Diwali Gold Buying Tips: Save lakhs with these 7 tips!

This year, before Diwali, gold prices are at a record high. On October 9, the cost of 24-carat gold is Rs 1,24,300, which is more than 47% higher than the start of the year. If you're also planning to buy gold, be sure to follow these 7 smart tips…

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Understand City-Wise Gold Rates

Gold prices vary by city due to taxes and local demand. Check daily rates on IBJA. Prices update morning and evening, so timing your purchase can save you money.

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Check Purity and Hallmarking

Checking gold purity is vital. 24K is purest, but jewelry is often 14K-22K. Look for the mandatory BIS hallmark ('916' for 22K). Use the BIS Care app to verify it.

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Know the Extra Charges and Final Cost

Making, wastage, and stone charges add to the cost. Machine-made items have lower charges (5-8%) than handmade (20-30%). Always ask for a full cost breakdown before buying.

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Beware of Scams

Fake hallmarks and hidden charges are common during Diwali. Avoid non-hallmarked jewelry. Always buy from a trusted jeweler and get a proper bill to avoid inflated rates.

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Understand the Buy-Back Policy

Understand the buy-back policy for resale value. Jewelers deduct making charges and use the current market rate, not your purchase price. Knowing this secures your investment.

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Gold Schemes and Installments

Many jewelers offer installment schemes for Diwali, making purchases easier. These plans may include discounts on making charges, helping you plan and control your spending.

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Plan for Long-Term and Resale Value

Gold's best feature is its resale value, set by net gold content and market rates. Keep the BIS certificate and bill for easy buy-back. Check weights and rates on studded jewelry.