There is a lot of positivity hidden in Gold, this is what we all human beings believe. So we all buy gold or gold ornaments as savings of money or to wear as ornaments. The way the price of gold is going up today is a matter of thinking. If I have to buy gold, I will think first about how to buy Gold jewelry for profit?
There are some important rules when purchasing ornaments. if you follow these rules then you can go to buy Jewelry without fear. Those of us who worked in the jewelry industry for many years, only know so many things. So I thought I should share my experience with you so that you can save some money and you can bring home pure gold.
1. Plan in Advance Buy Gold jewelry for Profit
If we know in advance that we will have to buy a large amount of gold one day, then we can buy virtual gold in advance. For example, we can buy gold Bonds from banks, where we can buy Gold by Depositing money by the Instalments process. The best way is to deposit money in the ETF (Exchange-Traded Fund).
This is because if the initial period of this fund exceeds 1 year, very little tax has to be paid at the time of withdrawal of Gold. The most important thing, there is no fear of stealing any gold here and pure gold is available whenever you want. However, if you want to know about this, you can contact your Bank.
If you have this gold, you will not have to think about the problem of buying high-volume gold because buying gold together matters of huge expenses of the large amounts which is a matter of a very big budget. On the other hand, you can exchange gold with a goldsmith.
while making ornaments, depending on the current price of gold, no need to worry, you just have to pay for the ornaments making wages to the goldsmith.
2. Buy Gold or Gold Ornaments at safe prices
We see a few months of the year when the sale of gold ornaments increases a lot like in the wedding months or in many festivals and months like September to December and January the price of this precious Yellow Metal skyrockets.
So even if we avoid those times. we can buy Gold jewelry for a profit. Because of the rest of the months like March to August, the price of yellow metal is low.
So wages can negotiable with Jewelers. And in the high seasons, almost every day Gold Prices go up, so it is not possible to fix the budget at that time.
3. Calculate the Price of 1 gram 22Karat and 18Karat or 14Karat gold?
You need to know first what is 24-karat gold?
24Karat gold means pure gold, which means it contains 100% gold. But does that mean 100% pure? The precious yellow metal we are talking about is never 100% pure.
The purity of the 24Karat gold we get is 99.9% and 99.5%. The price of gold in the market is set at 99.9% or 99.5%. Example: If we check today’s gold price of Rs 5,000 per gram, then we need to understand that 99.9% pure 1 gram of gold costs is Rs 5,000 per gram.
No ornaments made 99.9% or 99.5% gold.
To make ornaments you have to mix alloy with this gold. After mixing this alloy it becomes suitable for making ornaments.
The question that may arise in your mind’ what is Alloy? Alloy is a metal that is mixed to make all the natural metals suitable for use in daily life. Because all-natural metals are very soft in the first stage.
In any case, the gold ornaments we buy are usually made of 22-karat. 22-karat gold means 91.6% pure gold and the rest is 8.3% alloy.
So 18-karat gold means 75% pure gold and the rest is 25% alloy, so 14-karat gold means 56.3% pure gold, the rest is 41.6% alloy, and 10-karat gold means 41.8% pure gold and the rest is 56. .3% alloy is mixed.
So if the price of 1 gram (24Karat) gold today is 5000 rupees, then what the price of 22Karat 1 gram gold? 5000 / 99.9 (24Karat) = 50.05 rupees is the price of 1% pure gold.
91.6% * 50.05 = 4584.58 rupees is the price of 1 gram 22-karat gold. The exact value of gold calculated by % of Karats.
So that we can determine the right price when buy Gold jewelry for profit.
4. Identify Pure Gold when Buy Gold jewelry
Gold purity is a very important thing to check. If you don’t have a little knowledge about it, then Goldsmith can easily cheat you.
To check the good quality gold, Just look at the hallmark mark in the ornament. Hallmarking is the identification that represents the purity of the metal in question. how much alloy there is, and the unit of the pure gold Volume also. It is usually found as a symbol.
At first, there was no such symbol in the whole world. In November 1972 European countries signed the Vienna Convention on Hallmarking to regulate the purity of Gold.
