Gold and Indians are inseparable, since ages we witnessed that Indian households have an emotional connection to gold.
This connection has only been increasing exponentially. There are various factors why India is a gold centric society.
To name a few, it is as a result of generations of gold lovers. Most of the people believe owning gold as an investment. Some treat it as collateral in the rainy days, some buy for the sheer love of the metal. Whatever may be the reason, the fact is that Yellow metal is here to stay and would continue to hurl its magic for the many years to come.
Many Jewellery brands understand the steep rise in Gold jewelry prices, and the factors that are associated with it. But for a common man, his love for the gold overshadows all the factors. However, with soaring prices, gold has always been a dear metal to own up.
Despite the price, the spending on gold is seen to only increase. A major contributing factor is a disposable income in Indian society, it is seen to have risen over the years. The second contributing factor is the trend in buying decisions.
Unlike our previous generations, where buying decisions are solely taken by the head of the family or a male member of the family, it is now shifting gears where every member of the family is more individualistic and is empowered in their own way.
Having disposable income levels leads to buying power, however, the real key to accumulate gold lies in intelligent buying. Buying gold based on occasions, festivals, and seasons is slowly trending. Likewise, the offers, discounts, and design variety available to the end consumer also increased.
Taking time out to plan your money to purchase gold when such offers are running is wise. For example, Jewellery houses launch melas such as the bangle mela during the offseason. Such campaigns can exploit to our benefit where the Gold bangle price varies when compared to the normal days.
Secondly, look for jewelers who are well established in the market to buy gold. Such as Vaibhav Jewellers, who have a reputation for over two decades. Buying gold from such trusted stores helps in the buyback, returns, old gold exchanges, and repairs issues, etc.
They have processes and procedures in place and hence will be hassle-free to deal with them. Also, because of their wider presence, it would be easy to reach out to them.
Thirdly, while buying jewelry gives utmost importance to research either online or offline. Since gold pricing is not standardized, jewelers are at their discretion to price them. Hence, it is advisable to look at a number of options and chose the one which is pocket friendly. After all, a penny saved is a penny earned.
Finally, pre-plan your jewelry purchase. Example if you have a close one’s wedding or a function in the family on cards, it is advised to monitor gold price on a regular basis and buy at the lowest possible dip, also another golden tip is that buy a 24K coin or ingot, use it when you want to purchase jewelry.
This way you can hedge yourself from the price fluctuations and exchange it when you actually plan to buy the Jewellery.
We sign off here, hoping that these tips have helped elevate your gold sense to the next level.