HomeInvestmentDon't Buy Gold And Silver: Without This Free Checklist

Don’t Buy Gold And Silver: Without This Free Checklist

Are you planning to buy gold or silver jewelry? Probably it’s your first time, and you’re not sure whether it’s a good investment or an ideal piece for a specific occasion. You also wouldn’t want to lose your money in a scam or end up with jewelry you don’t like or isn’t worth the price. Research and understand the risks before you buy designer jewelry in gold or silver. This free checklist will help you do just that:

Check The Seller’s Credentials and Reviews

Don’t blindly trust the seller just because they have a storefront. First, check their credentials. If you’re buying online, look for customer reviews. You can also ask family and friends for recommendations. Gauge the customer service too. A good seller will be patient in answering your questions and accommodating your requests.

They will also go out of their way to give you the best deal possible and refer you to some of their past clients. Contacting references is always a good idea as you’ll better understand the seller and the quality of their jewelry and services.

Make Sure the Piece Is Hallmarked

A hallmark is a stamp on the jewelry that indicates its purity. The stamp should include the jeweler’s or manufacturer’s logo, the type of metal, and the item’s fineness or purity. In the United States, all gold jewelry must be hallmarked.

Getting a piece of jewelry with a hallmark ensures that it’s the real deal and has high-quality standards. It also makes it easier to sell the piece in the future. Besides, the hallmark enables you to determine the value of the piece.

Know The Current Gold and Silver Prices

The price of gold and silver changes daily. Know the current prices to negotiate a fair price for the piece you’re buying. You can check the prices online or ask the seller for a quote. Remember that the spot price is just a guide. The actual price will depend on the piece’s weight, purity, and craftsmanship.

If you’re low on cash, you may be tempted to buy gold or silver jewelry that’s not pure. Remember, the piece will be worth less than if it were pure. It’s also more likely to tarnish and wear out quickly. Instead of purchasing a new piece, consider recycled, upcycled, or vintage jewelry.

Consider The Piece’s Weight, Purity, And Craftsmanship

The weight of the piece, measured in troy ounces, determines the price. A heavier piece will be more expensive than a lighter one. Pure gold is 24 karat, while silver is 999 fine: the lower the karat, the less pure the gold, and the lower the price.

Craftsmanship determines the value of the piece. A handmade piece is more valuable than a mass-produced one. Although custom-made jewelry is usually more expensive, it’s also one-of-a-kind.

Compare Prices from Different Sellers

Prices for the same jewelry piece vary from seller to seller. Compare prices before you buy to get the best deal possible. Don’t forget to factor in the cost of shipping, taxes, and fees. However, never go for the cheapest option, as it might compromise quality or service delivery.

Ask About Return Policies and Warranties

Before you make a purchase, find out the seller’s return policy. Most sellers will accept returns within a specific time, usually 30 days. Some stores may offer a money-back guarantee, while others will only offer store credits.

Understand the policy before you buy. Talk to the seller about their warranty policy as well. What does it cover, and the duration? Will you get the piece repaired or replaced for free if damaged?

Be Aware of the Risks of Buying Online

When you buy jewelry online, there’s always a risk of receiving a fake or counterfeit piece. As earlier mentioned, buy from a reputable seller, such as a well-known jewelry store or an online retailer with good customer reviews. Do your research to confirm the site is legitimate and has a secure payment system. Note that insecure processes expose your details, putting you at risk of identity theft.

Know Your Budget and Stick to It

It’s easy to get caught up in the moment and spend more than you can afford. Before shopping, decide how much you’re willing to spend. Once you have a budget, stick to it. If you can’t afford the piece, wait until you have the money or look for a cheaper alternative.

Also, consider why you’re buying the jewelry. Do you want to give a gift, wear it yourself, or sell it in the future? When gifting a loved one, factor in their preferences, the occasion, and your budget. When buying for yourself, choose something you’ll love and treasure for years.

Enjoy The Process

With this checklist, you’ll buy gold or silver jewelry that’s right for you. Take your time, research, and enjoy finding the perfect piece. After the purchase, insure and keep it in a safe place. You’ll have more peace of mind, and it will last longer. When not sure what to do, always consult a professional jeweler.

FinanceGABhttps://www.financegab.com/
Ajeet Sharma, the founder of Financegab and a well-known name in the field of financial blogging. Blogging since 2017, he has the expertise and excellent knowledge about personal finance. Financegab is all about personal finance which aims to create awareness among people about personal finance and help them to make smart, well-informed financial decisions.

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