Tips to Save Money When Buying Gold Jewellery
The current economic climate, with its high inflation and the volatile stock market, makes gold a desirable investment.
Since investors with foresight have known about gold's value in a diversified portfolio for millennia, gold is the ultimate insurance and security against stormy economic times. It also provides investors with the diversification of wealth for which they are well-known and admired.
Evidence from the past shows that gold is a reliable store of value that has historically outperformed many other investment options due to its high price and persistent demand. But is it that simple to buy gold without going into debt?
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Here, we'll learn some tried-and-true methods for getting the most bang for your buck when shopping for gold jewellery. So, let's dive!
1. A Perfect Timing
The wedding season in December and the summer are ideal times to purchase fine jewellery. Purchases for weddings are typically made at other times of the year when prices are typically higher. However, once the wedding season winds up, rates go back down. Moreover, when sweeping policy shifts are on the horizon or an election is near, prices also tend to fall.
2. Buy from Trusted Online Stores
Shopping for jewellery online might save you money if you're in the market for high-quality items on a tight budget. This is because internet jewellers can sell directly to customers, eliminating the need for expensive retail space and intermediaries.
Read as many customer reviews as you can on a website to get a feel for their service's trustworthiness.
3. Ask for Buyback Policy
Before buying a piece of jewellery, know the store's return policy. Most reputable companies will buy back your gold at the market price within a specific time frame. If something doesn't fit, you may always return it or exchange it for something else.
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4. Avoid Chain Stores
You might only be a few metres away from your favourite jewellery store, but if you knew that most of them set very high markups of up to 700%, you probably wouldn't shop there. That's ridiculous, especially given the low pricing offered by internet stores and street vendors for the same gold coin.
5. Keep an Eye Out for Deals
The best part is the constant discounts and sudden sales that may be found at internet businesses. Online jewellery stores, like any other type of business, offer discounts at various times of the year.
However, you shouldn't expect to qualify for every available coupon. There may be restrictions on which products they apply to, or the "discount" may be negligible.
Look around at many internet stores offering similar discounts, and pay attention to the fine print so that you don't appear to be an easy target.
6. Keep the Tax in Mind
Gold jewellery prices depend on several factors beyond the metal's purity. Learn about these services that typically cost more so you can save money in the future:
- Daily fluctuations in the market determine the current price of gold. A reputable online jewellery store will have a ticker on the front page that updates the current 24-karat gold bullion prices.
- You may be perplexed why gold merchants with luxury names charge such inflated prices. However, designer jewellery can cost up to ten times as much as regular gold. Because the other expenses account for the product's quality, the designer's attributes, and the brand name.
- Since you won't just be paying for the jewellery but also the design, most internet jewellers have hidden fees for bespoke items unless specified.
Most states have a sales tax, which is a high cost considering the high price of the jewellery.
Some Extra Tips for Buying Gold Jewellery
1. Determine the Desired Purity of Gold
The purity of the gold will be a significant factor in determining its value (measured in carats). No doubt that you're familiar with 24-carat jewellery! The term "24 carats" refers to gold that is 99.9% pure. However, jewellers rarely use it because of the metal's softness.
So, for instance, 22ct (91.67% pure gold), and 18ct (75% pure gold), are ideal for gold bracelets, gold bangles, or gold chains since alloys (or mixes of gold with other metals) tend to strengthen the overall metal content.
Stone-studded jewellery, particularly diamond jewellery like diamond rings, necklaces, and earrings, is typically made with a lower purity metal, such as 14ct gold. So, watch for gold jewellery with a 14ct or 22ct stamp.
Gold of any purity will serve you well in times of need, but if you're looking to invest in it for the long haul and put some money away, 24-carat gold is the way to go.
2. Acquire Certificates and Hallmarked Jewellery
The hallmark verifies the precious metal's purportedly high purity. Demand that this logo be present and verify that it accurately reflects the product's quality. Usually, gold jewellery will have the caratage, or the percentage of gold purity, etched on a relatively unnoticeable section of the piece.
The year the piece was marked, the jeweller's mark, the purity code, and the testing centre's mark will also be engraved in the piece, in addition to the standard hallmark.
3. Warranty and Return Policy
Purchasing gold jewellery online is a high-risk venture. Thus you should only do so if the online store offers a product warranty. Your product's price tag might increase, but it's well worth it. Companies frequently use colour enhancement software to make their products look better online, so the colours you see on the site may not be the same as the ones you receive.
The return guarantee is a direct result of this need. Most websites selling jewellery online include return policies and refund assurances that are valid for a few days. However, not all online stores offer this service, so double-check the vendor's return policy.
1. Is gold a good way to save?
Several good arguments favour incorporating gold into one's investment portfolio, whether in coins, bars, or gold-backed securities. Gold is viewed as a " haven asset" due to its resilience against inflation and low correlation to other asset classes.
2. Is it better to own cash or gold?
In some ways, gold may be a more secure and convenient way to keep your money than paper currency. Gold's reputation for reliability over the long term is well-established.
3. Will gold ever lose its value?
Many people believe that precious metals like gold can survive the effects of inflation and retain their purchasing power over very long periods. Gold has historically served as an "economic lifeboat" for countries whose currencies and stock markets have crashed.