At the time of purchasing gold always ask the shopkeeper for the bill. (Photo credit: PTI)
New Delhi: Gold, one of the most valuable and sought-after metals in the world, is an excellent investment option. While the yellow metal has maintained its worth over time, people view it as a means of passing on and preserving wealth from one generation to the next. It should be mentioned that an important gold-related rule is going to be implemented in the country from June 2022. Therefore, before buying gold you must know about this rule or else you can be cheated. Here in this article, we will share with you the things to keep in mind before purchasing gold.
Bureau of Indian Standards (BIS), in a recent notification, has pointed out that hallmarking of gold jewellery/artifacts has been made mandatory in the existing 256 districts and 32 new districts covered by Assaying and Hallmarking Centres (AHC). One should keep in mind that only gold jewellery and antiquities weighing 14, 18, 20, 22, 23, and 24 carats shall be sold and with compulsorily hallmarking. The buyer should be aware that hallmarked gold ornaments should have a BIS logo, purity/fineness grade, and six-digit alphanumeric code, also known as Hallmark Unique Identification (HUID).
The buyer should keep in mind that jewellery involves the labour cost and it depends upon the brand outlet. While making charges of machine-made jewellery is generally lower than the handmade ones, one should always check the cost breakup of the final price that the retailer is making.
Depending upon the price demand, the price of gold varies from time to time, Therefore it is better to buy gold jewellery in the off-season and not when the demand is high.
The buyers should keep in mind that the jewellery shop owners will ask for your PAN card and Aadhaar card for purchases of over Rs 2 lakh. Of late, they have been seeking KYC documents for purchases even below Rs 2 lakh.
At the time of purchasing gold always ask the shopkeeper for the bill. At the time of reselling the gold, the shopkeeper may require a bill for authentication.
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