The Government of India has unanimously recognized the hallmarking of the Bureau of Indian Standards in accordance with the International Standards for Hallmarking (Vienna Convention 1977).
These marks vary from country to country, and these scraps usually test the purity of gold, platinum, and silver.
Definition of all symbols are bellow:-
• Bureau of Indian Standards (BIS) logo.
• The purity of gold.
24Karat – 999, 23Karat – 958, 22Karat – 916, 21Karat – 875, 20Karat – 833
19Karat-791, 18Karat-750, 17Karat-707, 16Karat-666, 14Karat-585, 10Karat-417, 9 Karat-365, 8Karat-333.
• Mark the Assay Centre or Hallmarking Centre:
• Jeweller’s identification mark:
Logo of BIS Certified Jewellery or BIS Certified Jewellery Manufacturer.
• Hallmark’s year:
An alphabet Indicate making a year of that casted jewelry. BIS has indicated the year 2000 as “A”, followed by 2006 as “J” and 2011 as “N” and 2012 as “P” etc.
All these are symbols. These 5 symbols are very important. These symbols must check when buying Gold jewelry for a profit.
It costs jewelers only Rs 25 to embellish each stamp. Another thing is that the Goldsmith cannot make this mark of Hallmarking. These stamps are made in an approved laboratory.
Hallmarking is not done on KDM jewelry, so KDM jewelry does not represent pure gold.
We must know these small but important things.
5. How can we find the Hallmarking symbol ourselves?
Hallmarking marks are usually on the lower inner side of a Finger Ring and The Earring is where the post has soldered.
In the necklace could many places. These marks are very small. This sign cannot clearly be understood with the naked eye. So if you want to see, you have to use 10x eyeglasses, which are available with that jewelers.
The description of the marks can clearly see, that small stamp through the eyeglasses. To secure your spend money always check those symbol Buy Gold jewelry for Profit.
6. Where you are Buying jewelry is Trustworthy?
From where are you buy Gold Jewelry for profit, the store should be trustworthy.
There are millions of jewelry stores in the country. The demand for the people of the country helps to build these small and big shops. So buying gold jewelry from a Branded store is more reliable than going to this type of store.
All these Branded shops must have government authorized documents. So you can purchase ornaments from that store with faith. And if you buy ornaments from all those Shops, you can form a bond with them. Which will help you all the time when purchasing ornaments.
The key is to make sure the brand or store is an established trustworthy one before buying gold jewelry for a profit.
7. Bargaining and Fix wages
There are millions of jewelers in our City, the price of gold in each store is almost the same. So where do you bargain to buy Gold Ornaments?
The only place to bargain is on the site “wages”. This “wage” varies from store to store, depending on the brand.
Mainly this “wage” depends on the amount of gold depreciation.
It would be wrong to call this a depreciation. Because Gold is a type of metal that needs to be heated, hammered, and polished to make jewelry with good design.
If I say briefly the correct method of making is, to go through the various processes. When Gold goes through all these processes, Gold is wasted. And the “wages” of making jewelry depend on the volume of deprecating gold.
This “wages” continues to rise as the price of gold rises. But there is one thing, for example, when we choose gold ornaments in a store. We can guess at which year the jewelry made. By the observation at the Hallmarking stamp.
If the current year is mentioned, it is not possible to guess which month to spell. Since the price of gold goes up and down almost every day. Usually, jewelers charge fixed “wages”. But the government has no specific rules on this. So we can definitely bargain when we going to buy Gold jewelry for a profit.
8. Gold Colour of Your Choice
Did you know that the Gold Colour you choose can boost your budget?
Nowadays gold is available in many colors such as White Gold, Pink Gold, and Green Gold. Different kind of Alloy is used to making color gold, so these collared increases gold the price.
For example, white gold contains more palladium than requires to use of zinc and nickel. For this reason, white gold is higher than yellow metal.
Rose gold is made of copper, silver, and gold then Green gold is made with silver and copper and a little zinc and gold. So the price of all this gold is certainly higher than the natural color gold.
The natural color of gold does not mean that this gold is pure. The purity of this gold must be cross-checked. So when choosing a design, you should choose a gold color according to your budget.
