Shopping for Gold: What you Need to Know

Shopping for handbags is easy but not as easy as shopping for gold is. Aside from the fact that there’s a specific set of variations to consider when shopping for gold, its price is also no laughing matter.

You want to make sure you get the most for your buck which is why it’s important that you know how to shop for gold jewellery. There’s no doubt that gold is one of the most loved and valued precious metals all over the world. It’s a stunning ornament to wear and it’s also a fantastic hedge against inflation and the falling markets. Another important attribute of the metal is that it can be easilybe liquidated around the globe.

There’s no doubt about it: gold is one of the most loved and valued precious metals all over the world. It’s a stunning ornament to wear and it’s also a fantastic hedge against inflation and the falling markets. Another important attribute of the metal is that it can be easilybe liquidated around the globe.

From the buying to the appraisal process of gold jewellery, for many, gold jewels are a symbol of opulence, prosperity and even purity. So just how well do you know your gold jewellery and what aspects do you keep in mind when you set off to buy a new piece?

How to Buy Gold Jewellery

Here’s the knowledge you should be arming yourself with when you go gold jewellery shopping:

• You need to realise that there are variations in gold that can affect its quality, price and purity. The main things to consider when buying jewellery are design, purity, and gram weight. These factors can affect the appraisal process of gold jewellery.

gold jewellery

Image from Phil Masters

Purity – when it comes to considering gold jewellery purity, most pieces of gold will have a marking on the inside indicating how many carats the piece is. Pure gold is far too soft to be used as jewels so it is typically alloyed with an array of different metals such as zinc, nickel, copper, and silver. This gives the pure gold durability and strength.

Carats – the most common options for carats are 18, 22 and 24K. The higher the number is, the more pure the gold is.

Price – the purity of the gold is what helps determine the price of gold jewels. Other factors that affect the price of gold jewellery include which alloy the pure gold is combined with and how much skilled labour goes into making the piece. Of course, the higher the labour and skills, the more the piece is going to cost.

Colour – the colour of gold is varied. Besides traditional rose gold, white gold, and yellow gold which are the most popular choices, you can find a variety of two-tone styles that offer a great mix of hues. By combining pure gold and other metals, you get a diverse and interesting colour palette. For example, mixing white metals like silver or palladium together creates white gold. This has become one of the most popular wedding band choices in many countries around the world. By including copper, you get a soft pink shade of rose gold. These days gold can also be created in a spectrum of shades like purple, black and even green. Yellow gold remains the most popular choice around the globe though. It’s rich, warm, subtle, and is certainly the ultimate precious metal.

Identification – in a lot of countries, the appraisal process of gold jewellery requires that the gold jewellery bear a clear stamp that indicates how many carats the piece is. This type of identification is usually controlled via a hallmarking system. Branded jewellers will stamp jewellery themselves, displaying the carat amount as well as their own identifying mark. Some countries, like India, have their own identifiers, such as the BIS – the sole agency in India. The BIS hallmarking scheme is aligned with the international hallmarking criteria. Per the scheme, jewellers are granted licence by BIS and jewellers can then get their pieces hallmarked from any of the recognised hallmarking centres.

Of course, when you decide to buy gold jewellery, the jeweller’s reputation is important to take into account too. Buying gold is largely based on trust. You’ll need to ensure that the brand is well established, authentic,and reliable.

Don’t forget to keep your gold jewellery clean and sparkling to achieve the highest appraisals.