Scores of Indians will celebrate Dhanteras on Thursday, November 10, 2023, which is believed to be auspicious to buy gold. Although there are various options for making gold investments, like digital gold, sovereign gold bonds (SGBs), and gold exchange-traded funds (ETFs), acquiring a piece of physical gold jewellery has another level of satisfaction. This yellow metal holds a special place in the hearts of Indians, and on occasions like Dhanteras and Akshay Tritiya, etc., millions of gold buyers flock to the jewellery stores across the country.

However, a few things they should consider before buying gold:

Hallmark  

While buying a gold jewellery item, the first thing to check is the hallmark, which has three symbols: the first is the BIS logo, the second indicates purity, and the third is the Hallmark Unique Identification (HUID), a six-digit alphanumeric code. Until March 31, 2023, jewellery with a four-digit HUID mark was allowed for selling, but from April 1, 2023, the government permitted sales for only six-digit hallmarked jewellery.

The BIS logo means the item is certified by the Bureau of Indian Standards (BIS), India’s national standard body. The purity symbol shows the gold’s purity in carats, and the HUID mark checks the item’s authenticity. Buyers can use the BIS Care App to verify the HUID is authentic. For this purpose, they must insert the HUID number in the relevant box in the app to check its validity.

Price

Gold prices change every day. The buyer must also pay for the item’s making charge, which may vary from one jeweller to another. The prices may also differ based on the type of jewellery; for example, machine-made jewellery items may have a lower making charge than handcrafted jewellery. So, compare the prices from different sellers and check their making charges to find out who can offer the best rates.

Certification And Invoice

When you purchase a gold item, check for the warranty and return policy in case of any defect found later, and remember to keep the purity certificate and invoice safely. One may ask for the detailed bill, which shows a break-up of the total cost (gold price, hallmarking cost, making charges, etc.). In the case of gold coins, the certificate indicates the item’s purity, so ensure you receive it from the seller.

So, buy gold only after checking the details. The mandatory hallmarking for jewellers has made quality checks easier for the buyers, but still, do the purity and authentic check before buying.