Here are few things you should keep in mind before exchanging gold

Gold has been a big part of Indian culture and tradition for centuries. Whether it's a treasured family heirloom, a symbol of love, or a valuable investment, gold holds a special place in our hearts, and every Indian household trusts gold as a solid investment that can't be shaken by inflation. However, when it comes to exchanging gold, there is a lot of confusion, and many of us are unsure about the whole process. Even though gold is a reliable investment, being unaware of the fine points about gold exchange is a disadvantage. Here, we are going to look into a few things you should know before exchanging gold.

The value of your gold

Gold is a precious metal, and understanding the value of your gold is essential if you are going to exchange it. The purity, weight, and condition of your gold are the three main factors that determine its value. The purity of gold is measured in karats (kt), and pure gold is 24 karats, but ornaments are often made of 22 karats of gold to make them durable. You can see 22 karat gold ornaments hallmarked as 916, which means that the alloy contains 91.6% pure gold and 8.4% other metals, like copper or silver. The weight of your gold item is another factor that determines its value. Gold is typically weighed in grams, or ‘pavan’ in Kerala, and one ‘pavan’ is equal to 8 grams of gold. The condition of your gold jewellery can also impact its value; for example, damaged, broken, or heavily worn items might be worth less than those in good condition.

Stay up-to-date with the market rate

Learning about the current trends and market price of gold is essential if you are going to exchange gold. The gold rate changes every day, and when market prices fluctuate, staying up-to-date will help you exchange your gold and get the best deal.

Check for hallmarks and certifications

All gold jewellery items are hallmarked in India, so to ensure the purity of your gold, you need to make sure your gold has been hallmarked; for example, the "916" hallmark that denotes the gold is 22 karats. Certifications and hallmarks from organizations like the Bureau of Indian Standards (BIS) or the Gemological Institute of India (GII) can also guarantee the authenticity and quality of your gold.

Keep the bills

Keeping the invoice that contains the details of your gold purchase is always a good idea because it can save you from getting deceived when you are exchanging your gold and weighing it.

Be aware of hidden charges

When you purchase or exchange gold, there are some hidden charges, such as the making charges for crafting or manufacturing gold jewellery, certification charges, and tax; be aware of how these charges work and take that into consideration as well.

Choose a trusted gold dealer

While exchanging gold, choosing a trusted dealer with years of experience and a good reputation will ensure a smooth and transparent transaction. Check the certifications, online reviews, ratings, and testimonials of the dealer, and make sure the communication is clear and direct about the exchange rates and process.

End note

Gold ornaments are beautiful and timeless, but their reliability as an investment is one of the biggest reasons why we Indians love to buy gold, but exchanging it can be a daunting task! However, being aware of the essential factors we just discussed can ensure a fair and smooth transaction. Rajakumari is one of the most trusted gold and diamond jewellers in Kerala, renowned for impeccable quality and designs. When exchanging gold, remember to research, stay informed, and choose a reputable gold dealer like Rajakumari Gold and Diamonds! Connect with us today to explore our new Kerala wedding jewellery collection online