Gold is one of the useful and most common metals in Indian families. We love to buy gold ornaments as well as gold biscuits for future investments. But you should be aware while buying gold otherwise, you may lend into a problem. Here I am sharing some top things that you should check before buying gold.
Purity
Purity is one of the top things to check before buying gold because without purity there is no use of gold. Generally, gold with a purity of 18, 22 and 24 karats are considered worth buying and 24 karats are said to be the purest form with lowest impurities. So, you should check the purity of gold before buying ornament or biscuit.
Genuineness
Genuineness of the gold can be checked by the hallmark certification provided by the Bureau of Indian standard. That gives you surety that you are purchasing a genuine form of metal. You can ask for such certificate while buying gold from your jeweler.
Charges
This is also one of the top things to check before buying gold because you may lend paying additional charges. While buying gold you should check all the charges included in the bill and can compare with the different jewelers.
Taxes
In the Indian market, GST is applicable while buying gold but what percentage will be legible to you depends on the type of gold you are purchasing. Because GST is different for different forms of gold so you should check all the taxes before making the payment. SGB is the form of gold that is free from GST currently so you can opt-out for this one.
Buy Back Options
Most of people buy gold for future investments because prices of gold are increasing day by day. And you can sell your gold whenever you need money. But you should check with your jeweler about their buy-back options that what amount you will receive at the time of selling.
Bills
This is also one of the top things to check before buying gold and you should consider while buying any kind of gold. The main reason is that without a proper bill you may face many problems at the time of selling or exchanging your ornaments. So, you should be wise and take a proper bill while purchasing any form of gold.