Due to lack of transparency in the purchase cycle of buying and selling jewellery, there are many ways in which the customers are duped in the transaction. Let’s understand some of the ways in which we can be cheated and how to avoid that:
1. Making Charges:
Every jeweler charges making charges i.e. the labour charges for the crafting of jewellery. Now, the making charges can go upto 40% of the price. This is the trick of the trade as there is no certain metric to ascertain the actual making charges.
Caratometer is a device used by most jewelers to test the purity, but the Bureau of Indian Standards does not authenticate the use of this device as the metric is based on surface testing. According to BIS, the correct method to test the purity is fire assay, wherein a piece of jewel is melted and then tested. While buying or selling gold, a customer should demand this test for a nominal fee. The purity marking can be done with laser. Hence, always buy Hallmarked jewellery.
These hallmark signs are: The Bureau of Indian Standards (BIS) logo, karatage or grade of purity, the jeweller’s identification or logo, year of marking, the hallmarking centre’s mark. These five signs need to be embossed on to the gold jewellery as this symbolizes that it is hallmarked and is up to standard.
3. Gold Rate:
To get the day’s gold rate, send a text message “GOLD RATE” to All India Gems and Jewellery Trade Federation on 575758. The price quoted by the jeweller should be close to this price. Knowing the market rates reduces your chance of getting duped.
4. Keep the Invoice:
If you want to sell the jewellery purchased at an early date, you must have the invoice of the piece mentioning the weight and purity of the gold. If you go back to the same jeweller, he might give you the entire amount of the weight mentioned.
5. Cleaning of Jewellery:
If your jeweller lures you to get your old jewellery cleaned, it is not well intentioned. When you submit a piece for cleaning, it is put into acid and gold particles get dissolved into the acid. You should always weigh your piece before submitting it for cleaning and after it has been cleaned. There should not be any difference if the jeweller was genuine.
6. Precious Stones:
Under coloured stones, there are many stones that are precious stones and many that are semi-precious stones. Whenever you buy a piece of jewellery studded with precious stones, make sure to get a certificate mentioning their clarity and weight in the piece.
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Akanksha Goel | LinkedIn