Golden Truth: Eight things to know before buying gold

New Delhi [India], February 27 (ANI/Mediawire): Buying gold is not as easy and simple as buying groceries or an electronic item from any shop or supermarket of your choice. Even then, sometimes, the final product may fall short of your expectations. That is why people prefer to go to a reliable jewelry brand. The experts at Malabar Gold & Diamonds, one of the world leaders in the gold business, list out 8 must-follow things that one should keep in mind before investing in gold.
Being in the gold business for over three decades, Malabar Gold has grown upon the trust and loyalty of the customers by selling only superior quality jewelry bearing BIS Hallmark. To create awareness among the general public on the quality parameters of gold, the Group has launched a campaign titled 'SayNotoBadGold'. As part of this campaign, the in-house experts have listed 8 cardinal principles to bear in mind, before planning to buy and wear gold.
* You must buy only hallmarked gold. Hallmark is a testimony to the purity of gold, which guarantees the quality of your investment. Ever since Hallmark was introduced in 2000 in India, Malabar has made sure that only hallmarked ornaments are sold across its showrooms.
* You must know how to identify hallmarked gold. Hallmarked gold contains a Hallmark Unique Identification (HUID) mark, which is a special six-letter alphanumeric code. It can help you verify the purity, weight, and veracity of both the hallmarking center and the showroom, with a help of an official online app. It also helps you identify the sourcing of gold, by tracking the entire process, right from the mining to the selling. You should ensure that all your gold is hallmarked by checking the HUID mark on it. The 'verify HUID' feature in the BIS Care App can help you cross-check the quality of the gold.
* You must check the metal purity and source of the gold. Gold is truly pure only if it is endorsed by the laws of the land and business ethics. As gold is used in India during special and holy occasions, you must ensure that your gold is not made illegally or at the cost of life.
* You should always buy gold jewelry from a responsible jeweler. The journey of ornaments starts with the sourcing of bullion from the international market and going to manufacturing before reaching the customers. Each stage needs to be transparent, eco-friendly, and as per the laws. An ethical jeweler would consider the good of society, his customers, and his employees at every level of his business. Standing out among its peers due to its social responsibility, Malabar Group is a model for other businesses in environmental, social, and governance (ESG) policies. It earmarks 5 per cent of its profits for corporate social responsibility programs.
* You should ensure that your gold is ethically and responsibly sourced. It is a known fact that gold is unethically and illegally mined in Latin American and African countries, harming the people and the environment. Section 111 in the 14th Chapter of the Customs Laws gives the government a right to confiscate any product procured from unauthorized sources, even if you have a bill. However, gold can also be mined legally and responsibly from authorized sources, after paying the due taxes as per the laws of that country as well as the import duties and GST in India. Today, it is easy for you as a customer to check the legality of the source. Malabar Gold is a prime example of authenticity in sourcing ethical gold from authorized legal sources to ensure that you get unblemished gold in your hands.
* You should know about the legal sourcing of gold. With the availability of information on the Internet, it is easy to know which sources are legal. If the gold is sourced from the good delivery list, which includes, London Bullion Market Association (LBMA), India Good Delivery Standards, Dubai Good Delivery, or similar approved and reliable agencies, you can be sure about ethical sourcing. These agencies use blockchain distributed ledger, to track and verify the entire process on a real-time basis, across the supply chain. Gold sourced through illegal channels fall on the bad delivery list. Ethical jewelers like the Malabar Group deal in only good delivery gold.
* You should always insist on a bill and pay the requisite tax on gold while buying. The GST on gold is just 3 per cent, while it is up to 18 per cent for other products. By paying the tax and getting a bill, you are essentially ensuring the legality of your purchase. It also guarantees the quality of your gold and indirectly helps the economy and prosperity of the nation. Insisting on a bill and paying the right tax also helps discourage anti-national activities. A bill is necessary to claim insurance against loss of gold as well as during resale, so it is also important to keep it safe.
In India, gold is a symbol of divinity and prosperity. Knowing these 8 points would ensure that your gold is secure and your prosperity preserved.
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