Buying gold during festive season?

It's that time of the year and festive cheer can be felt in the air! In addition to the merriment, most Indians look forward to buying products they have been eyeing all year. Considered to be an auspicious time to make big-ticket purchases or begin a new venture, the festive season features discounts galore. One of the most common purchases made by consumers is jewelry.

Buying jewelry, particularly gold, has been woven into our tradition and is viewed as customary to buy gold jewelry during the festive season. However, with volatile prices and COVID-19 continuing its onslaught, there are some key factors to weigh in before purchasing gold this year, says Rupesh Jain, Founder & CEO of Candere, an online jewellery brand.

Go digital

The days when people used to visit jewellery stores with their families to buy gold are long gone. COVID-19 has resulted in the world shifting towards contactless and digital purchases; buying gold is no exception. Purchasing or selling gold digitally has never been easier and people are gravitating towards digital buying amidst the pandemic. Since gold will always remain an asset to the buyer, they needn't be afraid to purchase it during this time. Although, one should always check the price before purchasing to ensure that they are making a profit rather than paying more than they should.

Check the hallmark

When buying gold, a BIS (Bureau of Indian Standards) hallmark is the most crucial element. When purchasing gold jewellery, it is imperative to look for 22K, 18K, and 14K gold as advised by the BIS. Ensuring that the jewellery meets the standards set by the BIS will not only allow you to buy the best quality gold but also let its resale value be unaffected by quality issues, Jain points out.

Look for the best schemes

The world is going through challenging times and there may be some hesitancy surrounding the purchase of gold due to factors such as viability, fluctuating prices, etc. Therefore, it is best to look for brands offering feasible plans, thereby making purchasing gold easier, he underlines. For instance, plans such as the DGRP (Double Gold Rate Protection) ensure that customers can purchase gold for the lowest price by freezing the rates and make the purchase later. Shopping online gives consumers the advantage of booking the rate of gold as per the booking date's prices, benefitting them more, and allowing them sufficient time to purchase after booking.

Buying gold will never become obsolete as gold offers financial security apart from being an accessory. Become a smart buyer by following the simple steps mentioned above and make the most out of your purchase.