Hello Ladies, Recently I watched an episode of En Desa en makkal show on vijay TV inwhich thetopic was about buying gold jewellery as investment. There were some shocking points revelead by one of the jeweler himself on the show inorder to educate ppl on how retailers cheap consumers buying 22k gold ornaments. Few points I remember are like 1. filling a hollow gold chain with fevicol to increase chain weight 2. Filling 'arakku' for stone jewelery And always make sure to see that the ornament is 916 hallmark logo and stor name imprint and the new thing i learnt was to also look for the year of make. It wil be listed as a alphabet. each alphabet means a yr e.g 'E' means 2010 i guess etc. And always buy product with bill, which most customers avoid to save 1% tax. But what are the other fraud tha happens in 22k gold ornaments? The show was definetely an eye opener for me and a big shocker for many audience i guess. But it left me with many questions in my head and made me more paranoid about spending my hard earned money into gold, which is typical investment for any indian. But is there anyone who can give some good suggestions and tips on what to look for and relieve the paranoid feelng? Ladies please pour in your thoughts Thanks, Revathi
Revathi, I normally go to a store which I know for sure (as i have been going there for years) sell good stuff. In Hyderabad, we go to Kirtilalal's and in Chennai we go to Tanishq though, my inlaws bought me wedding jewelry from Saravana stores. Basically, I dont have tips...sorry
I heard as a word of mouth that Saravana stores gold is not good quality. but please dont quote me wrong since i dont shop there and not aware of the qaulity personally. but local chennaite may enlighten about other good stores in the city. And I was looking for general gold buying tips from other experienced buyers or some ladies from families whose profession is gold jewellery making [i guess that might be too much to ask ] ...but my sole intention is to have a healthy discussion to educate myself and other viewers of this forum like me who dont know much about gold buying.
Basically for investment purpose I am now investing in gold coins than gold ornament. Even if we get we hardly use it now a days thinking about the safety. I don't know whether my point is agreeable but I had realised it in this way and started investing in gold coins, I get them either from banks or from gold dealers with their name endrosed in it.
My two cents will be, if it is only pre investment better to buy coins / solid gold. Larger we can sell or exchange it for jewelery. Few people save gold for daughter, they also can buy as solid gold as in future they can buy the desired design by dd, without having the pinch of price rise in future. Regarding the jewelery stores, just flew your intuition. Each one will have different views. But definitely there is no need to buy in a particular shop just for meager savings. Regards Manjukps
Hi, This may not necessarily be cheating, but definitely profit making tactic. In stone jewellery, the weight of the ornament includes the weight of the stone. So we pay in gold for the entire ornament. Plus the stone price is added to this. On this the making charges and then the VAT etc. This gives the jeweler a huge margin. I buy coins and stones from reputed shop and get the ornaments done from a small time jeweler I know. He is very reliable and by that way I save 10s of thousands.
Thanks for this awakening tip on gold purchase. I am not much of a gold jewellery person, but yeah, whatever purchse or repairs or polishing that has to be done for both gold and silver, I always give it to our known jeweler whenever I visit my parents. Make sure to check for wastage percentage and labour as well when purchasing or exchanging ornaments. Make sure to understand the calculation as well to understand the entire cost and break-up. Preferably ask for a break-up bill.
