need to be more careful. Many times shopkeepers cleverly weigh the weight of the stone in the price of gold. Always make sure that the weight and price of the stone is written separately in the bill. Also check whether the stone is real or fake. Remember, most of the stone costs much lower than gold. If they are weighed with gold, you may suffer heavy losses.
A little information and caution can protect you from big losses in gold purchases. Next time you buy gold, keep these things in mind!
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