Buying Gold is the very first thing come to mind while thinking about Dhanteras.
Diwali is coming , The first day of this festival is celebrated as “ Dhanteras ” . According to Hindu Calander Dhanteras is celebrated on Trayodashi of Kartik month , This year Dhanteras will be celebrated on Friday , 10th November .
It is a tradition of Buying gold or silver or any kind of metal on the occasion of Diwali on the day of Dhanteras. It is believed that on this day Hindu lord Dhanvantari appeared with a pot of Nectar in his hands.
India is the 2nd largest country after China in the number of gold consumers.
The Data of purchased gold on Dhanteras Last year –
In the year of 2022 about 39 tons of gold was sold , it’s price was 19,500 Crore.
In the year of 2021 about 15 tons of gold was sold , it’s price was 7500 Crore.
In the year of 2020 about 40 tons of gold was sold , it’s price was 20,000 Crore.
( The source of this data- Indian Bullion and Jewellers Association )
Why people Buy Gold ?
People buy gold for different purposes. Some buy it for jewellery , Some buy it only on occasions but most of them buy it for investment of their money.
In India gold is a good way to invest their money but they also have to pay taxes on them , and one can only buy gold according the law.
Tips when Planning to buy gold –
- Cheak Rate – Gold price change on daily basis and every region has it’s own price of gold cause of taxes. if you are thinking of buying gold you must know the price in your region. Gold price also Depend on it’s purity ( 24K , 22K , 18K etc ). We should know all the prices when we are buying gold.
- Research Market – Gold prices are sometimes high and sometimes they are low , so if you want to invest in gold you should know when the gold prices increase and when decrease.
- Know Your Purpose – when you are buying Gold you must know your purpose of Buying gold. If you are thinking of investing then you should have at least 5 year patience then you can have good returns.
- Budget – You must decide your budget beforehand so you will know how much you want to buy according your budget.
- Storage Option – You must have a secure place to store your gold , You can use a bank locker. If you are thinking about digital gold you don’t have to worry about it.
- Trusted shop – You should only buy from a trusted shop.
Tips while Buying Gold –
- HUID Number – Government have allowed a HUID number on every kind of gold. It is a six digit number.
- Purity – Gold comes in 22K , 24K and 18k. You must confirm the purity of gold which you are paying for.
- Bill – You should cheak bill if it is certified or not.
- Hallmark – Gold must have a BIS (Bureau Indian Standards ) hallmark.
- Negotiate – You can negotiate making and wasting charges with the retailer and get a discount.
- Ask For resell – You should always discuss the resell policy with the retailer.
- Insurance – You must get insurance on your gold while buying gold.
