Diwali is one of the biggest shopping seasons in India. From clothes and electronics to gold and silver jewellery, people make the most of this season.
Dhanteras, in particular, is considered an auspicious occasion to purchase precious metals. This year, Dhanteras falls on Friday, November 6. Buying gold, silver, utensils and other valuable items on Dhanteras is considered auspicious. Families also clean and decorate their homes, light lamps and perform prayers for prosperity and well-being.
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Before you pay for your festive purchase, here are five charges you should check on your gold jewellery bill.
1. Gold Rate Per Gram
The gold rate forms the biggest component of your jewellery bill. However, prices can vary between jewellers depending on their pricing policies and the rate applicable at the time of purchase.
Check the per-gram rate mentioned on your bill and confirm whether it corresponds to the purity of the gold you are buying, such as 22-karat or 18-karat gold. Comparing rates across stores can help you assess the overall cost.
2. Making Charges
Making charges cover the cost of designing and crafting jewellery. Jewellers may calculate these as a percentage of the gold value or as a fixed amount per gram.
These charges can vary significantly depending on the design and craftsmanship. Ask whether the making charges are fixed or negotiable before finalising your purchase.
3. Wastage Charges
Some jewellers levy wastage charges to account for gold lost during the manufacturing process. These may be calculated separately or included in the making charges.
Ask whether wastage charges apply to your jewellery and how they have been calculated. This can help you understand whether you are paying twice for overlapping costs.
4. Hallmarking Charges
Hallmarking helps establish the purity of gold jewellery. Buyers should check for the Bureau of Indian Standards (BIS) hallmark and verify the six-digit Hallmark Unique Identification (HUID) number where applicable.
Ask for a clear breakdown if hallmarking charges appear separately on the bill.
5. Goods and Services Tax (GST)
GST adds to the final purchase price. In India, gold jewellery generally attracts 3% GST on the total transaction value, including making charges.
Check whether GST has been calculated correctly and ensure the invoice clearly mentions the applicable tax.
Also Read: Received Rs 51,000 as a Diwali Gift? What You Need to Know About Tax on Cash Gifts
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