Gold buying this Akshaya Tritiya: How to check if your jewellery is genuine?
Summary
Gold buying: To shield oneself from such fraudulent practices, it’s important to identify the genuine hallmarking signs.
While buying gold is considered highly auspicious during Akshaya Tritiya, it’s no secret that some jewellers find a way to sell yellow metal with less than claimed karats. Some jewellers may use deceptive tactics to try and sell gold jewellery claiming it is pure 22 karat gold, when in reality, its purity might fall short.
To shield oneself from such fraudulent practices, it’s important to identify the genuine hallmarking signs.
Also, one should check the karat in the jeweller’s karat meter machine.
To shield oneself from potential fraudulent practices, it’s essential to familiarise oneself with the hallmarks of authentic gold:
HUID Number
The six-digit alpha-numeric code, known as the HUID number, serves as a unique identifier for each gold article.
Regulatory changes now mandate a six-digit HUID, enhancing traceability and transparency in the gold supply chain.
Utilising the BIS Care App’s ‘Verify HUID’ feature enables buyers to confirm the authenticity of their purchase swiftly.
BIS Mark
Look for the Bureau of Indian Standards (BIS) mark, symbolised by a triangle, which is a hallmark of purity and authenticity.
This mark serves as a reliable indicator of the gold jewellery’s purity, instilling confidence in the buyer.
Detailed bill breakup
Request a comprehensive bill breakup and cross-verify hallmarking costs with those set by Assay and Hallmarking Centres (AHCs).
Any inconsistencies in pricing should be thoroughly examined to ensure transparency in the transaction.
Valid store address
Verify the store address against BIS guidelines to reaffirm the legitimacy of the purchase. Ensuring that the store adheres to regulatory standards further reinforces the authenticity of the transaction.
Understanding gold hallmarking
Gold hallmarking is a system that certifies the purity of gold in jewellery and other products. It serves as a guarantee of purity and fineness and safeguards the public against adulteration.
Registered jewellers under the BIS hallmarking scheme are required to have their jewellery tested for purity, ensuring a high level of reliability and standardisation. Mandatory hallmarking is a significant step towards organising the jewellery industry and ensuring that customers receive what they pay for.
ALSO READ | Gold prices near ₹72,000 per 10 grams on Akshaya Tritiya day: Will high rates deter demand?
Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout
3 Mins Read
Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter