Top 7 Tips for Buying Gold Jewelry in 2021
Gold will always remain in fashion. It goes without saying that among the brilliant investments in the jewelry sector is gold. This precious metal exudes class and luxury, and it can signify financial stability.
Even in the millennials period, the fascination with gold doesn’t diminish. The allure of gold makes it suitable for individuals to spread their risks and to seek diversification.
There are different ways of buying gold, both for investment and decoration. To many individuals, it is a hedge against global economic uncertainty, upheaval, inflation, and war. However, with the following tips, you can comfortably invest in gold jewelry in 2021:
1. Look for Hallmarks and Certification
Hallmarks are proof of the claimed purity of this precious metal. When buying the piece from a gold jewelry manufacturer, always insist on this mark and ensure it matches the item’s description. Usually, hallmarks are either percentage of gold purity or karatage engraved on the parts of the jewelry.
Other than standard hallmarks, you may also look for other marks engraved in the jewelry piece. This can be the testing center’s mark, marking year, purity code, and jeweler’s mark.
2. Evaluate the Exchange or Resale Value
Gold is basically more of an investment than casual purchases. It is important that you clear things out, like the amount of money your jeweler can fetch when you want to resell it.
Nowadays, jewelers accept gold jewelry at a prevailing rate in the city, shaving off the workmanship costs, which you pay when buying. This is still a great deal, and you are recommended to confirm with your jewelers if they are willing to exchange or buy back the piece at a later date.
3. Know the Price per Gram
When buying gold jewelry for the first time, it is important to determine the current cost per gram. Instead of checking the price on just one site, ensure you compare the cost on different websites.
Keep in mind that the costs of gold might be different in various showrooms. This is due to the fact that gold comes from various associations. Though the biggest associations normally have the same rates.
4. Make a Good Timing
During holidays, buyers look for quality jewelry. Many buyers end up spending a lot of money on these items when they are in high demand.
If you need to save cash, it is important to avoid purchasing gold jewelry on holidays. The best time to get gold jewelry is after the holidays, when stores provide amazing discounts to keep operations running. After the holiday, many jewelry stores encourage customers on a budget to buy gold jewelry at the best price.
5. Understand and Research Karat Calculation
It is important to research and understand how karat is calculated and affects the costs when the rate changes. Gold measurement is normally done in terms of karat. Basically, the purest form of gold is around 24 karats.
Gold in the original form is soft, and for you to give it proper shape and form, you can mix it with various base metals, like zinc, copper, and nickel, just to name a few. If the karat is higher, it means the jewelry is also expensive.
6. Determine the Weight
The weight of jewelry can affect its durability and cost. Typically, gold jewelry is measured in troy ounces. If the jewelry has a higher value, it means it is expensive. According to jewelry experts at Play With Diamonds, heavier and thicker pieces may also withstand tear and wear, making them more durable.
However, it is important to be cautious when buying because some jewelers add precious stones, such as diamond and emerald, to gold jewelry to make it heavier. This simply means that you can end up paying for your jewelry gold, which is actually not there.
7. Find a Dependable Jeweler
Visit several stores and tell the jeweler what you are searching for. As a customer, you need to think beyond things listed in the store’s inventory and concentrate on what you need to buy.
You can also look for a jeweler who can give you a list of features so that you can check for the costs of the jewelry, especially when you buy the items later.
Gold captivates mankind since the dawn of time. Depending on how you look at the gold jewelry, how long you wait for profitable returns, and how much cash you have in the depository, it can be a good investment.
Apart from indulging you in a flashy lifestyle, gold jewelry can also enable you to diversify your mixture of possible income generators and business.