Akshaya Tritiya , celebrated this year on April 30, is considered one of India’s most auspicious days for buying gold and other luxury items. Rooted in tradition and prosperity, it's believed to bring lasting good fortune, especially when it comes to investing in gold.
What do people do on Akshaya Tritiya?
People mostly begin new ventures in business and jobs, purchase their new house, start farm activities, and have other new beginnings. Other people offer prayers to the deities, decorate temples, and hold special pujas. Charity and donations mark the day, whereas others also set up small food stalls to feed the needy and poor. But the most common ritual of this day is buying gold.
Why is buying gold on Akshaya Tritiya auspicious?
In Hindu culture, purchasing gold on this day is a way to welcome Goddess Lakshmi, the figure of wealth, fortune, and prosperity, into their life. The term Akshaya is associated with never diminishing, and purchasing gold on this tithi or day signifies immense opulence. But, because of the high demand for investing in and purchasing gold on this day, it is essential to know all about the circulating jewellery scams that can result in financial fraud. Most scams centre around the price of gold, where a customer is often sold gold at a different rate other than the prevailing rate.
To avoid getting into this popular circulating scam this year, follow these steps:
Step 1: Know the current price of gold in your city, and start the process with the help of a calculator.
Step 2: Let’s assume the price of gold is Rs 1,00,000/10g.
Step 3: Divide the price of gold by 999.
Step 4: Now, multiply it by the number given on gold.
Step 5: The total amount left is the actual payable amount of gold. (GST and making charges are excluded.)
How to differentiate between genuine and fake gold: To ensure that you have a secure and authentic gold purchase, follow the comprehensive guide.
Check the HUID number: Every hallmarked gold item always has a Hallmark Unique Identification number. It is a six-digit alphanumeric code that confirms the authenticity of gold and can be verified by using the BIS Care App, provided by the Bureau of Indian Standards.
Check the authenticity of the hallmark: Hallmarking certifies a product’s purity. To ensure authenticity, look for the BIS triangular mark, which is the certified logo provided by the hallmarking centre and has the purity in carats mentioned, the jeweller’s logo, and the year of manufacture.
Understand carat and purity: Carats (K) measure three common classifications of gold. 24K means 99.9% pure, 22K means 91.6% pure, and 18K-14K means lower purity levels. The purity of gold directly influences its price. Some jewellers may mislead customers by selling 22K at 24K rates, which results in significant financial loss; thus, be careful of such fraud.
Never miss the purity certificate: Always ask for a purity certificate when you’re purchasing gold. It should include the carat value of the gold; if your jewellery has gemstones, then request a separate certificate for the stones to validate their authenticity.
Always ask for an invoice: Avoid accepting handwritten or informal receipts, but demand a proper bill that includes crucial details such as gold carats, making charges, a hallmark number, and more.
Know how jewellers calculate gold jewellery prices?
Step 1: Gold market rate
The crucial factor always starts with the current market price of gold, which fluctuates daily. Jewellers use the price per gram of 24-karat gold as a baseline, as per the jewellery’s karat, which could be either 22KT, 18KT, or 14KT.
Step 2: Making charges
This includes the cost of designing and crafting the jewellery, which varies according to the complexity of the design. Either a fixed price based on the gold price or a flat rate applies to these charges.
Step 3: GST and other taxes
3% is levied on the final price, i.e., gold plus making charges, which then gets added to the final bill.
Please ensure to verify the resale value of your gemstone or diamond within the gold design before making a final decision.
What do people do on Akshaya Tritiya?
People mostly begin new ventures in business and jobs, purchase their new house, start farm activities, and have other new beginnings. Other people offer prayers to the deities, decorate temples, and hold special pujas. Charity and donations mark the day, whereas others also set up small food stalls to feed the needy and poor. But the most common ritual of this day is buying gold.
Why is buying gold on Akshaya Tritiya auspicious?
In Hindu culture, purchasing gold on this day is a way to welcome Goddess Lakshmi, the figure of wealth, fortune, and prosperity, into their life. The term Akshaya is associated with never diminishing, and purchasing gold on this tithi or day signifies immense opulence. But, because of the high demand for investing in and purchasing gold on this day, it is essential to know all about the circulating jewellery scams that can result in financial fraud. Most scams centre around the price of gold, where a customer is often sold gold at a different rate other than the prevailing rate.
To avoid getting into this popular circulating scam this year, follow these steps:
Step 1: Know the current price of gold in your city, and start the process with the help of a calculator.
Step 2: Let’s assume the price of gold is Rs 1,00,000/10g.
Step 3: Divide the price of gold by 999.
Step 4: Now, multiply it by the number given on gold.
Step 5: The total amount left is the actual payable amount of gold. (GST and making charges are excluded.)
How to differentiate between genuine and fake gold: To ensure that you have a secure and authentic gold purchase, follow the comprehensive guide.
Check the HUID number: Every hallmarked gold item always has a Hallmark Unique Identification number. It is a six-digit alphanumeric code that confirms the authenticity of gold and can be verified by using the BIS Care App, provided by the Bureau of Indian Standards.
Check the authenticity of the hallmark: Hallmarking certifies a product’s purity. To ensure authenticity, look for the BIS triangular mark, which is the certified logo provided by the hallmarking centre and has the purity in carats mentioned, the jeweller’s logo, and the year of manufacture.
Understand carat and purity: Carats (K) measure three common classifications of gold. 24K means 99.9% pure, 22K means 91.6% pure, and 18K-14K means lower purity levels. The purity of gold directly influences its price. Some jewellers may mislead customers by selling 22K at 24K rates, which results in significant financial loss; thus, be careful of such fraud.
Never miss the purity certificate: Always ask for a purity certificate when you’re purchasing gold. It should include the carat value of the gold; if your jewellery has gemstones, then request a separate certificate for the stones to validate their authenticity.
Always ask for an invoice: Avoid accepting handwritten or informal receipts, but demand a proper bill that includes crucial details such as gold carats, making charges, a hallmark number, and more.
Know how jewellers calculate gold jewellery prices?
Step 1: Gold market rate
The crucial factor always starts with the current market price of gold, which fluctuates daily. Jewellers use the price per gram of 24-karat gold as a baseline, as per the jewellery’s karat, which could be either 22KT, 18KT, or 14KT.
Step 2: Making charges
This includes the cost of designing and crafting the jewellery, which varies according to the complexity of the design. Either a fixed price based on the gold price or a flat rate applies to these charges.
Step 3: GST and other taxes
3% is levied on the final price, i.e., gold plus making charges, which then gets added to the final bill.
Please ensure to verify the resale value of your gemstone or diamond within the gold design before making a final decision.
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