9. Need to know about the warranty
Warranty”the things that you get when shopping for any products or materials nowadays. If you have a problem with the item you bought, you can easily replace the item within a specified time.
This warranty is also applicable to jewelers, so nowadays jewelers also give warranties to satisfy the customer. This is usually called a warranty card. This card contains the terms of exchange or replacement. These conditions must read before taking a warranty card.
Shopping with Warrant is a type of process to buy Gold Jewelry for Profit.
10. Visiting different stores
Why visit different stores?
In this ornaments business, no association for wages, some have higher “wages” and some have less. So before buying gold jewelry for profit, you should visit 4 to 5 shops and then decide which shop you will buy from. Each jewelry store has a different elegant design. also, get design variation visiting different shops.
11.Weight check
Weight checking should process when you buy gold jewelry for a profit. Usually, jewelers use Semi-precious stones or Artificial stones with ornaments to increase the weight of the Gold. We must take care of this issue.
Tell them to separate the weight of the stone, whatever the type of stone. So we can understand how much gold we actually bought. However, if the jeweler’s use any precious stones in the ornaments, they calculate the price for those stones separately. So the weight check must be done while buying the ornaments.
12. Handmade jewelry or machine-made jewelry.
In this age, all the industries of the world are mainly dependent on machines. Machine-made ornaments though are much cheaper labor than hand-made ornaments. And Machinery-Crafts ornaments are also authentic.
So machine-made ornaments become cheaper for us and we can save some money in addition. Machine-made Ornaments are now available in a variety of many beautiful designs.
These jewels are very light, heavy to look at but very low in weight. Since the day this CAD design process has become predominant in Ornaments Industry, gold ornaments production has improved a lot.
So you should select Machine-made ornaments when going to buy Gold jewelry for a profit.
13. Watch Gold Price On the Media Reports From a Week Before
Media means a medium that we all know. This could be print media (newspaper or any pamphlet), electronic media (TV), or social media (web site related to gold).
You can also see Gold Daily prices through newspapers. Gold’s price is written on the top of the famous newspaper. But these prices are written as the market price of the previous day.
You can get an idea. If you want to get the gold price of that day then you have to keep an eye on your electronic media i.e. TV. After 11 a.m. you will see the gold running price. For that, there are many News Channels such as C N BC, B B C News, any stock market-related channel, etc.
Apart from this, you have many websites where you can see real-time gold prices example NSE, MCX goldprice.org, etc. For that, you have to search on Google about Gold Price.
However, the price of gold is more than Rs 200 to Rs 300 per 10 grams to Local jewelers. You can bargain with jewelers for the price of gold.
14. You need to know the gold you are buying as 995 or 999:
An important thing many of us do not know. The first thing to know when Purchasing ornament.
We know that the purity of gold is 24Karat, but we do not know that the purity of this 24Karat is of two types, one is 999 and the other is 995. This playing a big role to differ the Gold Price
Although in our country both 995 and 999 are considered as pure gold. Majorly Banks are selling gold. Some Branded stores are selling 999 gold. But the small ornaments sellers in the market usually use this 995 but they take the price as 999.
Now let’s see how much difference the price is
If today’s price of precious yellow metal is 5000 rupees per gram. This means that’ the price of 999 pure gold 1 gram is 5000 rupees, then what should be 995? What the calculation says (5000/999 = 5.00 * 995 = 4980).
So the difference is 20 rupees per gram. As such, if our gold volume is high, then the amount of money mentioned will be much higher. So buying ornaments from reputed jewelers is safe.
When buying from a small shop, you must make sure of this and fix the price of gold with the jewelers before to buy Gold Jewelry for profit.
15. Choose a simple design.
When we go to buy ornaments, we should always choose simple designs, because more gorgeous designs consume more gold and higher wages and sometimes the most beautiful designs are not strong enough. And the simple and decent design looks good all the time.
So Choose a simple design always. When thinking to buy Gold Jewelry for profit.
Conclusion
With these 15 Points keep in Mind, if you go to buy gold ornaments, then, of course, your budget will not be broken and you can save some money. The thing we all want at the time to purchase Gold Ornaments.