5 Things You Need To Consider While Buying Gold Online
Consumer Tips

5 Things You Need To Consider While Buying Gold Online

Online marketing is the talk of the town in this decade and online stores and websites are making commendable profits currently. As a result of good output and scope for development, the number of online shopping sites is on a high and almost all types of products are being sold on them, including gold. However, buying gold through online stores is not an easy job because of the delicate matters involved. Let us look at some points we should keep in mind.

1. Authenticity of The Seller

The first and foremost point which you should keep in mind before buying gold online is checking the authenticity of the seller. Although authenticity of seller is important for all kinds of products bought online, the essence becomes much more importance in high priced and delicate product like gold. While the websites without cash on delivery option are more likely to be unauthentic, the ones with the option also need a thorough background check. After all, it is matter of big money while buying gold bullion and authenticity of the seller is a point that cannot be compromised on.

2. The Purity of Gold and Hallmark

Gold comes in various variants like 24 carat, 22 carat, 18 carat, 14 carat and a few others. So, have you ever enquired what do these names stand for? 24 carat is the purest form of gold which contains about 99.99% of the metal. On the other hand, 22 carat means 22 out of 24 parts of the metal is gold while the rest is metals like silver, nickel etc. Same is the case with 18 or 14 carats. However, it must be noted that 24 carat gold is not convenient for making jewelry as it is malleable. So, before buying gold online, purity of gold has to be checked. Apart from this, the certifying authorities put a hallmark on gold to certify the pureness of the gold. So, check for hallmark as symbol of purity.

3. Making Charges

Making charges are something which is often neglected by the buyers and results in maximum pain for them. While the price of gold is fixed, making charge differs from one shop to the other. Some online shopping portals charge very high making charge, which leads to elevated gold price. However, making charges are not paid for when you sell back the gold to the jeweler. So, before buying gold online, make sure that making charges are least among all the authentic sellers before ordering the product.

4. Return or Buyback Policy

Return or Buyback Policy is important part of the policy of the online sellers. Before ordering the gold from online stores, make sure that the return policy is favorable. If the package cannot be returned once you accept it from the delivery personnel, do not buy your gold from that website as it robs you the option of returning the product if it is not genuine and up to the mark. Apart from that, buyback policy implies the price that will be paid by the seller when the product is sold to the seller within a given period of time. A low buyback price is often unacceptable, as gold does not lose it sheen even when it becomes old.

5. Perfect Packaging and Invoice of Purchase

Just like for other online products, packaging of the product is important for gold products as well. The product becomes susceptible to damage if the packaging is not done properly in more than two layers. So, to have your product reach home safely, you need to ensure good packaging. Apart from this, you should make sure the seller provides the bill of the transaction. The bill is not only important for return and buyback options but also saves you from the wrath of income tax. So, make sure that the packaging is good and seller provides an invoice for the gold you buy before selecting the store.

These are some of the things which need to be taken care of before buying gold from an online store. Although most of the things are common, hallmark and purity are specially for gold.