Here are 5 ways to stop yourself from being duped while buying gold this Dhanteras.

Buying Gold for Dhanteras and Diwali

People look to purchase gold during Diwali and Dhanteras as it is considered auspicious. Gold is synonymous with prosperity and wealth and is a long-term asset that can be very useful during difficult times. Diwali and Dhanteras are considered the best and most promising times to purchase gold in India. However, some vendors might dupe customers in GST, making charges or applicable rates. Hence, it is important to keep the following things in mind to minimize the chances of being duped. Ensure to follow these and not get overexcited while buying gold. 

Read: Gold ETFs vs. Gold Saving Fund 

1. Only Buy Certified Gold 

Ensure to purchase gold certified with the Bureau of Indian Standards hallmark (BIS). Doing so will ensure the high quality and purity of the gold. You must also see the purity code, year or marking, jeweler's mark, and testing center's mark. 

2. Cross-Check The Gold Price 

Ensure to cross-check the gold prices as they may vary at different times. It also depends on whether you purchase 18K, 22K, or 24K purity gold. As a buyer, you must also compare the weight of gold with its price. 

3. Get an Invoice, and Don't Pay in Cash

As a buyer, you should always pay through banking channels, UPI apps, or digital payments and avoid paying through cash. It would be best if you always got a purchase invoice. If you buy gold online, you must ensure the gold delivery package does not show tampering. 

Read: Gold trading strategies for short and long-term traders

4. Buy Only From Trusted Vendors

It would be best if you verified your vendor's authenticity and only purchased gold from authorized and trusted vendors. 

5. Check Buy-Back Policy and Reselling Price 

You should check the buy-back policy and enquire about the gold's reselling price. Some jewelers will cut a certain percentage when you resell your gold. However, other vendors might consider the existing rate. If you want gold for investing, you can check out the RBI's SGBs or Sovereign Gold Bonds. It is safe and provides interest annually. 

These are some points you should always remember before and during buying gold. It is auspicious to purchase this precious yellow metal during this festive time, and we hope we have helped you in your gold-buying journey. 

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