Akshaya Tritiya, also known as Akha Teej is the most sacred day for Hindu and Jain communities. The auspicious day falls on the third lunar day of the Indian month of Vaishakha. This year, Akshaya Tritiya falls on 18th April 2018. The sacred day is believed to be the day of the birth of the sixth incarnation of Vishnu-Lord Parashuram. It is also believed that on this day Ved Vyas and Lord Ganesha started writing the great Epic Mahabharata. On the other hand, for Jains, this day marks the end of one-year fast by Tirthankara Rishabha.
Akshaya Tritiya is also considered one of the auspicious occasions to buy gold in India. Indians consider this day to be lucky to buy gold as on this day gold is considered to be a gesture of happiness bringing to your home. There are many people who do not understand the different elements to buy gold or about its purity standards and pricing.
Here, we bring some of the tips to buy gold on the occasion of Akshaya Tritiya.
The gold jewelry is always sold in Karats (KT). The purest form of the gold is 24KT because the metal is very soft in this state to be made into jewelry. The gold in the market that is sold by jewelers is usually of 22KT or less than 22KT. In the jewelry, 22KT means that jewelry will be made from 22 parts of the gold out of 24 parts and the other two parts will be zinc, copper, cadmium or silver.
Hallmark is the very important element that you should always keep in mind while buying any jewelry. Hallmark is used to identifying the quality of the gold in India. The gold is standardized by The Bureau of Indian Standards (BIS) that best judge the purity and quality of the gold. The BIS alphabetically code its stamp on the gold which mentions the Karats and year in which the gold was hallmarked.
The price of the gold depends on two factors—the karats of the gold and the metal it has mixed to make it alloy. The second important price factor is that you should know what exactly you are paying for. The price of the jewelry is calculated with the price of the gold alloy multiplied by its weight + making charges + GST. However, the making charges of the gold are not standardized in India and making charges depend on the type of gold jewelry you are buying.
Wish you all a very Happy Akshaya Tritiya and a smart gold buying day!