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The five-day festival of Diwali begins with Dhanteras. In Indian Sanatan tradition, buying gold, silver and new utensils to seek the blessings of Goddess Lakshmi and Lord Dhanvantari on the holy occasion of Dhanteras is considered extremely auspicious and a symbol of prosperity. On this auspicious day, a huge crowd of customers gathers in small and big cities, bullion markets and branded jewelery showrooms of the country. But taking advantage of this festive fervor and shopping frenzy, many times uncertified jewelers sell low purity gold, hidden charges and non-standard jewellery. Gold purchased with your hard-earned money is also the biggest financial security for the future. Therefore, before making payment at the jeweler’s counter or swiping the credit card, buyers should closely check the bill and certain technical and legal standards on the jewellery, so that there is no financial loss in the festive joy.
According to the strict rules of the Government of India and the Ministry of Consumer Affairs, the sale of gold jewelery without a 6 digit Hallmark Unique Identification (HUID) number is completely legally prohibited in the country. Whenever you buy a gold ring, chain or coin, check three important marks on the jewelery with a magnifying glass:
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First, the triangular BIS logo of the Bureau of Indian Standards.
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Second, clear marking of purity and carat—such as 22K916 (22 carat 91.6% pure), 18K750 (18 carat 75% pure) or 14K585 (14 carat 58.5% pure).
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Third and most important, 6 digit unique alphanumeric code (e.g. AB1234). Download the official ‘BIS Care App’ of the Central Government on your smartphone. Go to the ‘Verify HUID’ section of the app and enter the 6 digit code printed on the jewellery. It will be immediately visible on the screen which jeweler has got the jewelery hallmarked, what is its weight and what is the level of purity. If the description in the app does not match, do not buy the jewellery.
In jewelery purchasing, the biggest manipulation is seen at the level of weight. When you like any jewelery studded with Kundan, Polki, American Diamond or colored pearls, the jeweler calculates the gross weight by placing the entire jewelery on a scale. Keep in mind that you never have to pay for gold according to its gross weight. Before paying the bill, ask the jeweler to deduct the weight of the stones, lacquer, wax or pearls in the jewelery from the total weight and enter only the net weight of the pure gold separately. If a bangle weighing 20 grams has 3 grams of lac or stone embedded in it, then the price of gold should be only at 17 grams. Gross weight, stone weight and net weight should be clearly written in separate columns in the bill.
Making Charges form a major part of the final price of gold jewellery. During festivals, most of the jewelers put up huge advertisement boards saying ‘Up to 50% discount on making charges’ or ‘Zero making charges’. But at the time of billing, many shopkeepers add the making charge as a percentage of the total value of the jewellery, due to which the customer has to pay a huge amount even after the discount. Always ask the jeweler whether the making charge is fixed per gram (say Rs 400 to 650 per gram) or a percentage of the total price (8% to 25%). The making charge of intricately handcrafted jewelery is much higher than that of machine-made plain gold chains or coins. The actual amount of making charges should be clearly mentioned in the bill separately from the original price of gold so that you know how much extra you are paying for the workmanship.
During the festive season, gold prices keep changing every hour depending on the international market and domestic demand. Before entering the shop, check the official 24 carat and 22 carat per 10 gram price of that day released by the Indian Bullion and Jewelers Association (IBJA) on your phone. No jeweler can charge 24 carat rate on 22 carat jewellery. The calculation of gold price should be in front of you at the time of billing. Apart from this, as per legal rules, Goods and Services Tax (GST) of 3% is applicable on the total sum of net price of gold and making charges. Many unorganized shopkeepers give raw bills by luring them to save GST. Never indulge in such greed, because without a confirmed GST bill, you cannot get an insurance claim in case of theft of jewelery in future, nor can it be sold or exchanged in any other city at the right price.
While buying gold, make sure that in the future, when you go to sell that jewelery or exchange it for a new design, what terms will the jeweler give you. Reputable brands and certified showrooms give a written guarantee of 100% exchange value (as per the gold market price of that day) and 95% to 98% cash buyback value on their hallmarked gold. Some local jewelers deduct 5 to 10 per cent of the weight in the name of ‘melting loss’ or ‘erosion’ when the same jewelery is brought back in future. The terms of the buyback and exchange policy should be printed on the back of the confirmed bill with the official seal of the jeweller. Jeweller’s valid GST number, Hallmarking Center number and your name and address should be mentioned correctly on the bill. This confirmed bill is the legal document of the actual identity and financial security of your gold.