Akshaya Tritiya is considered as an auspicious day to purchase gold in India. The auspicious occasion sees many potential investors shopping for gold. Indian investors believe that gold and other valuable items purchased on this day bring prosperity.
Backed by the ongoing wedding season in the country and positive market sentiments, jewelers in the country are expecting 15-20 percent increase in gold sales for Akshaya Tritiya 2018.
If you have plans to buy gold jewelry this Akshaya Tritiya, here are six things you should keep in mind.
If you are looking to buy gold for Akshaya Tritiya, go for hallmarked gold and jewelry. Buy gold from a Bureau of Indian Standards (BIS) hallmarked jeweler. There have been reports of instances where even hallmarking was duplicate. So, the best way out would be to buy gold from a reputed jeweler.
The purity of gold is measured through carat or finesse. While buying gold from small jewelers, you can conduct quick test and acid test to analyze purity. If the investment is made in gold coin, you can purchase it from banks. Banks in India sell gold coins in tamper-proof packaging.
Ask for a valid cash memo or invoice with details as it provides transparency to the deal and provides assurance to the investor. If you are buying gold ornaments look for making charges and taxes. The investor has to pay GST (Goods and Services Tax) and share Aadhaar or PAN (Permanent Account Number) details for big purchases.
4. Avoid stone-studded jewelry
Unlike other investment options like real estate, mutual funds and stocks, gold does not provide any regular income unless invested in the government's gold monetization scheme. Stone studded jewelry is usually expensive and also doesn't have resale value. When you sell it, you won't get the price for the stones.
5. Gold rate per gram
Before you make your purchase, find that day's per gram gold price. Gold price varies from city to city and the gold rates are changed twice a day. Also, remember that the gold prices are calculated based on the purity of the gold.
6. Different Options
By considering options like Gold ETFs, Gold funds, sovereign gold bond (SGB), people do not have to worry about theft or storage charges.