·Being very much demand gold lures the people
·Peoples must be aware on gold market trends
·Then only they can make genuine gold transactions
·Don’t fell in the magic of advertisement
·Educate yourself before making transactions
·Unscrupulous people always tries to deceive the people
·Don’t fell in the trap of offers
·Be vigilant when buying and selling the gold
·Aware yourself on the market trends
·Customer can make genuine transaction with market awareness
·Otherwise he may fell in the trap of business tactic
·In the name of gold shops traditional craft system in Telangana getting damaged
·People should aware of such frauds
Either purchasing or selling gold can be lucrative endeavour due to prevalence of gold scams. To protect your hard earned money, it is crucial to be aware of these common scams and take necessary precautions. In these circumstances it is always suggestible to deal with reputable gold stores. It is always suggestible that before educate yourself about the market and conduct thorough research before making any gold related transactions. Staying vigilant and well informed is the best way for anybody to navigate safely in the gold market. Then only you get quality gold when purchase and best value in selling process.
Some decades before in villages or in towns’ people continue to have good belief in the gold shops nearby to them. Now people are habituated to make gold transactions in big cities like Hyderabad. This caused irreparable damage to the local market and those goldsmiths who lost their lively hood now forced to shift for other professions. Some of them became daily wage labour. What is the reason for this situation? Because machine made jewellery with attractable designs have been flooding the market. When the people began to show their interest towards such jewellery, traditionalism lost its identity. This new trend also created confusion on how much quantity of other metals are mixing with gold. For example counterfeit gold products entered the market. Scammers may produce fake gold coins, bars or jewellery resembles the real thing. These counterfeit can be made from various metals. These metals coated with think gold plating which is highly difficult to detect. Only with some specific tests we can find what is real. Can it possible for a common man who enters the threshold of the jewellery shop to purchase an ornament with his hard earned money.
Generally people visit the jewellery shop on two occasions. First one is to purchase on some auspicious occasions. On some occasions people use to buy gold by treating it as safe heaven during financial crisis and in emergency fund requirements. Second one is when they require money on emergency; they usually enter the jewellery shop to sell the gold have with them. In both occasions consumer must be vigilant as demand for gold remain strong and prevalence of gold scams. In these circumstances it requires familiarise yourself with the specific marking and characteristics of genuine gold products. At the same time you must ask the shop owner for documents or certifications for any gold you purchase. This is essential to meet the challenges in future when you want to sell the same gold to meet your emergency needs.
Bait and Switch scam is another one the seller usually shows you genuine gold item after that he switches it with fake or less valuable piece when transaction is made. You have to protect yourself from this deceptive tactic being vigilant entire buying or selling process by paying close attention to the item you are transacting. Another form of fraud the customers usually face is weight fraud. Unscrupulous individuals may tamper the weighing scales to manipulate the weight of the gold you put to sell. This can result in you receiving less money than you should for your gold.
Another prevalent tactic used by gold buyers is offering fewer prices than prevailing market value. With the intention that you are unaware of market price, they use such type of tactics. This is called lowball offers. Educate yourself with the current market price only can prevent you from protecting from this lowball fraud. Fake appraisals are another type of fraud you face when dealing with antique or unique pieces. Unscrupulous appraisals intentionally under value your gold. This facilitates the buyers to purchase your gold with low prices. Then you need to seek out accredited appraisals. Then only you can protect yourself from this fraud.
Some gold buyers may offer some attractive through advertisements. In such cases they impose hidden fees and commissions when you are ready to close the deal. These additional costs imposed by the buyer considerably reduce your gold price. In some cases descriptive buyers may use measurement unit other than the standard troy ounce when evaluating your gold. This may cause to reduce your gold weight.
Gold scammers sometimes pose as legitimate dealers showing credentials and certificates. They may use fake business names. All these attempts are being made to gain your trust and business. You must be very careful about them.
‘Money won’t come easily’ is the slogan given by the owner of Lalita jewellers which became famous among the people. Recently government officials identified non payment of GST by this business firm and issued notices and collected most of the amount but still some amount to be cleared. He uses his excellent market skills to expand his business and make the people to purchase gold. He also gives suggestions how to invest on gold and how it will become gainful for you in future. Unfortunate thing is that on previous occasion there allegations came on his Somajiguda shop on selling less quality gold but what happened to that case nobody knows. Now he is publicising his ‘one gram’ gold business. Those who are rushing to purchase such gold is better to think once before purchasing it. How far it is useful and benefitable for them is the key point here. In one gram gold how much gold is present is the key question. All are machine made one, so it is difficult to know about the ingredient metals used in one gram gold. Before purchasing it is needed to confirm how much gold is present in that what said one gram gold. Two decades back there was no gold business like today’s unscrupulous one. The indifferent nature of the government and corrupt officials are causing to spread such business. So customers must be careful enough while doing such transactions.
