Buying gold may occur at least once in everyone’s life, and for many of us, it is a frequent thing. Many are trying to do gold online also, but not sure how to do it properly to ensure the best quality and price.
There are many big brands in gold retailing now have their online stores offering raw gold and gold jewelry through online. There are many e-market stores like Amazon also selling gold in the form of gold coins, bars, and even as jewelry.
However, one thing you need to consider while attempting to buy gold online that there may be many fraud players also as in case of any other online commodity which may attract consumers by putting forth ‘some too good to be true’ offers. Many cases are reported like the consumers ordering goods by believing these offers but losing money over it.
There are certain things one should keep in mind when trying to buy gold online. Further, in this article, we will discuss certain do’s and don’ts consumers need to consider for online purchase of gold.
Do’s and don’ts of online buying
Do verify your seller
You will come across hundreds of online stores and also thousands of individual sellers on trying to buy gold online. However, all these may not be genuine or offering quality products. So, it is critical for the buyers to ensure the authenticity and reputation of the stores as well as the seller you are considering to buy from.
The Internet is, of course, a place to look for some good bargains, but this may not be an ideal approach while trying to buy commodities like gold. It is better not to opt for the unknown sellers or brands, but always try to deal with only reputed brands. You can also check whether the seller is registered and meets all the legal compliances to sell gold and own purity certification.
Don’t compromise on purity
To buy gold, you should first understand the purity measures of gold and the difference between various purity standards. Gold is now available in various purity measures as 24 karats, 22 karats, 18 karats and 14, etc. Among these, 24K is considered to be the purest gold.
You can buy gold bars or coins with 24-carat purity but may not be getting gold ornaments with 24K purity. The reason is that 24 karat gold is malleable and it may not be possible to design ornaments out of it. So, silver, nickel, copper, etc. are added to gold to form alloys to make various gold designs in the form of jewelry. Various proportions of these mixes are known to be in various karats.
It is essential that the gold buyers should know the purity by viewing the purity certificate when you are buying gold in any form. On ornaments and bars, the carat or ‘K’ marking will be imprinted on to it. Gold bars of 24K purity are also available in online stores like Amazon.
Do check for local and global standard certificates
Hallmark certification is a standard to certify the purity of gold, which you need to check while buying gold online. Different countries also have their standards and the certificate ID can be checked at the purity standard bureau websites to ensure that the product you buy and the seller meet these standards.
Don’t get confused with the math
You may get confused on talking to people and also with the math put forward by various sellers. Some may tell you that only 24K is a good investment. Some other may be guiding you to buy something with 19K to get the optimum resale value. On considering jewelry, the making charges also may differ from seller to seller.
When it comes to buying a gold ornament, there is no standard procedure to measure the making charges. So, when trying to buy gold ornaments, it is imperative to do the calculations right. The primary measures to consider are the current marketplace of gold, the weight of the ornament, the value of the other stone embellishments, and the making charges.
Ensure that the seller is not charging you same as the stones as for the gold. So, you need to get the weights calculated separately and do the calculations accordingly. Also, check the detailed estimate to understand all specifications to ensure you get things right. The bill and the quality certificate should mention the gold purity, net weight, cost of stones, making charges, etc.
Do check guarantee and return policy
While buying any commodity online, always read the seller policies to understand the guarantee on products and return polity. You can see that all the leading online stores and the gold retail chains selling through e-stores offer both easy returns and exchange.
However, when compared to other low-cost materials, the exchange and return policies of gold may be much stricter. So, it is crucial for you to understand whether there are any clauses in the policy which is against the consumer’s best interest before buying gold online. Also, check what the price the same sellers offer if you are planning to sell your gold jewelry sometimes later is.
Don’t forget to ask for the bill
When you are buying gold online or even while buying offline, always ensure that you ask for the bill and crosscheck it to verify things. It is also essential to keep the bill securely for future purposes. A bill acts as the certification of the purity of the gold as promised by the seller as well as it will help you while planning to sell or exchange gold at a later date.
Some false sellers may try to sell gold without bills by offering a reduction in tax or some other special offers, but it is not ideal to do it that way as you may be into trouble in future. Always ensure that the deal regarding buying or selling gold and other costly commodities are made as much transparent and authentic as possible.
To find the best online sellers, you can take advice from your dear and near ones who have previous experience in buying online. It is also ideal to look for the feedback and rating of the sellers you consider to understand what customers say about them.