Dhanteras marks the beginning of Diwali and is considered an auspicious day to invest in gold and other precious metals. If you’re planning to invest in gold this year, here are 5 important things that you must keep in mind.
Dhanteras or Dhantrayodashi will be celebrated this year on October 22. The day is considered lucky for investing in gold and other precious metals because it is the first day of Diwali. Because the name Dhanteras symbolises riches and prosperity, people buy gold, silver, and kitchenware on this day.
Every year, when Indians throng to purchase the yellow metal in the form of jewellery or coins on this auspicious day, the demand for gold or silver soars. Here are 5 things to keep in mind if you're thinking about investing in gold this year.
Know the exact and current price of gold
Prices for gold vary depending on the grade of the metal and are dependent on its purity. The finest kind of gold, 24 karat, carries the highest price tag. One must be aware of the current price of gold while making a purchase because it is subject to daily market fluctuations. Consumers may view the daily gold rates at all jewellery retailers.
Always know the making cost of jewellery
Making fees are the labour costs associated with making gold jewellery, and they vary based on the kind, style, and whether it is manufactured by hand or by machine. Gold jewellery created by machines is less expensive than jewellery made by humans since it requires less labour. Even if many jewellery shops provide a certain discount on making fees, it is still a good idea to double-check the offers and the manufacturing fees before buying the jewellery.
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Go for hallmark jewellery
Jewelry with a hallmark is guaranteed to be made of pure gold, making it safe to buy. The procedure used to verify the purity of gold is known as hallmarking. The organisation that certifies gold is known as the Bureau of Indian Standards (BIS) hallmark.
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Ensure purity of gold
Gold's purity is measured in karats, with 24 karat gold being thought to be 99.9% pure and 22 karat gold being 92% pure. Always examine the purity of the gold before buying it or any gold jewellery, and adjust the price accordingly.
Cross check the exact weight of the gold
The majority of gold jewellery in India is sold by weight, although it is made heavier by precious stones like diamonds and emeralds. Don't mistake the precise weight of the gold with the total weight of the jewellery, then. When you go to sell it, only the weight of genuine gold may be accepted; otherwise, you may wind up paying for gold that is not truly there. Buy carefully as a result.
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