Published on: 11/16/2015IST
All That You Need to Know Before Buying Your First Piece of Gold Jewellery
Growing up in India, we've all admired our mothers' precious wedding jewellery sets and later accompanied them to the family jeweller as they tried on kangans and kundan masterpieces with their trademark motherly elegance. Sadly, any interest we showed in trying on some of those stunningjhumkis would instantly be connected to our weddings because in the desimommy rule book, everything we ever do is in preparation for our big day. So we would, with irritation of course, push those blingy dreams. But over the years, we've grown up to be strong and financially independent women, which means that the same jewellery fantasies can finally be turned into reality, without really getting married.
But while you've crossed that first barrier in your journey towards owning your first piece of jewellery, there's still a lot more that you need to understand before you make that big purchase. You may be financially ready, but do you know everything there is to know about buying gold? From Carats and gold rate, to hallmark and buy-back value, there are a lot of terms that every customer should be well versed with to avoid looking like a fool in front of the seasoned seller. Don't worry ladies, we've got you covered. Vagabomb spent days and evenings exploring the lanes of Chandni Chowk and Shahpur Jat alike to get you all the inside gyaan you need before you plunge head-first in jewellery shopping.
Get your notepad ready or your printer, because you will want to check off this list before heading out this wedding season.
Research the heavy words in advance.
The most important thing that you need to understand about purchasing gold is the product's level of purity. At a jewellery store, the term Carat(K) gets thrown around a lot. So while we've heard 24K in Bollywood and in Bappi Lahiri jokes, in reality this purest level is not used for making ornaments because of their weak nature. 22K and 18K are more usable levels because after being mixed with other metals, they are stronger and can endure intricate design work and alterations. Another term you need to have on your check-list is the BIS (Bureau of Indian Standards) Hallmark stamp which most jewellers guarantee at the time of purchase. This stamp is a proof of purity that every jewellery piece needs.
Follow the gold rate and time your purchase well.
In times of mommy's yore, the gold rate was a simple looking number in the newspaper everyday which our families followed regularly. Now, a simple Google search will tell you the gold rate in your city every day. We suggest setting an alert for the same so that you are updated in case of any unexpected rise and fall in gold value. Keep in mind that this is the trading gold rate, and exclusive of making and ornamental charges. Time your purchase well, follow stores for their discount offers, and avoid buying on peak festival days.
Differentiate between jewellery pieces as investments and as an accessory.
Another thing that should be on your research priorities is to short-list exactly what you intend on buying. Pretty jhumkis with lots of gem stones that match perfectly with your saree may seem like a good idea right now, but according to all jewellers, if your agenda is investment, then you should stay away from gem stone filled pieces. Their simple explanation is that despite having low gold content, their high making charges make them equal or more expensive than a high gold weighing piece.
Explore the market to compare making charges and design variety.
Don't stick to print or television advertisements when finalizing a shopping destination. From our homework, we've found out that some of the oldest stores don't even feel the need to advertise. Exploring the shops on the ground helps in understanding the design variety that's available and also the difference in making charges, because it is the making charge that's bargain-able and flexible across stores.
Pick a trustworthy jeweller.
Whether you stick to your family's trusted jeweller, or build a connection yourself, purchase from a shop that has a trustworthy reputation in the market. During our research, we visited Shri Ram Hari Ram (SRHR) store in Dariba Kalan in Chandni Chowk and were impressed by the shop which is over 220 years old (phew). In conversation with the management there, we found that they've catered to generations of the same family. Upasana Gupta from the family told us, "Our shop started from a small unit in Dariba Kalan in 1789, and worked with Bahadur Shah Zafar and the royal family. This legacy has continued over the years, and I'm the seventh generation of my family involved with SRHR. Just like us, our customers have stayed with us for generations. Finding a trustworthy jeweller who understands your tastes and preferences is the first step while shopping for jewellery and we're glad to be providing that sense of stability to our customers who've stuck with us for years."
Don't follow seasonal trends blindly.
According to jewellers, there are two kinds of shoppers. The first category knows when the baajubandh is back in fashion, and will come equipped with design references for the same while the other will still ask us for basic kangans and go home with basic kangans. For a jewellery beginner, we suggest sticking to the latter category and purchasing items that you won't be afraid to wear next season.
Understand the resale worth of the item you're purchasing
In the resale value department, diamond still trumps everything followed by gold, platinum and then silver. When purchasing gold, understand the resale policies of the store where you're purchasing it from. Like the gemstones point mentioned above, question your seller about the resale worth of the designs you're shortlisting, and also the process of selling it at any other store.
Understand the variety available, and pick your preference accordingly.
Whether it's the Jodha Akbar after effect, or our love for everything shiny and bright, the obsession with Kundan and Polki work continues. Though the mark of a good customer is one who can identify the difference between the two. Polki is basically uncut diamonds and can be identified with the layers in every piece, whereas Kundan is the more affordable version and is made of glass without layers. And unlike common assumption, Jadau is a technique and not a variety of product.
Keep all your bills and receipts safe.
Another great thing we saw at the Shri Ram Hari Ram store was their transparent return policies. According to the management here, any jewellery which is accompanied by the authentic sales receipt of the store is taken back, no questions asked. Our lesson from this is to keep all our purchase documents just as safe as we plan on keeping the jewellery.
See ladies, it's not rocket science. Get ready to swipe that card or lighten your wallet because you're an informed customer now.
11/16/2015 | | Permalink