Even though it is the digital era and advanced technology is on the rise, world economy remains uncertain. Investing in gold needs a lot of consideration, especially in India because of culture and other reasons. When you are planning a visit then check Kalyan Jewellers gold rate in advance.
Actually, there are lots of loop holes in total gold purchase process. Customers can be fooled to a lot of extent as much as 35% to 39% of total deal value.
How jewellers conduct cheating scam in broad daylight?
39% of gold sale value is making charges. Sale and purchase of gold is mind game. Females are exploited, which is a smart trade trick. Price is not labelled on jewellery pieces but codes are mentioned, so there is no standard rate. So, be a wise customer and ask for price breakup.
24K is purest gold form but jewellery cannot be designed. 18K gold means 6 parts of alloy used. Hallmark gold is claimed to be THE best but here too jewellers propose low carat gold with high charges. The reason is that they ask for consumer’s budget and then try to fit their requirements in low carat gold. Here customers get cheated on gold purity.
You pay gold rate for mediocre stones
When you choose jewellery embedded with colourful stones, which cost few hundred bucks but jeweller will charge the entire piece at gold price. Whenever you return to the jeweller to sell that same piece they will deduct stone weight value as impurity. For example, if you pay 7% extra for the stones weight while buying and pay 7% extra while selling then you suffer double loss.
Around 5% – 7% of total weight of gold is marked as wastage, while making the jewellery piece. It means quantity of gold wasted, while making. Actually, not one gram gets wasted because gold can be melted for reuse.
Checklist each Indian need to follow while buying gold to avoid getting cheated
Buy BIS hallmarked jewellery
BIS or Bureau of Indian Standard ensures gold is the benchmark you need to insist on when you buy gold bars online.
Be familiar with per gram gold rate
Before you visit the jewellery, store make sure to check the gold Indian rate today on reliable websites. Rates get changed twice daily – morning and evening. It varies from one city to another and from one gold association to another. Cross check the rates in 2 to 3 popular showrooms to make sure that per gram gold rate is reliable.
Check the grams of gold you are about to pay for
Gold sellers complicate rate cards. Beside gram price there is making charges and wastage. To win consumers loyalty, after a jewellery piece is bought the making charges or wastage percentage gets removed from rate card under the terms special discount. To simplify rate, it is wise to know how much gold you truly get for the price to be paid. For example, for final price Rs20000, you got 10gm chain. It means you are paying Rs2000 per gram. Subtract actual todays per gram gold rate and check how much more got paid per gram. After doing this calculation go ahead and purchase.
Asking for bill means paying GST and sharing your PAN details. Bill ensures transparency and assurance. It is a proof, which can help in case you are forced to file a complaint at Consumer Court.