Indians think that purchasing gold on auspicious days will bring them good fortune and prosperity. People purchase gold jewellery and coins for a variety of reasons, including gift-giving and puja offerings. One of the most fortunate days to purchase gold is Akshaya Tritiya. Many now wait in line outside jewellery stores on that day to purchase a piece of gold jewellery, making it something of a tradition over the years. This has roots in the social norms and mythology of India. Many people believe that assets purchased on this day, such as gold, will survive forever. So much so that households frequently purchase gold for weddings on this day, regardless of when the wedding may take place, in the hopes that it will bring the newlyweds good fortune.
People still prefer purchasing gold during Akshaya Tritiya centuries and decades later, and many jewellers frequently even provide appealing discounts during the celebration. Although purchasing gold is usually a wise investment, there are a few things to consider first.
It is important to check the purity of any gold jewellery you purchase because this will tell you how much it is really worth. The authorised organisation that certifies the purity of gold jewellery is the Bureau of Indian Standards (BIS). Any piece of jewellery with a hallmark will also include a number, a BIS stamp, a statement of the carat, an alphabetized year of hallmarking, a jeweller’s identity mark, and the assaying centre. The marking is typically located in a discrete area, such as the inside of a ring band.
Always examine the hallmark before purchasing any gold jewellery. The purity of gold affects its price. When making a purchase, one should responsibly verify the carat, and weight, and take into account the cost and longevity of each piece. Although 24 carats denotes 100% purity, it is recommended to choose 18 carats if you plan to wear the jewellery frequently.
Seek for deals when paying bills
Some jewellery companies provide Akshaya Tritiya jewellery offers and significant discounts on making charges for a set period of time in order to commemorate the event and draw clients. For instance, some jewellers offer up to 20% to 50% reduction on the costs of creating gold jewellery. Conversely, other jewellers offer guaranteed gold coins with every purchase. Such offers are widely available, so be sure to investigate each one.
Each piece of gold jewellery has a different price depending on the store. Make an informed selection before you buy by quickly comparing the current market pricing, taking into account the various making costs and the discounts offered on them.
What to purchase and what not to
Although purchasing gold jewellery is typically seen as a secure investment, careful consideration must be given to what to buy and what to steer clear of. It is advised that you invest in something that will provide you with the best profits possible. Classic and classic styles are always a sure thing and offer 100% returns.
Choose bars or gold coins
It could be wiser to choose gold coins or bars if you’re only interested in purchasing gold as an investment. These have 100% exchange value and little production costs.
Don’t pick stone jewellery
While valuable stones enhance the attractiveness of jewellery like the latest earrings designs, they also reduce the value of an ornament. Thus, decorations with precious stones are typically more expensive than ornaments made of conventional gold. They have expensive manufacturing costs, but when they are traded or sold, the stones are removed to assess the gold’s value. There is a good chance that you will just receive the gold’s exchange value.
Some major retailers like Melorra value a precious stone as per its current market price when considering its return if you have the receipt and the stone is valuable. However, just a few prestigious jewellery brands engage in this method. You need to bear in mind that the stone has absolutely no value to small jewellery stores.