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Here are five mistakes a person should avoid when buying gold, whether it is coins, bars, or jewellery.
Many people forget to check the Bureau of Indian Standards (BIS) hallmark when purchasing gold. Gold bears the BIS logo, purity (e.g., 22K916), testing center code, and jeweler identification number.
Not checking hallmark
Image: PIB
People can also check this themselves using the BIS Care app.
Image: BIS; Edited on: Canva
Most buyers focus solely on the gold rate, but making charges can range from 8% to 25% or more. This significantly increases the actual price of gold.
Ignoring making charges
Gold prices, making charges, and brand premiums vary from jeweler to jeweler. If you buy without comparing, you may end up paying more for the same design.
Not comparing prices
Many people buy gold based on the design but don't consider what they'll get when they sell it. Not every jeweler buys back the gold, and some deduct a making charge. Ask about the resale policy before you buy.
Ignoring resale value
During festivals, many shops have offers like "zero making charges" or "huge discounts." However, these offers often contain hidden charges or lower gold purity. Always be cautious and don't fall for cheap offers.
Fall for discounts
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