Diwali 2021: Buying Gold today? Read these 5 tips for a happy experience

Source :Sify
Author :Finance Desk
Last Updated: Thu, Nov 4th, 2021, 18:13:04hrs
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The five day festival of Diwali is upon us and buying Gold is a common theme during this period.

Be it buying bullion or jewellery, follow these five simple tips for a happy shopping experience.

1. Check the Gold Price Per Gram: While comparing designs it is advised that you ask for the Gold price per gram. Most jewellers will quote it or display on a board. After finalizing on the design, you can also ask for a break-up of the cost. The cost is likely to include the cost per gram, the cost of stones, the making charge and even wastage. Buyers can negotiate on the Gold price per gram.

Most jewellers are members of local associations, some leading associations such as the Madras Jewellery association and India Bullion Jewellers association prominently display their daily price. Should the price at the jeweller be on the higher side, you can try to negotiate. Some jewellers also offer discounts on the making and wastage charges.

Sify.com tracks the daily market price across 56 Indian cities. You can refer the rates here.

2. BIS Certification Compulsory: A non-BIS hallmarked jewellery maybe a cheaper bargain but with the Department of Consumer Affairs making hallmark compulsory it is advisable to buy one with a hallmarked jewellery. You can always ask for a magnifying glass to find out the three pieces of information which is crucial for the hallmark. Most hallmarked jewellery showrooms will mention this information on their shop display.

3. Buying Bullion from Online? Buying Gold and Silver Bullion is common these days. It is advised that you keep the bill handy and compare the price and design well in advance. Most ecommerce sellers have a zero return policy and it is compulsory to be completely sure about the transaction prior to hitting enter on the payments page.

4. Tax on Gold: GST and taxes on Gold purchase and sale are common. GST is also billed on the making charges, but the seller is likely to offer a total price rather than show you the break-up for it. The exact taxation on Gold is available here.

5. Buying Gold Bonds and Paper Gold: With Dhanteras and Laxmi Puja celebrations around, ETFs and Gold Bonds are a popular way to invest in the yellow metal. Such investments have been simplified but there is always an element of risk. To reduce your risks it is advised that you invest from registered entities such as Post Office, Scheduled Commercial Banks and designated exchanges such as the Bombay Stock Exchange and National Stock Exchange. You can buy RBI backed SGBs (Sovereign Gold Bonds) from the National Stock Exchange.

Sify wishes all readers a happy, safe and prosperous Diwali 2021. 

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