​Buy & Cry, the traditional approach on purchasing Gold!

Hey Momeys, hope you had a great Diwali filled with loads of shopping, feasting, dressing up and gossiping!

As we get back to our normal routine lives, the feeling that the festival is over takes over. While I was trying to keep up with my little one this afternoon, my neighbour came in with her daughter. Kids started playing, leaving us to do what we do best – gossip! She showed me her recently bought beautiful gold earrings and then narrated the long story behind it. She told me how she and her husband went to a branded jewellery store to buy gold bangles on Dhanteras, as a tradition, but ended up buying these earrings.

They went to the store in late afternoon to avoid the festive rush but could not escape the buzz. She was clear that she wanted to buy bangles for her but the store was so crowded that each sales person was handling around 6-7 families at a time.  The more she tried to inquire, the harder she got pushed back. Amid this chaos, finally she had to settle for gold earrings as she needed to buy something atleast on the ocassion of Dhanteras. Well, their hardship didn’t quite end there; they had to spend an hour and a half to pay for those earrings before they could leave the store. The worst part of her story was that even after taking all that trouble she didn’t like the earnings and was repenting her decision of not buying the bangles.

Now she wanted to know our side of story – what we bought on Dhanteras and from where. I said well my husband bought gold ETF during his tea break in office. We bought 99.5% pure gold within 5 minutes sitting miles away from the maddening rush at the Jewellery stores!! Her next obvious question was how we did pooja without the physical gold? Well we took the print of our account statement – after all we are moving towards Digital India!  She was completely stunned!!

Here’s quick maths for all of you to show the cost difference between my gold & my neighbour’s gold:

She paid Rs. 32,966 [including making charges (10%) + GST (3%)] for 9gms of 91.6% (22k) pure gold (P.S. and she didn’t like what she bought)

We paid Rs. 25,026 [including the brokerage charges (0.75%)] for 9gms of 99.5% pure gold

Apart from the costs involved, another major difference was our motives behind buying the gold – Mine was to invest in gold for my daughter’s wedding (she’s 5 right now) and hers was to buy anything made up of gold for Dhanteras. So what was your motive for buying gold Momeys? Hope your purchase did not make you cry. Just have to buy smart!

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