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Do you buy gold believing it is a great investment or do you actually enjoy wearing gold jewelry? This is an important question to ask yourself before you go for gold shopping.
Just yesterday I was talking to one of my colleagues about her recent trip to the jewelry store. She was elated by the sliding gold prices. Her frequency of buying jewelry has increased a lot, she happily informed me.
While I expressed my pleasure at her jubilation, I was also a little concerned. A lot of us are smart, informed , and well-educated millennials and we make conscious decisions regarding every walk of life. But, unfortunately, buying gold is not one of them. Here are few questions I asked around.
- How often do you buy gold jewelry – “At least twice or thrice a year”, said most. “Whenever we get some extra cash, whenever there’s a family event coming up, whenever there’s some kind of festive discount offers, we buy gold” was the general response.
- Why do you buy gold jewelry instead of junk jewelry – “Gold is a good investment and stays with me forever. I can pass it on to future generations, use it for my daughter’s marriage, and sell it off in times of need” was what they said.
- How often do you wear the jewelry that you buy – Now this one is not surprising either! While a few said that they wore their recently bought items once or twice (and plan to wear them a couple of times more), most said that they do not plan to wear their purchases anytime in the near future!
This indicates that we, the modern, informed, Indian millennials, still invest keeping in mind our emotions and traditional choices.
It is time we realize that our risk averse, conventional decisions are not only impairing the country’s economic growth but also doing no good to our own savings.
So here is a handy checklist that you may consult before you buy gold:
- Do not buy gold jewelry if you do not plan to wear them often. Remember, gold jewelry is not the wisest investment option. Not anymore. It will probably be the last item to leave your house in times of a financial need. Even if you manage to sell it, 30-35% of its cost will be deducted as making charges and will depreciate its value. Besides, you will have to pay for bank locker charges annually for keeping them safe.
- Before going for gold investments in festive seasons, do the math. Usually the ‘Invest 11 months and get 12th months free’ returns you less than 7-8% which is similar to a fixed deposit return. Unlike Fixed Deposits, you cannot back out from this scheme, with a little penalty, either.
- Even after reading this, if you consider gold as an investment option, it is better to buy gold ETFs instead of jewelry. Easy to buy, maintain and sell, with good interest returns.
So would you still buy gold jewelry? What are your opinions? Leave us a comment or write to us at email@example.com.
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