Buying Gold This Year? Here’s What To Keep In Mind After Budget 2023
Gold rates today surged to an all-time peak of ₹58,060 per 10 gm as Finance Minister Nirmala Sitharaman delivered the budget speech in the parliament. This increase was due to the government’s proposal to raise the import duty on silver doré, bars and articles, which was intended to bring it in line with gold and platinum duties. The Finance Minister also proposed to increase the duty on articles made therefrom. Further, the conversion of gold to e-gold or otherwise will not be treated as a transfer which means that it won’t be liable for any capital gains. This resulted in the rise of gold prices by 1% and that sure leaves us with questions about buying gold. So here are some tips for you to save money when buying gold.
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Despite this, gold jewellery remains a popular choice for special occasions and investments. In this article, we provide you with a comprehensive guide to help you find the right gold jewellery for you.
Also read: Twitter Floods With Hilarious Budget 2023 Memes Over Cigarette Price Hike, Tax Slabs!
#Gold prices going from strength to strength. New record highs of Rs.58060 per 10gm. Budget 2023 has proposed to increase duty on silver dore, bars, and articles to bring them at par with gold and platinum dore and bars. Views on gold with #livemint https://t.co/xVXCZHAl8W
— Sugandha Sachdeva (@sugandhasach) February 1, 2023
Consider Your Budget
The first step in finding the right gold jewellery is to determine your budget. With the recent increase in the price of gold, it’s essential to set a budget before you start shopping. This will help you avoid overspending and ensure that you get the best value for your money.
Find new ways to propose in #FY24 as FM just made #Gold, #Silver and #Diamond costlier 😐#Budget2023 Live @ https://t.co/dbrXwaX6aZ pic.twitter.com/agzNPk0AYs
— Onmanorama (@Onmanorama) February 1, 2023
Also read : From Bahi-Khata To Tablet, How Nirmala Sitharaman Changed The Presentation Of The Budget!
Know the Carats
Gold jewellery comes in different carats, with 24 carats being the purest form of gold. The higher the carat, the more expensive the jewellery will be. If you’re on a budget, consider 18 or 14-carat gold, which is a good balance between price and quality.
Consider the Stones
Many gold jewellery pieces are set with precious stones such as diamonds, rubies, and emeralds. The cost of the jewellery will depend on the type and quality of the stones used. If you’re on a budget, consider alternative stones like cubic zirconia, which are less expensive but still beautiful. When evaluating the stones, consider the cut, colour, clarity, and carat weight to determine their quality and value.
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Consider the Hallmark
Hallmarking is the process of certifying the purity of gold jewellery. A hallmark indicates the purity of the gold and the weight of the piece. When purchasing gold jewellery, look for a hallmark that indicates that the piece has been certified by a recognized authority. This will give you peace of mind that you’re getting a genuine product and help you avoid fraud and scams.
Gold will get costlier .
Present rates are only sky high .
Embrace yourself for better days girls 😐 #Budget2023 #Gold
— ಸಂಜನಾ ❤️ (@Sanjana_M6) February 1, 2023
Choose a Reputable Retailer
When buying gold jewellery, it’s important to choose a reputable retailer. Look for a retailer with a good reputation, a wide range of products, and a knowledgeable staff. Consider the warranty and return policy of the retailer and make sure you understand the terms and conditions before making a purchase.
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- finance minister nirmala sitharaman
- union budget 2023
- Gold Prices