Jewellery is an integral part of an Indian bride’s trousseau. In fact, most parents generally save for years and buy gold biscuits or bars years in advance in preparation for their daughter’s marriage. Most banks nowadays have started offering loans on jewellery, thus highlight the importance of gold in investment portfolios in India. Thanks to the rising economic independence of women, special collections have been launched exclusively for working women, such as Tanishq’s Collection G, a discreet range of 9 to 5 jewellery.
People also buy gold and silver for investment purposes, since it is not as risky as investing in equity or debt instruments. Tamil Nadu, Andhra Pradesh, Kerala and Karnataka account for 40% of the 800 tonnes of gold consumption in India, displaying a strong cultural preference for gold in these regions.
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So if you decide to buy some jewellery, then be sure to check for the following things. After all, it is a once in a lifetime purchase for most people, so you want to be sure that you make the right decision.
Quality
When you buy jewellery, you want to be sure that it is of the best possible quality, since you are paying a fortune for it. You should buy jewellery only from a reputed jeweler and ensure that it is hallmarked. For a piece of jewellery to be hallmarked, you need to check for the following signs:
These signs are usually placed in the back of the jewellery, so you want to carefully check them with a magnifying glass.
Also, be sure to check the gold/ silver prices in the newspaper before you make your purchase so that you are not duped into spending a ludicrous amount by an unscrupulous jeweler.
Reason behind buying jewellery
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If you are thinking of buying precious metals as an investment option, then it is best to buy it in the form of ingots or bars. This is because the price of gold and silver jewellery includes three components: the cost of the precious metal itself, the making charge and the service tax. So that when you try to sell it, the making charge and the service tax is deducted and only the price of the gold or silver used in the jewellery is considered.
Types of Gold
If you are buying jewellery for marriage, be sure to buy only from a reputed jeweler. If you are buying diamond jewellery, for instance, the chances are that it will be set in 18 K gold, which is harder than the 22 K gold that is normally used to make gold jewellery in India.Palladium or nickel can be added to create white gold. Adding copper produces a rose or pink tint, while silver gives gold a greenish cast.
So those are the FAQs for buying jewellery. If you have any more questions, just comment on this article and we’ll get back to you asap.
