Almost all families have gold in the form of ornaments, in small or large quantities.
While the main reason for owning the precious metal is cultural, gold also provides hedge against financial insecurity and is a great support for a family to overcome the financial crisis.
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And for one who wants to get better value for their ornaments, it is important to keep some purchase receipts. The documents not only act as proof of formal ownership of the bullion, but also provide better prices.
Gold dealers suggest that jewelry is best sold in the store where it was purchased. In effect, this will allow owners to sell the ornament at a price 20% below market value.
If anyone wants to trade in existing ornaments for new ones, the price will be 10% lower than the current market value.
Traders say that the gold purchase receipt must be shown to perform the job.
“If someone has lost the receipt, they should bring the photocopy of the national ID card and citizenship certificate when selling gold,” said Kartick Karmakar, owner of Shatarupa Jewelers.
There is the question of how much pure gold an ornament contains.
Gold traders say there has been a lot of confusion among jewelers in the past. The situation improved a lot after the Bangladesh Jewelers Samity (Bajus) made the use of hallmarks mandatory in 2007.
Jewelers must engrave the amount of pure gold that an ornament contains. They also require that the amount be clearly stated on the sales receipt issued to buyers.
Dilip Kumar Agarwala, general secretary of the Bajus, says it is better to go to the store where the seller bought it in order to get a fair price.
Again, if he doesn’t go to this shop, if he has pure gold, he will get a fair price if he goes to any jewelry store in Bangladesh.
Many stores now have gold testing machines to measure the amount of pure gold in an ornament.
Jewelers also grant ornamental mortgages to people who need funds to meet urgent needs. In this case, you have to pay the same interest as at the bank.
“I don’t want people to sell their favorite ornaments in difficult times,” said Agarwala, managing director of Diamond World Ltd, which is authorized to provide loans against mortgaged ornaments.