As the wedding season begins, the demand for gold and silver spikes in India, the second largest consumer of gold in the world, especially of gold jewellery, just after China, according to the World Gold Council. India spent a record $55.7 billion on gold imports in 2021, most likely to meet this huge demand of jewellery. This demand rises during the wedding season, which falls mainly between October and March.
Half of gold demand in India comes from weddings, as per a World Gold Council report. Not just weddings, gold is also used lavishly in religious and cultural festivals in the country. So, if you are also planning to buy gold this wedding seasons, here we bring you some useful gold buying tips.
Hallmarked jewellery
You must make sure that you only buy gold items with full hallmark, which includes a BIS logo, the name/logo of the hallmark centre, the purity of gold and the manufacturer logo.
Plan before buying
Buying gold before making a careful and strategic decision can impact your monthly or yearly budget. So, plan and buy according to your budget.
Making charges
Making charges make up the final price before GST, which is non-negotiable at any jewellery store across India. Check with jeweller for making charges and make sure these are based on design and market prices. Luxury jewellery stores typically have higher making charge, which makes the gold item costlier.
Trusted sellers
You must check the authenticity of the gold item as well as the seller before buying jewellery. Don’t forget to check the purity of gold with a machine available at the jewellery store. There are several market vendors who sell impure gold. So, always make sure to buy gold from trusted sellers.
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