What is Indian Gold?
What is Indian Gold?
We at Minar Jewellers believe in always providing the very best in consumer advice. We are asked on a regular basis if we sell Indian gold, Asian gold and also Dubai gold. Since there is often some confusion over the actual meaning of these terms we wanted to clarify what these terms actually refer to.
What do people mean when they say Indian Gold?
Shopkeepers and customers commonly use the terminology alike. The actual meaning behind Indian Gold is the belief that the purity of the gold is as high as possible. Different countries in the world use 9 carat, 14 carat or 18 carat gold, 21 and 22 carat gold. In South Asian countries like India, Pakistan, Bangladesh and Malaysia and Singapore where consumers look at gold as an “investment” The quality of gold used is almost always better than 18-carat gold.
This higher purity gold content has then incorrectly been labelled as Indian gold possibly because India is the largest consumer of high carat gold in the world and hence the misnomer. In fact all countries are able to make 22 carat gold and it is incorrect to believe that the only place in the world or the best place to buy 22 carat gold is from India.
Buying 22 carat gold around the world
There are several places to buy 22 carat gold - especially South Asia (e.g. India) and most of the middle eastern countries out of which Dubai has a very large consumption of high carat gold.. A common concern wherever you purchase the gold is whether or not the gold is as advertised - the 22 carat gold jewellery you have bought may turn out to be 18 carat!. Except in countries where there is high quality control and in the UK where it is mandatory for the seller (retailer) to hallmark the jewellery before selling it to the customer.
Buying gold in India
The Indian government as a means to protect consumers introduced in April, 2000 a hallmarking system to certify the purity of gold – administered by the Bureau of Indian Standards (BIS). The BIS hallmark consists of five components - (1) the BIS logo, (2) the fineness or gold carat weight, (3) the logo of the Assay or Hallmarking centre that certified the quality, (4) the identification mark or logo of the jeweller and (5) the year of manufacture.
The BIS provides hallmarks for 23, 22, 21, 18, 14 and 9-carat jewellery - so it is important that you check the fineness mark to understand which carat weight your gold is.
Jewellery items that do not bear a BIS hallmark are often sold for lower prices which many individuals are drawn to opting for the cheaper option without understanding that there is no guarantee for what they are paying for.
The one clear drawback of the BIS hallmarking system is that it is not yet mandatory - it is currently a voluntary scheme and there have been cases of fake hallmarking of jewellery which the BIS have been working hard to stamp out.
Buying gold in the United Kingdom
Unlike India, the hallmarking system is mandatory - meaning that jewellery retailers are required by law to ensure that the gold they sell (above 1g in weight) is hallmarked by one of the UK Assay offices (London, Birmingham, Sheffield or Edinburgh). All of the Assay offices are overseen by the British hallmarking Council which ensures their compliance to the required high standards.
Not only are jewellery retailers required to have their gold items hallmarked but they must also display on their premises the statutory notice, which describes the approved hallmarks.
If purchasing gold items in the UK, consumers should ask for the hallmarks in the jewellery to be shown to them so that they are safe in the knowledge that what they are purchasing is as advertised.
BUYING INDIAN GOLD JEWELLERY ONLINE
When purchasing online, it is important to prioritise consumer protection to ensure that you get the highest quality jewellery at the best prices. Here are some tips for buying Indian gold jewellery online safely and securely:
- Research the seller: Before making a purchase, be sure to do your due diligence and research the seller’s reputation and credibility. Look for reviews from previous customers, check for a physical address and phone number, and make sure they have an up to date website with a returns policy.
- Check for hallmarking: In the UK, all gold jewellery above 1 gram in weight must be hallmarked as per UK law, which certifies the gold’s purity and quality. You can read more about hallmarking here. At Minar, not only is all of our gold jewellery hallmarked, but every piece also comes with a Certificate of Gold Authenticity.
- Be aware of shipping costs: Make sure to factor in any delivery costs when comparing prices, as these can add up quickly. Minar Jewellers offers free delivery on all UK orders. You can read more about our shipping options from our delivery information page.
- Use a secure payment method: To protect your personal and financial information, be sure to use a secure payment method such as card or PayPal when purchasing online.
In conclusion, the term "Indian gold" refers to gold that is believed to have a high purity, particularly in South Asian countries where it is often used as an investment. While India is a major producer and consumer of high carat gold, it is not the only country where 22 carat gold can be found. It is also important to consider the quality and authenticity of gold when making a purchase, whether in India or elsewhere, by looking for hallmark certification or other quality assurance measures.
While the BIS hallmarking system in India is a helpful tool for consumers, it is currently voluntary and there have been instances of fake hallmarking. In the UK, hallmarking is mandatory, providing a higher level of protection for consumers. By understanding the various factors that contribute to the quality and value of gold, consumers can make informed decisions when buying Indian gold jewellery online or in person.
Looking to purchase some 22ct gold jewellery online? Come and see our extensive collections available to purchase from our safe and secure website.
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