Akshaya Tritiya on May 9; How to fetch the best deal in gold buying

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Updated: May 6, 2016 5:42:35 PM

Akshaya Tritiya: Experts suggest to go to reputed jeweller to be sure of purity of the gold product and to check the BIS hallmarking.

gold buying- Akshaya TritiyaGold prices surged by Rs 25 to Rs 30,125 per 10 grams in the bullion market on Friday. (Reuters)

Are you planning to buy gold for Akshaya Tritiya? Are you aware of the various discount schemes doing the rounds? Which jeweller should you trust? What should you look for to be sure that the yellow metal is of the purity you are looking for? Should you be lured by the discount schemes on offer?

As you step out to make that expensive purchase of the yellow metal for Akshaya Tritiya, the auspicious day falling on Monday, you need to keep aware of all facets of gold buying to ensure you a good deal and you don’t find yourself in trouble when and if you want to sell the metal.

We spoke to leading jewellers across the country to find out what they suggest to customers who might be wanting to buy. Among the suggestions is to go to reputed jeweller to be sure of purity of the product and to check the BIS hallmarking.

Gold prices surged by Rs 25 to Rs 30,125 per 10 grams in the bullion market on Friday.

Saurabh Gadgill, CMD, PNG Jewellers and Vice-President, Indian Bullion and Jewellers’ Association also advises those who purchase bullion for investment to take a long-term view. “I would advise those who purchase bullion not to invest more than 10-15 per cent of the portfolio in the metal. Also do not look for short-term gains but be a long-term investor. PNG Jeweller’s has stores across Maharashtra and in Madhya Pradesh and Goa.

Ishu Datwani, founder, Anmol Jewellers, stores in Mumbai and Delhi, advises to buy only hallmarked jewellery to be sure of quality and for exchange and upgrade.

Here are some of the top tips for purchase of gold from the jewellery community themselves.

Saurabh Gadgil, CMD, PNG Jewellers and Vice-President, Indian Bullion and Jewellers’ Association
For buying bullion:
-If you are buying bullion as investment do not invest more than 10-15 per cent of your portfolio
-Do not speculate on price movement
-Have a long term view on your investment. Investing for short-term gains might make you unhappy

For buying jewellery:
-There are a lot of promotional schemes doing the round. Take advantage and strike the best deal after comparing
-Check whether you are getting the jewellery at a good price. It should be lower than normally available because of the discounts

Satish Chand Singhvi, President, Delhi Jewellers’ Association
-Purchase gold only from a reputed shop
-Check credibility of the jeweller
-Do not go by the jeweller’s assertion, look for hallmarking.

Ishu Datwani, founder, Anmol Jewellers, stores in Mumbai and Delhi
-Buy something that you will wear or use and not to keep in the locker
-Buy only hallmarked gold
-If gold is of the desired 22 carat purity it will be easier to exchange or upgrade the product at a later stage

Krishan Alreja, Regional Manager – North, All India Gem and Jewellery Trade Federation
-Buy from good reputed showroom
-Insist on a bill along with the purchase
-Absence of bill may make it difficult to exchange
-But only BIS hallmarked gold with certiciation of 22 carat purity

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