Marriage The season has started. Crowds of people doing wedding shopping can be seen in the market. After clothes, the most important thing in wedding shopping is jewelry. But today, the price of jewelry is skyrocketing. In such a situation, it is not easy for everyone to buy it.
Wearing gold jewelry at a wedding is every bride’s dream. But nowadays, buying and identifying real jewelry is a real challenge. If you also want to buy gold jewelry during this wedding season, it is important to keep certain things in mind. So that you can get good gold jewelry at the best price.
So, let’s talk today in an important news about what to keep in mind while buying gold jewelry during the wedding season? You will also learn that-
What are the gold testing methods? Is it okay to have new jewelry made in exchange for old jewelry?
Expert: Abhishek Soni, jeweler, Uttar Pradesh
Question: Why is gold so important in Indian weddings?
Answer – Gold jewelry is an important part of Indian weddings. Nowadays, there is hardly any wedding that is complete without purchasing gold jewelry. For many families in India, gold jewelry is an heirloom that the bride inherits from her mother-in-law at the time of marriage.
Even in modern times, this heritage is an integral part of Indian wedding rituals. Gold jewelry can be easily converted into rupees by exchanging them. This is the reason why it is also considered to be the safest method of investment.
According to the World Gold Council (WGC) 2020 report, Indian women wear the most gold in the world. Indian women own around 24,000 tonnes of gold. This represents 11% of the world’s total gold reserves.
Question – What are the rules for changing old gold jewelry?
Answer- Since April 1, 2023, the central government has made changes regarding the rules of purchase and sale of gold. Under this, gold jewelry cannot be traded or sold without Hallmark Unique Identification (HUID). HUID certifies the quality and purity of gold.
Question – What should I do to make a hallmark on old gold jewelry?
Answer – If you want to get gold jewelry hallmarked, you will need to take it to a jeweler registered with the Bureau of Indian Standards (BIS). The jeweler will take it to the BIS Appraisal and Hallmarking Center. For this, a fee must be paid depending on the weight of the jewelry. The fee for hallmarking gold jewelry is Rs 45 per item. Apart from this, the service charge is Rs 200. Hallmarking Center examines the jewelry and issues the BIS certificate.
Question: How much do jewelers charge when exchanging old gold jewelry?
Answer: Jeweler Abhishek Soni says there is a tax on the purchase and sale of gold. It depends on how long you have owned the jewelry. Apart from this, while exchanging old gold jewelry, jewelers may charge 3-25% of the weight of the gold as manufacturing charges.
Question: What things should be kept in mind while selling gold jewelry?
Answer – If you are planning to sell old jewelry, you must have correct information about its weight and carat. Apart from this, keep the original receipt of the jewelry with you as many jewelers may ask for it. Understand this from the graph below.
Question: Is it okay to make new jewelry by replacing old jewelry?
Answer – At weddings, most people prefer to have new jewelry made in exchange for old jewelry. This could be a good deal. Understand it like this-
10 years ago the price of gold was around Rs 3000 per gram and today the price of one gram of gold is around Rs 7400. In such a situation, if you want sell your old jewelry weighing 5 grams, then at the current rate its price will be around Rs 37,000. While its old value was around Rs 15,000. In such a situation, even after deducting some taxes, you can buy new designer jewelry without paying extra money.
Question: Is it okay to make cash payment when buying gold?
Answer: At the time of weddings, people buy jewelry worth thousands of dollars. In such a situation, one should avoid paying in cash. Instead, making a payment online is a better option. Apart from this, you can also make payment via debit or credit card. If you have ordered jewelry online, definitely check its packaging. Do not immediately accept the packaging if it is tampered with.
After purchasing jewelry, you should always obtain a receipt or invoice. This keeps an official record of your jewelry purchase.
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Necessary news – Check the reality of gold and silver at home: learn to see the hallmarks.
People consider it best to buy gold for investment, but it is also important to ensure its purity. Sometimes fraudsters deceive people, fake the gold and silver jewelry and sell it at the price of real gold and silver. …