The golden days of Dhanteras are here! People in every corner of the country wait for this day to buy gold in India. Not only gold, people even wait for new ventures, buy silver, real estate, stocks and more. This is the prime reason why the gold rate in Dhanteras 2024 is fluctuating so much! 

But have you considered the possibilities of being cheated on your gold purchase? Are you aware of the frauds happening in the market and the way to escape them? If not— read this blog till the end and get ready for a sparkling Dhanteras! 

Gold Frauds Alert! 

Gold, the timeless treasure, unfortunately, attracts its fair share of scammers.

Imagine buying a gold bar, only to find out it's a clever imitation! Or purchasing a "solid gold" necklace, only to discover it's mostly filled with something else. Sadly, these aren't just plot points for a heist movie; they're real-world scams.

Let's talk about some sneaky tactics scammers use to fool unsuspecting buyers.

Physical Gold Frauds:

• Counterfeit Coins/Bars: Fake gold coins/bars with fake hallmarks or certifications. They might look real, but they're as valuable as a chocolate coin.

• Low-Karat Gold: Selling low-karat gold (e.g., 18k instead of 22k) at higher prices. Imagine buying a 22k gold chain, only to find out it's actually 18k. How disgusting, isn't it!

• Filled or Hollow Jewellery: Jewellery with hollow or filled centers, reducing gold content. It might look solid and sturdy, but it's actually hollow or filled with cheaper metals. 

• Gold Plating: Selling gold-plated items as solid gold. Sometimes, silver or bronze is gold plated or polished and laminated to keep the shine intact. But the moment you seek to resell it, you know it's not worth a penny! 
  
  

Certification Frauds:

• Fake Hallmarks: Counterfeit hallmarks or logos from reputable assay offices. They would just mimic the real thing, making it hard to spot the difference.

• Forged or altered certification documents: Scammers can create fake certificates to make their low-quality gold look legit.

• Altered Assay Reports: These are real certificates that have been tampered with to inflate the gold content.
  
  

Investment Frauds:

Gold investments can be a great way to diversify your portfolio, but beware of these common scams:

• Ponzi Schemes: These schemes promise unrealistic returns but often collapse, leaving investors empty-handed.

• Fake Gold Storage: Some companies claim to store your gold, but in reality, they may not be holding onto it at all.

• Non-Existent Gold Mines: Be wary of investments in gold mining operations that don't actually exist.
  
  

Remember, if a deal seems too good to be true, it probably is. Always do your research, and consider consulting with a financial advisor before making any investment decisions.

Online Frauds:

The internet is a fantastic place, but it's also a breeding ground for scammers. So well, beware of: 

• Fake Online Sellers: Be wary of online sellers who offer deals that seem too good to be true. They might be selling counterfeit or low-quality gold. Plus, sometimes you pay off a huge amount via net-banking and then the gold never gets delivered! Scary at times! 

• Phishing Attacks: Beware of emails or phone calls asking for your personal information. Scammers can use this information to steal your identity or money.

• Fake Websites: These look like legitimate websites but are actually designed to trick you into buying fake gold.
  
  

Other Shady Tactics:

• Weight Manipulation: Some unscrupulous sellers might manipulate the weight of gold to charge you more.

• Price Manipulation: Misrepresenting market prices to overcharge buyers. Always do your own research, calculate the gold grams and have a transparent pricing statement. 

• Bait-and-Switch: They might lure you in with a great deal, but then switch the gold for a lower-quality item.

So now, the burning question— 

How to escape the gold scams? 

Look for the hallmark! It's like a tiny, official stamp of approval recognised by the Bureau of Indian Standards (BIS) to assure its fineness and purity. 

There are three main things to check:

1. The BIS logo: This shows it's been certified by the Indian government  (resembles the shape of a little triangle.)

2. Purity / Fineness Grade

The second symbol lets you know the purity of gold jewellery. Gold in its purest form is too soft for jewellery making. That's why other metals are mixed in to give it strength and durability. This blend of gold and other metals determines the carat value. Presently, you’ll get to see the purity and fineness in one of the  following ways –

• 24K999: This means 24 parts out of 24 are pure gold, making it 99.9%  pure.

• 22K916: This means 22 parts out of 24 are pure gold, making it 91.6% pure.

• 18K750: This indicates 18 parts gold out of 24, equaling 75% pure gold. 

• 14K585: This signifies 14 parts gold out of 24, resulting in 58.5% pure gold.

(Remember: The higher the carat, the purer the gold. But higher carats also mean softer gold. So, choose wisely based on your lifestyle and preference!)

Six digit Alphanumeric code

This HUID number is like an ID or fingerprint for your piece, and it's unique for every piece. 

At Angara, your trust is our priority. That's why every piece of gold jewellery is proudly BIS Hallmarked. This ensures you're not just buying beautiful jewellery, but also investing in authenticity and purity.

With us, you can wear your heart on your sleeve, literally!

How to Check the Purity of Your Gold Jewellery? 

Visit a BIS-approved jeweller or a BIS recognised Assaying and Hallmarking Centre. They can test your gold for a small fee.

Purpose of HUID:

Remember, “All that glitters is not gold”? Well, that's why cross-checking the purity and authenticity of gold jewellery is so important. After all, the price highly depends on it! 

Plus it: 

(i) Ensures traceability and helps address concerns about gold purity.

(ii) It automates the jewellery registration. HUID-based hallmarking streamlines the process, eliminating potential human errors.

(iii) Aids transparency, trust, and accurate valuation of gold jewellery.

(iv) Obviates the chances of unnecessary inspections. 

Stay ahead of fraudsters and make the most of this auspicious occasion. Educate yourself, stay informed, and shine bright this Dhanteras!