Buying Gold Jewellery in India
As the marriage season and festivals like Diwali and Id come nearer, the streets are filled with folks shopping for gold or people like me who go around viewing the displays of gold jewellery in shop windows.
Gold is measured by grams. The value changes everyday according to the price in the market so it can be a good investment to make an easy profilt on. The term carat or karat is used to indicate the amount of gold present, when it is mixed with other metals. Pure gold is very soft so other metals have to be mixed so that designs can be carved and precious stones can be stuck in it. 24-carat gold is pure gold (99.99%), 18-carat gold has 75% purity while 12-carat gold is only 50% pure. There are also 20,16, 14,10 and 9 carat gold. Gold filled or gold plated jewellery is cheaper while white gold jewellery which is made with a mixture of nickle can cause allergies to some people.
1. Traditional Gold Shops - you'll find them in local specialised gold markets like Karol Bagh or Lajpat Nagar in Delhi and Zaveri Bazar or Chira Bazar in Mumbai. They sell gold jewellery in traditional patterns and you would normally find other women wearing the same designs of gold jewellery at weddings or parties. You have to buy the gold at the market rate plus making charges. You can also sell the gold at the market rate when you need cash in the future. Most gold that is sold here are 22K. Gold jewellery with lots of precious stones like diamonds, rubies, emeralds etc. are usually of 18 carat - 9 carat.
2. Modern Jewellery Shops - like Tanishq, Gili, DTC, D'Damas, Nakshatra, Oyzter Bay. Most of these shops have a fixed price attatched to the gold jewellery. The gold is usually of 18 karat or less and does not have much resale value. Designs though are unique and you won't find the same type of jewellery on other women.
3. Buying Gold from ICICI Bank or HDFC Bank Branches - Gold is available at select branches as a small square in 2.5 gm, , 5gm, 8 gm, 10gm, 20 gm and 50 gm amounts. The gold is 24 carat - 99.99 percent pure gold as it does not need to be durable to be made into jewellery. This is easily resellable, only problem is you can't wear it. So, it is useful only as an investment and is usually bought by guys.
4. Buying gold online - some gold shops like totaram.com sell 22 ct gold jewellery online. It can be delivered gift wrapped anywhere in India. Other websites sell other gold jewellery of 18 carat and lower.
So, what are you shopping for this Diwali ?