Purchasing gold in whatever form may appear to be a routine and straightforward job. However, with less knowledge about the gold you are buying, the transaction may wind up being useless.
Keep reading if you are going to visit gold sellers or gold buyers in Bangalore | selling gold for cash in Bangalore and want to know how to check gold’s purity. However, it is not a difficult job. First, you need to ensure that you are purchasing something genuine and worthwhile.
Worldwide gold rates determine the gold rates in Bangalore. A variety of international factors such as inflation, changes in global pricing, central bank gold reserves, altering interest rates, and jewellery markets influence the rate. Today the gold rate in Bangalore is 4375 INR/gram.
How do you know if the gold you purchased is pure?
There is a simple way to assess the purity of gold jewellery or gold coins before purchasing them. A government entity known as the Bureau of Indian Standards (BIS) goes through labeling every gold piece with specific information to confirm the purity of gold that you acquire from reputable stores or online platforms. This information, known as the Hallmark, ensures the purity of gold. Hallmarking safeguards the public and requires gold makers to maintain legal sanctity and purity standards.
According to the BIS, there are four elements to check for in hallmarked gold jewellery to assure gold purity:
1. The BIS standard logo/mark
Any piece of BIS hallmarked gold jewellery will bear the BIS logo, indicating that BIS labs approved its purity. This logo will appear on every piece of jewellery or coin you purchase. The BIS is India’s only government-approved institution for hallmarking gold commodities of any kind to ensure their purity.
This hallmarking process, however, is voluntary, and not all jewellers sell BIS hallmarked jewellery. In addition, some locals continue to offer in-house hallmarking on their jewelry, which the BIS does not confirm. As a result, before you sell gold in Bangalore | selling gold for cash in Bangalore, make sure to look for a BIS logo.
2. Karat purity and fineness
The second mark attests to the amount of gold purity in the jewellery. There are two ways to do it- Karat (denoted as KT or K) and fineness number. Because 24K gold is too soft and flexible for jewelry, gold alloys with other metals such as silver and zinc create a more durable form of gold.
Gold hallmarking is only done for three karat levels as of January 1, 2017: 22K gold, 18K gold, and 14K gold. Higher levels such as 23K, 21K, 17K, and 9K hallmarking were also present previously.
Another technique to determine the purity of gold when someone sells you gold in Bangalore is to use the fineness number. In layman’s words, it’s another name for 22K gold. So, for example, if a piece of 22K gold weighs 100 gm, it includes 91.6 gm of pure gold for 100 gm of alloy.
The karat and fineness number on your gold piece indicate that it is BIS verified.
3. The logo/number of the Assaying and Hallmarking Centre
The third mark on the piece of gold is the logo of the laboratory where the gold tests for purity. Again, only BIS-licensed laboratories check the purity and place their mark.
4. The Jeweller’s logo/mark/number
The best gold buyers or sellers in Bangalore from which you acquire your gold will also stamp it with its identity mark or emblem. This mark may be that of a BIS-certified jeweller or a jewellery manufacturer.
Keep all these things in mind and buy the best gold.