Buying gold has been an irreplaceable tradition for many generations in India and abroad. Some buy gold for the sheer aesthetics and some buy for showcasing their regality or for gifting purpose. However with the advent of time, most people today are turning to buy gold coins for investment purposes.
The gold price which is most likely to increase with an astonishing pace in the years, to come is a source of good investment and sufficient profit. However, when it comes to these bullion coins, the tricky part is buying them.
With the growing number of scams in the market, along with unscrupulous dealers, it’s very easy to get swayed into buying fake gold coins. Hence, if you’re recently planning to buy these bullion coins, then here are valued tips to help you pick a genuine item.
Tip 1: Notice the Purity
Depending on the kind of gold you will be purchasing, it’s vital to ensure that you’re paying for the correct amount. Often unethical dealers falsely sell tarnished gold and charge a higher price. Hence, it’s vital to know the purity of gold. Measured per thousand grams in carats, the purest gold is 24 carat or 24 K.
So, as per the money paid, ask your seller to give gold coins which are marked. These products normally have engravings like 24K with numbers like 990 indicating fineness.
Tip 2: Go for Hallmarked Products
Hallmarking involves stamping or laser stretching the mark of purity on a gold item. Hence, when you buy gold products from a reputed seller, one that provides hallmarked products are likely to be more genuine.
Moreover, hallmarked products feature the year of hallmarking along with the identity of the jeweler, ensuring the credibility and genuineness of both the seller and product sold.
Tip 3: Coins to Eliminate Making Charges
The making charge levied on any jewelry depends on the time and amount of craftsmanship needed to manufacture the product. Now, this is why complicated handmade jewelry and intrinsic machine made jewelry are charged normally higher.
Henceforth, most people anyhow prefer to buy gold coins which are machine made as it eliminates the making price. So, if you’re not buying for aesthetic purpose and simply wish to boost investment go for the machine printed.
Tip 4: Be Vigilant of the Packaging
The packaging is an important factor to consider while buying gold products or coins. Ensure that the package you’re provided with is not tampered with. Also, notice the shine, weight, and body of the gold to look for signs of discoloration or other markings. For a more certain result, you can try the density, magnet and bite test to verify if you’re gold is authentic or not.
Tip 5: The Shop Matters
As mentioned, the frauds selling products in a digitalized world is plenty. So, instead of being swayed by offers, it’s best to buy authentic products from shops that have a good reputation. Check testimonial, go through credentials, and also look for hallmarking etc. to ensure that you are sold a genuine product.
So, that’s about it! With these 5 tips rest assured that you will not be tricked into buying fake gold coins. Now, make the smart buy and enjoy a fruitful investment.