What is the difference between 22-carat and 24-carat gold?
24-carat gold (999 fineness): This is considered 99.9% pure gold. Because it is very soft, it cannot be used directly to make durable jewellery. It is mainly bought as coins and gold bars. 22-carat gold (916 hallmarked): It contains 91.6% gold, and the rest is copper or silver. This gives the metal strength, so 22-carat gold is considered best for durable, intricately crafted jewellery.
What causes gold prices to change? International developments: The value of the US dollar, Federal Reserve interest rates and global inflation directly affect gold. Local demand: Demand rises during the wedding season and festivals such as Diwali, which pushes prices up. Taxes and import duty: The Centre’s import policy and the local tax structure influence price fixation.
What should customers take care of while buying gold?
Hallmarking (BIS Hallmark): When buying jewellery, make sure it carries the BIS hallmark logo and a 6-digit BIS HUID code.
Compare making charges: Making charges can vary between jewellers, so check them clearly before you take a bill.
Keep a proper bill: Get a proper GST bill for the purchase so that a future sale or exchange is easy.