Who doesn’t love Gold? Everyone likes it and wants it. Saudi Arabia has a vast jewelry market. The gold bought from Saudi Arabia is believed to be pure. Is gold cheap in Saudi Arabia? How to identify Saudi Gold? We have given some tips for buying gold jewelry.
Is gold cheap in Saudi Arabia?
The price of Gold fluctuates and vary a lot in Saudi Arabia as well as around the world. It depends on its rate in terms of weight or karat and depends on the place where you are purchasing it from. Some people say that it is just a myth that gold is cheap in Saudi Arabia but believe me, it is very cheap.
Let me tell you why it is cheap to buy gold in Saudi Arabia. Saudi Arabia has high-quality gold reserves, so they do not have to import it. Secondly, the rate of VAT in Saudi Arabia is just 5% as compared to 12% in India and 17% in Pakistan which is another reason gold is cheap in Saudi Arabia.
Always buy gold from the gold market in Saudi Arabia
If you want to buy pure Saudi gold, make sure you buy it from a well-known gold market. In other words, you should prefer the shops in the gold market in one standalone shop in a shopping mall.
If you buy gold from a gold market in Saudi Arabia, you will find a better rate and the good quality of gold due to the competition.
Research and understand the calculation of Karat
Research and understand the calculations of karat and its effect on prices when the rate fluctuates: Measurement of gold is done in terms of Karat. The purest form of gold is of 24 karats.
Gold in its original form is soft that in order to give it a proper form and shape it needs to be mixed with some base metals such as copper, nickel, zinc, etc. The higher the karat the more expensive it is so mostly gold ornaments are made of 18, 20 or 22 karat gold.
Get to know the Karat hallmarks
There are special marks on the inside of the gold jewelry or piece usually indicating the weight or karat, for example, 10k indicating 10 karats. These are stamp marks basically that one should be familiar with.
The grams of gold affecting the price of gold and its durability
Out of all the tips for buying gold jewelry, the best tip is to buy heavy gold sets. The higher the weight in grams the more expensive the gold thing gets. Most commonly it’s weighed in grams only. Thick bangles and ring circumference helps maintain the durability and prevents from bending, keeping it in firm shape.
Mind it high karat in the form of rings or bracelet might result in damage because of softness. Get it in 16 or 18 karats. Keep in mind the jewelry is not pure gold instead of its gold coating over the metal.
Gold weight machines are always present in shops; use them to make sure of the weight.
Keep the color of your gold jewelry in mind
There are various colors in gold as well. White gold is also one of the favorites. Most common is yellow color but there are different shades of it as well.
Make sure you get the authentication certificate and know the exchange policy: You might not like it when you return home and find out that there is a size issue.
Whatever that is just to save you from hassle always inquire beforehand about the exchange or return policy. Also, get proof that the gold is pure and original in form of authentication certificate.