Gold Shopping for Dhanteras: Gold Buying Guide

Posted on: Oct 22, 2024 | 3 mins | Written by: HDFC ERGO Team

Gold Shopping for Dhanteras: Gold Buying Guide

Gold is one of the most valuable metals, both monetarily and emotionally. Indians value gold very highly and consider it auspicious. As a result, you will find many people buying gold on important occasions such as weddings, ceremonies and special religious events like Dhanteras. It is commonly believed in India that buying gold on Dhanteras enhances your investment and makes you wealthier. This is why people queue up outside jewellery stores to purchase gold jewellery on this day. If you, too are planning to get some beautiful gold items this Dhanteras, we have the best tips for you. From finding the most attractive pieces to securing them with gold insurance, we tell you about everything.

What is Dhanteras?

Dhanteras is a major Hindu festival that falls two days before Diwali. The day marks the beginning of the five-day festival celebrated in honour of Lord Dhanvantari, the god of health and Ayurveda. On this day, buying gold or silver or new utensils has been considered auspicious, and it is believed that the prosperity of good luck follows such purchases. It is also a lucky day for any shopping or investment.

Why is Dhanteras the best time to buy gold during Diwali?

Dhanteras is a festival with enormous cultural and financial importance. It is dedicated to Lord Dhanvantari, the god of health and prosperity. As the day is auspicious, buying for Dhanteras or shopping mainly for gold and silver is considered lucky, thus contributing to wealth and negating any bad omen.

1. Cultural Significance and Tradition

The purchase of gold on Dhanteras is an ancient custom. It stands for prosperity and is considered very auspicious. Many people believe that the act of buying gold on this day invites good energy and the growth of money throughout the year.

2. Financial Benefits of Buying Gold on Dhanteras

Dhanteras is more than just a tradition; it's also an occasion to make a smart investment in gold. Gold prices tend to remain steady or even appreciate during this time, which is compounded by the additional discounts and schemes offered by jewellers. This makes it a good time financially to buy.

3. Home Insurance to Protect Your Possessions

Amidst the festive shopping, consider putting insurance on your valuable possessions. Just as one invests in gold, homeowners have a choice of insuring their homes by selecting to buy home insurance online. Home insurance protects your property against theft,

The spiritual importance of gold in Diwali celebrations

Gold possesses a unique significance in Diwali celebrations and holds an association with wealth, purity, and prosperity in the local culture. Being the most auspicious period of the year to purchase gold, positive energies are thought to flow towards the object with blessings from Goddess Lakshmi, the deity of wealth and fortune. The purchasing of gold during Diwali, in particular on Dhanteras, is considered not just a mere economic investment but a sacred rite indicating new beginnings and abundance.

Shopping for Dhanteras is mostly concerned with buying gold and silver and other precious metals for this very reason: it is believed that purchasing these objects on the day of Dhanteras attracts prosperity while deterring evil influence. It is also considered auspicious to buy new utensils and jewellery, which signify cleansing, renewal, good omen, and auspiciousness. It is a festival that promotes mindful spending for spiritual well-being.

Here are four main points about The Spiritual Significance of Gold in Diwali Celebrations:

1. Comfortable:

Gold has become synonymous with wealth and prosperity on Diwali, wherein it invites positive energy, blessings and attracts all that one desires.

2. Wealthy Purchase on Dhanteras:

The purchase of gold on Dhanteras is considered one of the most auspicious parts of celebrating Diwali, as it marks acceptance of good luck and financial growth in the year to come.

3. Renewal and Cleansing:

Gold is purity and new beginnings in that purchase for the festival goes along with its gist of cleansing, renewing, and spiritual growth.

4. Securing Traditions and Security:

While one is busy with shopping for Dhanteras, wise investors would also protect their treasures by acquiring home insurance online to cushion both spirituality and finance while readying themselves for the much-anticipated period.

