When buying fine jewelry for personal use, gifting, or as an investment, gold has remained one of the most popular and valuable metals. It has always been at the top of our shopping list due to its attractiveness and good return on investment. People all over the world are obsessed with this precious yellow metal because its price always keeps rising. It means that the gold jewelry you buy today will increase in value over the years. Due to these advantages, people often get too excited to buy gold that they forget to perform the necessary due diligence while purchasing gold jewelry. While buying gold is a smart move, not researching before shopping can result in overpaying.
Gold jewelry is a popular choice for weddings and other special occasions. It is not only an investment, but also a fashion piece that looks elegant and classy. Gold jewelry has become even more appealing with the latest styles and trends which means the demand for this precious metal is here to stay. At the time of buying gold jewelry, most of us prefer to visit several places, compare costs, and then purchase it. However, even the best among us can make blunders when purchasing gold. So, to keep you on track, here are some pointers to consider while purchasing gold jewelry.
Current Gold Rate
Before you reach a jewelry shop, don’t forget to check the latest gold rate in your city. The gold rate keeps fluctuating in the global market and varies from one place to another. Each country has a different gold rate due to factors like demand, import costs, taxes, etc. It means that gold rates in port cities could be less than in interior regions. The price is usually updated twice a day which directly impacts the rates of products. So, make sure you know the current gold rate before buying.
Purity
From daily casual wear jewelry to statement pieces for special occasions, gold jewelry is available in a wide range of designs. People buy gold for different reasons- some see it as a shield for financial security while others as a style statement. No matter why you buy gold, make sure to educate yourself with some basic terms like karat and purity. Purity is one of the key factors for buying gold because it’s directly linked to the overall product price. Purity refers to the percentage of gold in the alloy which is referred to as karat. 24K is the highest form of gold purity while 18K and 14k are lower ones, costing less. Besides checking purity, the hallmark is another way of ensuring purity. It is highly recommended to always buy hallmarked jewelry. Hallmarking jewelry is an industry practice that ensures credibility and the purity of products.
Price
Products like gold and diamond jewelry are expensive which means setting your budget and comparing prices are important factors. You can find thousands of stylish designs online and at stores but not all products will be within your budget. So, having a price in mind before you start shopping is important. To get an idea of prices, you can browse the websites of some major jewelry brands. Whether you’re looking for gold rings, bracelets, or necklaces, determine the purity level you want because that impacts the final price. Besides purity, labor charges are also added to the final cost. The effort craftsmen put into designing and making a piece is known as making charges. Some sellers charge higher making charges than others. So, it’s best to compare prices and buy from a trusted jewelry store or recognized brand. If you’re buying gold for investment purposes, it’s better to get a gold coin or bar to avoid paying making charges.