Buying big-ticket items like jewelry are equally exciting and intimidating. As jewelry has its own terms and language, often people find themselves puzzled by questions. Over it, making a purchase just like that without knowing anything is next to impossible as you are going to put your hard-earned money in it. This means the most important step in finding your perfect gold jewelry piece is to find answers to common questions related to the gold purchase. So, don’t leave your purchase decision to chance, ask yourself these important questions before finalizing the purchase.
- Is the Jeweler Trusted and Credentialed?
Make purchases only from a respected jeweler who holds good experience in the business. An established jeweler will offer you reliable services and long-term maintenance on your purchase. Also, they will offer you a range of services such as jewelry repair, resizing, and custom designing.
- What is the type of precious metal?
From daily wear, gold bracelet designs to statement necklaces, whatever jewelry you are looking at the boutique, raise questions about it. Firstly, ask what it is made up of. Whether it is gold, platinum, rose gold, or any other metal. Gold is available in different compositions such as 10k, 18k, and 22k depending on the actual gold metal content in it. Make sure you confirm all this beforehand.
- Is Jewelry Hallmarked?
In India, gold hallmarking is mandatory by law. Gold hallmarking is a process of validating purity and amount of gold content in jewelry according to BIS standards. The main objective of hallmarking jewelry is to protect the interest of consumers by safeguarding them against fraud or theft. Even on the purchase of a 1 gram gold coin, hallmarking is a must.
The BIS Hallmark includes:
- Triangular BIS logo.
- Gold purity in karat and fineness.
- Jeweller’s identification mark.
- AHC’s identification mark.
- What is the type of gemstone or diamonds encrusted on the jewelry?
If you are willing to buy jewelry embedded with gemstones or diamonds, then make sure to inquire about what they are.
- Blue-colored stones can be topaz, sapphire, iolite, or aquamarine.
- Pink stones can be sapphire, tourmaline, or kunzite.
There are several gemstones whose price will vary depending upon the value or wearability. Similarly, diamonds are also available in an array of variations depending upon their grade and quality.
- What is the price break-up of the gold I am purchasing?
The price of gold is inclusive of per-gram cost, custom duty on imported gold which is 10%. Besides other two factors included are making charges and GST. All these charges imposed are highlighted in your invoice.
To summarise, your invoice will include:
- Gold price (inclusive of 10% import duty).
- Making charges (including wastage, if any).
- GST (3%) (applicable on both coins and jewelry).
As a smart buyer, you have to ask your jeweler the following questions before finalizing a purchase.