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With the arrival of the festive and wedding season, gold and silver purchases surge across the country. Especially during occasions like Dussehra and Diwali, people flock to jewelry stores in large numbers. Jewelers often offer attractive offers like 0% making charges to attract customers, which at first glance seem quite attractive. However, the reality is different. Under the guise of these offers, jewelers levy a variety of hidden charges, which are a burden on customers' pockets.

Investment expert CA Sarthak Anuja revealed in an Instagram post how jewelers overcharge customers under the guise of 0% making charges. Let's explore five ways you can be unknowingly duped and how to avoid them.

Gold Rate Manipulation
People often expect the gold rate they see on Google to be the same as the market rate. However, jewelers often charge ₹150-₹200 per gram more than that rate at their stores. Suppose you buy 50 grams of gold jewelry, you could end up paying up to ₹10,000 more. This amount is added directly to your bill, though hardly any customer are aware of it.

The Trick of Wastage Charges
Jewelers often claim that gold is wasted in making jewelry, which they charge as a wastage charge. This charge should actually be 2-3%, but citing complex designs, they increase it to 5%. Furthermore, this charge is levied based on today's high gold prices, further increasing the bill.

The True Value of Precious Stones
Jewelry with a 0% making charge often contains overpriced stones. For example, the price of a simple stone is inflated by several thousand rupees. As a result, the discount offered is recovered by the increased value of these stones.

Losses in Buyback
Customers often think they can get a good price by selling their jewelry later. But in reality, jewelry with 0% making charges has a buyback of only 70-80% instead of 90%. This means that if you buy jewelry worth ₹1 lakh, you could lose ₹20,000-₹30,000 on the return.

Not Passing on the Benefit of Wholesale Discounts
Jewelers buy gold in bulk at cheaper prices but don't pass on the benefits to customers. This means they sell the same gold they buy for ₹5,800 per gram for ₹6,200 per gram, while claiming they don't charge any making charges.

How to Avoid These Scams?
When purchasing gold, pay attention to certain things, such as always checking the HUID code on the BIS Care app. Read the bill carefully; every charge should be clearly stated. Compare prices and don't rely solely on one store. Ask for the price of the stone, and confirm the weight separately.

Find out the buyback terms in advance and get them in writing.
The festive season brings joy, but if you make uninformed purchases, these joys can turn into losses. Therefore, whenever you see offers like 0% making charges, be cautious and make your jewelry purchases wisely. Also, know the buyback terms in advance and get the details in writing from the jeweler to avoid problems later.

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