Top 7 tips to help you choose the perfect gold items on Dhanteras

Listed below are some of the most effective guidelines to remember when you go gold shopping:

1. Check the purity

First and foremost, you need to check the purity of the gold. Gold is available in 24 karats, 22 karats, 18 karats and 14 karats. The higher the purity, the more expensive it is. You need to know what type of gold you want. Many traditional designs are made only in 24-karat gold, while modern designs are better suited in 14-karat gold. To understand what you will buy, you need to make an investment plan beforehand. Include the purpose of your purchase. If you wish to purchase gold purely as an investment, look for the highest purity. If, however, you wish to purchase jewellery for regular use, you may opt for a lower karat marking. You also have to consider your budget and how much you can spend on the purchase.

2. Verify the making charges.

While buying on Dhanteras, checking the making charges is very important, as different jewellers have their own making charges policies. One factor is that many ornaments in gold are made, and that usually adds to the making charges, which would again add to the final cost that you would pay for the jewellery. Do thorough research and decide on a shop which has good making charges without compromising the design and quality of the gold.

You can think of securing your home by opting to buy home insurance online. Reliable home insurance assures you that your property is secured against unforeseen events while you enjoy the festive season.

3. Check the weight of additional gems.

You often find gold jewellery that is adorned with additional gems like diamonds and emeralds. The price of these precious stones is different from that of gold. However, at times, the jewellers charge you based on the weight of the entire piece. Hence, you should be mindful when you buy the ornament. Verify the exact weight of the gold and the weight of the added gems. Ensure the calculation has been done based on the actual weight of the gold used. This will help you get a good and fair deal, and it will also aid you when you resell.

4. Check the making process.

As stated, a lot of gold items are handcrafted, thereby pushing up their prices. These days, however, many items are machine-made. The simple, modern designs, generally used for regular wear, are mostly machine-churned. You should check the making process when you shop for gold. The machine-made items are less expensive than the handmade items. The jeweller should ask for the correct making charges based on the mode of making. A lot of people who want to buy a token item on Dhanteras opt for the machine-made designs as they are economical and can be used frequently as well.

5. Look for deals and discounts.

Gold prices fluctuate daily due to global market changes and increased demand during festivals and wedding seasons. While shopping for Dhanteras, many jewellers offer attractive deals, such as freezing prices in advance or heavy discounts on making charges, reducing the overall cost. Stay alert to these offers to get the best value. Meanwhile, don’t forget to buy home insurance online to protect your valuable assets with reliable home insurance.

6. Check the resale value.

Gold is often procured as an investment, so you need to be aware of the resale value of the gold item you buy. Most of the reputed jewellers these days give you a guaranteed buyback offer where you can sell the item back to them at the best price. Check with your jeweller about the resale offers. Try getting simple designs, as during buyback, the weight of the gold will be majorly considered and not the making charges. Get an item that will fetch you the highest resale value. However, if you wish to buy purely for personal use, then do not compromise on the design.

7. Consider getting gold bars.

A lot of people these days get gold bars instead of gold jewellery pieces. A bar is just a pure block of gold without any additional charges. It makes for a great investment. The price appreciates, and you get the full value back when you sell it off. If you are buying gold as an auspicious symbol on the pious occasion of Dhanteras and do not intend to use it personally, consider getting a gold bar. You can choose a bar based on your requirements and preferences. Get it in the purest form and in a size that suits you, and you will end up with a great investment.

8. Consider insurance coverage

Gold is expensive, so you need to keep it well-protected at all times. To do this, you can opt for a bank locker. However, that has its own limitations. If you wish to keep it safe in your own house, look to get a property insurance policy that covers the valuables in your house. A lot of modern-day home insurance plans have inclusions for valuable coverage, including gold coverage. If your gold pieces are lost, stolen, or damaged in a fire, the insurance provider compensates you for the loss. This is a wise and effective way to keep your gold safe in your own house and use it as and when you need to.

Final Words

When it comes to shopping for Dhanteras and investing in gold, I have given some golden tips for a wise purchase. Also, protect your valued possessions by buying home insurance online. This smart combination of gold buying and reliable home insurance will ensure prosperity and security this festive season.

Disclaimer: The above information is for illustrative purposes only. For more details, please refer to the policy wordings and prospectus before concluding the sales.

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