Jewellery 22 Oct 2018
If hallmarking is a voluntary scheme in India, why is buying hallmarked gold jewellery important? This is because hallmark provides an assurance of purity of the gold item and confirms that it adheres to the quality standards set by the BIS (Bureau of Indian Standards).
If you’re still unsure why it’s vital to purchase only hallmarked gold jewellery, let’s look at what could happen if you don’t.
Many retailers may urge you to buy non-hallmarked gold jewellery by taking their word on the purity and quality. They may also offer a discount. However, when you’re making an important investment, you wouldn’t want to leave anything to chance.
If you go ahead with such a ‘bargain’, you can never be sure of the purity of the gold article. In fact, it’s more likely that you won’t get what you pay for. A hallmark provides the most critical information about your gold item, including the BIS gold standard mark, purity grade, mark of the assaying and hallmarking centre, and the mark of the jeweller or manufacturer.
Also, did you know that while manufacturing a jewellery item, little pieces of gold are soldered or glued together to form a larger one? These small pieces of gold are often alloyed with other metals, which decreases the purity of the final gold article sold to you. If you buy non-hallmarked gold, there’s no way to be sure of the purity of the final gold item you receive.
If you set out to sell a non-hallmarked gold jewellery item, it’s highly likely that you won’t get a fair price for it. This is because the karatage of non-hallmarked gold is not verifiable. And your claim of the karatage or even a jeweller’s self-certification wouldn’t suffice.
Also, if you wish to get the karatage of your gold jewellery checked before you sell it, you will have to take it to a store that has a spectrometer. They will use this instrument to check the purity of your gold jewellery – for a fee. But again, since you have no valid proof, you will have to take the jeweller’s word for it. So, it’s always better to insist on buying hallmarked jewellery so that you don’t face such issues while selling it.
A hallmark not only assures you of the authenticity of your purchase, it also ensures that you get a fair price for your gold while selling or recycling it later. While you have the option of purchasing non-hallmarked gold jewellery, it is wiser to look for a hallmark.
Gold loans are secured loans where gold jewellery is used as collateral. You pledge your gold jewellery with the lender and get a loan. The loan amount is usually a percentage of the gold’s value. You can repay the loan through monthly instalments. After the repayment, you get back your gold jewellery. Nationalised banks, private banks, and other financial institutions offer these loans at affordable interest rates.
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