Gold is one of the most loved commodities, especially among women. Buying gold is considered auspicious. People in India buy gold on most occasions like festivals, weddings, pooja’s and so on. India is one among the many countries, which consume the highest quantity of gold in the World. As many people buy gold, there are some jewelers who cheat customers. In this blog, we will discuss how jewelers cheat customers.
It is very easy for jewelers to cheat customers, because it is the only place, where most people don't bargain. Even though people spend a lot of time in selecting gold ornaments, they do not question the price charged. Let us discuss the various tricks used by jewelers to cheat customers.
Making charges is one of the biggest tricks used by Jewelers to make money. The amount charged as making charges, depends on the Jewelers. Different Jewelers charge different amounts. Usually making charges will be around 4% to 20% of the value of the gold.
Some Jewelers even charge making charges up to 40%. For instance, if the price of the necklace is Rs 1,00,000 and making charges is 20%, you will be charged Rs 20,000 as making charges. In case you want to resale gold, you will not receive any value vis-a-vis making charges. Some jewelers deliberately charge high making charges to cheat customers.
Some jewelers cheat customers vis-a-vis purity. The purity of the gold is checked through Carat and Fineness. The 24 carat gold is considered as the purest form of gold. The 22 carat gold is made by mixing 22 parts of gold with 2 parts of Zinc or Silver. There is also 18 carat gold.
Usually, jewelers cheat customers by selling low carat gold at a high rate. That means jewelers sell 18 carat gold and charge the price of 22 carat gold.
Normally, people prefer buying gold jewelry studded with stones as it looks attractive. If you are buying jewelry studded with stones, you will be paying the price of gold for ordinary stones. The real price of these ordinary stones will be a few 100 rupees. If you want to sell this jewelry, you will be paid money after deducting the weight of the stone. So, paying the price of gold for a normal stone is a loss.
Gold wastage refers to the quantity of gold wasted during the making process. Gold wastage is different from the making charges. Usually, jewelers charge 5-7% of total gold weight as wastage.
We give our gold jewelry to jewelers to clean it. But, it is not always safe as jewelers cheat customers while cleaning the gold. Jewelry is cleaned by putting it in an acid solution. When the gold is put in the acid, gold particles get dissolved. In case you weigh the jewelry before and after cleaning, you can find some difference in weight.