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Who certifies gold purity?

By Finserv MARKETS - Aug 2,2019
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who certified gold purity

After the recent spate of stock market volatility, a lot of people are beginning to invest in gold in a bid to park their funds in tangible assets. Even though equity markets can offer higher returns than gold, people prefer the security that gold provides in terms of being a tangible asset that they can store with themselves. Gold is also a much more liquid asset since it can be sold off in exchange for cash any time at all.

Gold is also much easier to trade in, as opposed to investing in the equity and debt markets which require detailed analysis before stocks can be purchased. Gold, however, can be bought from jewellery stores and used as a base for jewellery as well. The ease of buying gold has been further simplified with the advent of Digital Gold, available on Finserv MARKETS, where you can buy or sell gold and hold it in an online account. Not only are you cutting costs in terms of renting out a locker to securely store your gold, but you can also choose to redeem the physical gold at any time. Just select whether you want the gold to be delivered as bars or as coins, and it shall be delivered to your home in that form.

A major concern with the trade of gold or any other precious metal is whether the metal is authentic and actually valued at 24 karats. To address such concerns, an ‘assay’ is carried out. This is an analysis to measure and test the composition in ore, alloys and precious metals. Assays are essential for certifying the purity of metal and precious stones. Once an assay has been conducted successfully, and the value of the metal quantified, a certificate of authentication is handed over by the assaying authority. For instance, Digital Gold, available on Finserv MARKETS, when redeemed as physical gold, is accompanied by a certificate of authentication. Any time you invest in gold, make sure to ask for a Certificate of Authentication. This will guarantee that you are purchasing Assay certified gold, and not being duped.

In India, Bureau of Indian Standards (BIS) functions as the Assay Office. Hallmarking of gold jewellery is a mandatory requirement, and after carrying out the assay, BIS provides certificates declaring the fineness grade and purity of the gold. If you want to invest in gold, by purchasing it from a jeweller, you should read on below to learn more about hallmarking and how you can safely invest in gold.

  1. Jewellery is hallmarked by specialized laboratories, which are also known as Assaying & Hallmarking Centres after detailed testing; and not by jewellers
  2. Only jewellers licensed by BIS can get jewellery hallmarked for purity from BIS-recognized Assaying & Hallmarking Centers
  3. Be cautious if someone mentions they provide instant hallmarking. Hallmarking is a process for testing the purity of gold and thus will require time to provide authentic results
  4. Hallmarking does not significantly increase the cost of a piece of gold jewellery at all. For each article of gold jewellery, hallmarking charges are Rs. 25 only.
  5. Before purchasing jewellery, check the five signs of the hallmark which include the purity or fineness grade, Assaying & Hallmarking Centre’s mark, year of marking, jeweller’s identification mark, and the BIS standard mark. If any of these is missing, do not purchase this particular piece of jewellery.
  6. Remember that every hallmarked jewellery is not of 22K purity. However, the purity of the gold will be mentioned as a corresponding grade. For instance, 23K pure will be certified as 958, 21K pure will be represented as 875, and 9K pure gold will be represented as 375.

Considering the hassle involved in getting your jewellery certified and hallmarked, it is much easier to invest in gold through a mechanism that provides complete transparency and is much more seamless in execution. As a result, Digital Gold, available on Finserv MARKETS, is fast becoming a popular platform for trading gold. It not only allows one to buy and sell Digital Gold, but also provides a Certificate of Authentication when the buyer wishes to redeem their physical gold. If you are looking to invest in gold, buying it on Finserv MARKETS will allow you to rest assured that the gold you have purchased is Assay certified.

“Finserv MARKETS, from the house of Bajaj Finserv, is an exclusive online supermarket for all your personal and financial needs. We understand that every individual is different and thus when you plan to achieve your life goals or shop for the gadget of your dreams, we believe in helping you Make it Happen in a few simple clicks. Simple and fast loan application processes, seamless, hassle-free claim-settlements, no cost EMIs, 4 hours product delivery and numerous other benefits. Loans, Insurance, Investment and an exclusive EMI store, all under one roof – anytime, anywhere”!

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