Buying gold jewelry is much more than a shopping decision; it is more of a long-term investment considering the amount of money that you may need to shell out. Issues such as the ever-rising gold prices and doubts related to the purity of the metal being used in the jewelry are just a few of the challenges that you may come across. Handling these issues is something that you will learn with time but there are some tips that would definitely help the first-time buyers as well as the seasoned ones. Let’s go through a list of dos and don’ts to enable you spend smartly on gold jewelry.
1. Do check the purity
The most important thing to do is to check the purity of the gold that is being used to craft the piece. The best measure is to look for hallmarked pieces as this alone is enough to ensure that you are buying a piece that is pure as claimed. Whether you are buying from a store or online, look for hallmark as the first criteria. A quality certification by a regulatory authority is another reliable means to ensure the authenticity of the product. Do not hesitate to spend a little extra on a certified product if you have to. Ask the seller explicitly about the purity standards of his products. You can have the gold appraised from a third-party appraiser to verify its authenticity.
2. Do verify the pricing
The price of the item will depend on the current market rate and the purity of gold used in making it. Before you shop, start by checking the current gold price to make sure that you are not being overcharged for the piece. Also, understand the fundamentals of calculation of the prices based on gold purity. For instance, the bullion rate differs from the rate used for jewelry valuation because the former is for 24K gold while jewelry is valued at 22K/18K/14K weight. The jewelry valuation depends on the purity of gold being used with the price being adjusted accordingly.
3. Do understand the concept of cost calculation
Another fact that complicates the calculation of the jewelry pricing is that it includes the making charges as well. These charges elevate the cost because labor is involved in crafting the product. Moreover, you will also have to pay for the gemstones used in the design if you are buying a studded piece. It is better to understand the concept of cost calculation before you step out for jewelry shopping. You can do some research online or ask an expert to explain the way that the cost is calculated after adjusting the making charges and cost of gemstones used in the jewelry.
4. Do buy from a reputed seller
Whenever you buy gold jewelry, always choose a reputed seller who deals in quality products. Ask around for recommendations to get genuine advice about the stores in your area. If you want to shop online, look for websites that have good online reviews from the first-hand buyers. It is a smart idea to shop from here as these sites offer several deals to economize your purchase. While you can check out the extensive variety in just a few clicks, you can also avail easy financing options at some of the sites. But before you so shop online, ensure that you check their local address, reviews and exchange and return policies.
5. Don’t make an impulse purchase
With luxury items like gold jewelry, impulse buying is the most common mistake that people make. Never buy any piece unless you are completely sure about its quality and authenticity. You may love a design but buying anything on impulse can land you in trouble and have your money wasted. While a beautiful design matters, the quality of material and strength of the item are equally important. A physical examination of the product with a little tugging and pulling gives a fair idea of its strength. Check the quality certifications as well. Those opting for online shopping should have a good look at the catalog and images and go through the product certifications.
6. Don’t buy from some with no return policy
One thing that you should not do is to buy gold online from someone with no return policy. Many times, products appear different on the virtual store and you may not like them as much when you see them physically. The only solution is to have the product returned or exchanged. But this may not be possible if you buy from a website that has a no return policy. Hence, it becomes essential to go through the return and refund policy before you shop gold jewelry from any site. Be thorough and read between the lines because the seller may take you for a ride by adding some no return or conditional return clauses in the fine print.
7. Don’t forget to compare
Whether you shop gold jewelry online or in store, don’t forget to compare a few sellers before you close a purchase. Use parameters such as pricing (including the gold price and making charges), craftsmanship, product quality and reputation. It is easier to compare the products online because you can browse through various sites offering similar products at different prices. The best thing is that you need not waste time on visiting the stores but can easily compare the in just a few clicks. Additionally, you have the chances to hit a deal online as several sites bring special offers from time to time.
With gold shopping, it’s all about trying and testing. So the best advice is not to buy in bulk from any seller unless you trust them completely. Start with small purchases and get the price and quality appraised so that you can gradually build trust in a seller. Also, it is best to keep an eye on the market price of gold and buy when they are on the lower side. Look for festive deals and discount offers to get the items you desire at lower prices that they would cost otherwise.