Sunita Sharma, 38, was elated to find gold prices at more than Rs 20,000 per 10 gram in the first week of November, 2010. The 28-gram necklace bought for Rs 3,700 per 10 gram was about to earn the homemaker five times the price. An LCD television was in order.
Not so fast, Sharma would find out. She saw to her dismay that the necklace did not have a hallmark, or purity, certificate. Selling was going to be difficult because gold purity had not been ascertained at the time of purchase.
The prices of 22-carat gold are staggering, but commonplace mistakes cost much. Here are some steps to make sure you don’t regret the decision to buy and sell jewellery.
Check purity
Sharma did sell the necklace, but had to be satisfied with the price the jeweller quoted. Most jewellers use a device called caratometer to check the amount of gold. Experts say this is a faulty practice.
“Caratometers are not authenticated by the Bureau of Indian Standards,” says Rajiv Popley, director at Popley Group that runs a chain of jewellery stores. The devices cater to only surface testing, which can differ based on thickness, he says.
The globally accepted method, including by BIS, is fire assay. Here, a part of the jewellery is melted and tested. Only a gram of jewellery with 91.6% of gold passes muster as 22-carat gold, says Popley.
A person selling or buying gold can demand this type of testing for a nominal fee. The marking is done using punches or a laser-marking machine.
The BIS website lists labs that provide hallmarking. “The All India Gems and Jewellery Trade Federation also lists labs in a locality and gives the current gold rate,” says Vedant Jatia, director at Indian Institute of Jewellery. You can also demand a hallmark certificate from a jeweller.
Hallmarking cost varies. It is usually around Rs 25 a unit. This holds true for a necklace or earring; a set of earrings will be considered as two units. The price depends on your relation with the jeweller as well. Don’t forget to haggle.
Safe than sorry
People often look to tweak the design of old jewellery to match the latest trends. They could be in for nasty surprises if there is no purity certificate.
Not so fast, Sharma would find out. She saw to her dismay that the necklace did not have a hallmark, or purity, certificate. Selling was going to be difficult because gold purity had not been ascertained at the time of purchase.
The prices of 22-carat gold are staggering, but commonplace mistakes cost much. Here are some steps to make sure you don’t regret the decision to buy and sell jewellery.
Check purity
Sharma did sell the necklace, but had to be satisfied with the price the jeweller quoted. Most jewellers use a device called caratometer to check the amount of gold. Experts say this is a faulty practice.
“Caratometers are not authenticated by the Bureau of Indian Standards,” says Rajiv Popley, director at Popley Group that runs a chain of jewellery stores. The devices cater to only surface testing, which can differ based on thickness, he says.
The globally accepted method, including by BIS, is fire assay. Here, a part of the jewellery is melted and tested. Only a gram of jewellery with 91.6% of gold passes muster as 22-carat gold, says Popley.
A person selling or buying gold can demand this type of testing for a nominal fee. The marking is done using punches or a laser-marking machine.
The BIS website lists labs that provide hallmarking. “The All India Gems and Jewellery Trade Federation also lists labs in a locality and gives the current gold rate,” says Vedant Jatia, director at Indian Institute of Jewellery. You can also demand a hallmark certificate from a jeweller.
Hallmarking cost varies. It is usually around Rs 25 a unit. This holds true for a necklace or earring; a set of earrings will be considered as two units. The price depends on your relation with the jeweller as well. Don’t forget to haggle.
Safe than sorry
People often look to tweak the design of old jewellery to match the latest trends. They could be in for nasty surprises if there is no purity certificate.
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