Editor’s Note
**Editor’s Note:** This article offers practical guidance for wedding shoppers navigating high gold prices, focusing on the pros and cons of exchanging old jewelry for new. Readers are advised to consider key factors before making a transaction.
Essential News: Gold Purchase Most Important in Weddings: Is Exchanging Old Jewelry for New Correct? 7 Things to Remember Before Exchanging
Wedding season has begun. Markets are crowded with shoppers. After clothing, jewelry is the most important item for wedding shopping. However, gold prices are soaring, making it difficult for everyone to purchase.
Wearing gold jewelry is every bride’s dream. But nowadays, buying and identifying real jewelry is a challenge. If you also want to buy gold jewelry this wedding season, it’s essential to keep certain things in mind to get the best quality gold at the best price.
So, let’s discuss in today’s Essential News what to keep in mind when buying gold jewelry during the wedding season. Also, learn:
- What are the methods to test and examine gold?
- Is it correct to exchange old jewelry for new?
Expert: Abhishek Soni, Jeweler, Uttar Pradesh
Question: Why is gold so important in Indian weddings?
“Gold jewelry is an integral part of Indian weddings. Today, there is hardly any wedding that is complete without purchasing gold ornaments. In India, for many families, gold jewelry is like an heirloom, passed down to the bride by her mother-in-law at the time of marriage.”
Even in modern times, this tradition remains an inseparable part of Indian wedding rituals. Gold ornaments can be easily converted into cash. This is why it is also considered the most secure method of investment.
According to the World Gold Council (WGC) 2020 report, Indian women wear the most gold in the world. Indian women possess approximately 24,000 tonnes of gold, which is 11% of the world’s total gold reserves.
Question: What are the rules regarding exchanging old gold jewelry?
“From April 1, 2023, the central government has changed the rules for buying and selling gold. Under this, gold jewelry cannot be exchanged or sold without a Hallmark Unique Identification (HUID). HUID certifies the quality and purity of gold.”
Question: What to do to get old gold jewelry hallmarked?
“If you want to get your gold jewelry hallmarked, you need to take it to a jeweler registered with the Bureau of Indian Standards (BIS). The jeweler will take it to a BIS Assaying and Hallmarking Center. A fee is charged based on the weight of the jewelry. The fee for hallmarking gold jewelry is ₹45 per item, plus a service charge of ₹200. The hallmarking center examines the jewelry and issues a BIS certificate.”
Question: How much do jewelers charge when exchanging old gold jewelry?
“Jeweler Abhishek Soni explains that tax is applicable on both buying and selling gold. It depends on how long you have had the jewelry. Additionally, when exchanging old gold jewelry, jewelers may charge making charges ranging from 3% to 25% of the gold’s weight.”
Question: What should be kept in mind when selling gold jewelry?
“If you are going to sell old jewelry, you should have accurate information about its weight and carat. Also, keep the original bill of the jewelry with you, as many jewelers may ask for it.”
Question: Is it correct to exchange old jewelry for new?
“Most people prefer to get new jewelry made in exchange for old jewelry during weddings. This can be a good deal. Understand it this way: 10 years ago, the price of gold was about ₹3,000 per gram, and today it is about ₹7,400 per gram. So, if you want to sell your 5-gram old jewelry, its value at today’s rate would be about ₹37,000, whereas its old value was about ₹15,000. Thus, even after some tax deductions, you can buy new design jewelry without paying extra money.”
Question: Is it correct to make cash payment when buying gold?
“During weddings, people buy jewelry worth lakhs. In such cases, cash payment should be avoided. Instead, online payment is a better option. You can also pay by debit or credit card. If you have ordered jewelry online, be sure to check its packaging. Do not accept it immediately if the packaging is tampered with.”
Always take a receipt or bill after purchasing jewelry. This keeps an official record of your jewelry purchase.
Also Read This Essential News: Check the Reality of Gold and Silver at Home: Learn to See Hallmarking
People consider buying gold best for investment, but it is also important to pay attention to its purity. Sometimes, fraudsters adulterate gold and silver ornaments and sell them at the rate of real gold and silver.
