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5 Methods of Checking Purity of Gold

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Checking the purity of Gold – One of the most sought-after items by Indians is gold. Since ancient times Gold has been considered as a storehouse of value in India. Be it urban India or rural India, rich or poor India, each one tries to buy gold at the first available opportunity. Ladies always eye for this yellow metal. Mostly they prefer to purchase gold in the form of jewelry.

5 sign of checking gold purity

Whenever one plans to purchase Gold or gold jewelry, the very first thing that he should ensure is the purity of Gold i.e. how pure the gold is.

But here comes a question how an individual can check the purity of gold? So to protect the rights of consumers government has made hallmarking of gold jewellery mandatory in India. Hallmarking of gold jewelry will not only help to keep control of quality but also safeguard consumers from corrupt jewelers.

We are herewith guidelines given by BIS which everybody must read to know the basic facts about gold and what to check while purchasing gold jewelry.

Gold Awareness India

How to Check the Purity of Gold? – 5 Important Signs

Under the Bureau of Indian Standards (BIS) Act, hallmarking agency certifies gold on the basis of Indian standards. In other words, gold jewellery will be evaluated and tested at official hallmarking centers and then certified that the metal conforms to the national and international standards of fineness and purity.

What Sign One Should Check Before Purchasing Gold Jewellery?

One must check the hallmark before purchasing gold jewellery. Hallmark consists of five components i.e.

(1)   BIS Standard Mark

BIS hallmark looks likes this:-

BIS Logo

(2)  Purity Grade

Gold purity grade shows how pure the gold is.

  • 999 – 24 carat – Pure Gold
  • 958 – 23 carat
  • 916 – 22 carat
  • 875 – 21 carat
  • 750 – 18 carat
  • 708 – 17 carat
  • 585 – 14 carat
  • 417 – 10 carat
  • 375 – 9 carat
  • 333 – 8 carat

(3) Mark of Hallmarking Centre

One must check for Logo of Hallmarking centre where the jewellery has been hallmarked. A list of hallmarking centers is given here.

Hallmark Center Logo

(4)  Year of Marking

Alphabets represent the year of hallmarking of jewellery and is decided by BIS e.g. letter ‘A’ Donates Year 2000, ‘J’ for 2008, ‘N’ for 2010, ‘M’ for 2011 and ‘N’ for 2012 etc.

(5) Jewelers Identification Mark

Many jewelers keep their own identification mark of BIS Certified Jeweler/ Jewellery Manufacturer.

Important Points To Keep In Mind While Purchasing Gold Jewellery

  • Look For :- Jewellery  Showroom selling BIS Hallmark Jewellery.
  • Buy:- Hallmark Jewellery only. It assures the mark of purity/fitness.
  • Ask For: – Cash Memo /Invoice which will help BIS to resolve complaints (if any).

Remember Hallmarking charge on Gold Jewellery is only Rs. 35 per article & KDM jewellery is not Hallmarked jewellery. So KDM can not ensure purity of Gold. 

Hallmark Rule for Gold

From June 1, 2022, jewellers can only sell hallmarked gold jewellery, irrespective of its purity. This would mean that every gold jewellery item irrespective caratage must be mandatorily hallmarked.

The government had made gold hallmarking mandatory effective from June 16, 2021; this was done for items with cartage of 14KT, 18KT and 22 KT. It was later expanded to six caratages of gold jewellery/artefacts – i.e., 14,18,20,22, 23 and 24, effective from April 4, 2022.

The government has also revised the signs of purity on gold jewellery. From June 1, 2021, hallmarked gold jewellery will have the following three signs:
a) BIS logo
b) Purity/Fineness grade
c) Six-digit Alphanumeric code, also known as HUID
Before that, there were four signs of hallmarking. These were i) BIS logo, ii) Purity/Fineness grade, iii) Assay Centre’s identification mark and iv) Jeweller’s identification number.

The fineness or purity of gold jewelry will be reflected as follows on the hallmarked item –

Purity Sign
24KT 24KS995
23KT 23K958
22KT 22K916
20KT 20K833
18KT 18K750
14KT 14K585

For more information refer to Gold Assurance Pyramid Given Below.

Gold Purity

Gold Purity in Karats

Understanding Gold Karats. Gold purity is measured in karats (K), with 24K being the purest form of gold. Common Gold Purity Levels in India are given below.

24K Gold (99.9% pure) – Too soft for jewelry, mostly used for investment.

22K Gold (91.6% pure) – Commonly used in jewelry.

18K Gold (75% pure) – Durable and used for designer jewelry.

14K Gold (58.5% pure) – Affordable and sturdy, often used in Western jewelry styles.

Always check the karat marking on gold items before purchasing.

Acid Test for Gold Purity

What is the Acid Test?

The acid test is a simple method used to check gold purity by applying nitric acid.

How is it Done?

A small scratch is made on the gold surface. Nitric acid is applied to the scratch. If the gold remains unchanged, it is pure; if it turns green, it’s fake.

Is the Acid Test Reliable?

While it gives a quick indication, it is not the most precise method. For better accuracy, rely on BIS hallmarking and electronic gold testers.

Magnet Test for Impurities

Why Use a Magnet to Check Gold?

Pure gold is non-magnetic. If your gold jewelry or coin gets attracted to a magnet, it likely contains other metals like iron or nickel.

How to Perform the Magnet Test?

Take a strong magnet. Hold it close to the gold item. If the gold gets pulled, it is impure.

Limitations of the Magnet Test

This test only helps detect metals mixed with gold, but it doesn’t determine the exact purity. It’s best used along with other testing methods.

Professional Gold Testing Machines

What are Gold Testing Machines?

Jewelry stores and gold dealers use advanced machines like XRF (X-ray Fluorescence) testers to check gold purity.

How Do These Machines Work?

The machine scans the gold item. It provides an accurate reading of gold content and alloy composition.

Where Can You Get Your Gold Tested?

You can visit a BIS-certified jeweler or a gold testing lab to get a precise purity test.

Additional Tips to Ensure Gold Purity

  • Check for Weight and Density
  • Pure gold is dense. If a gold piece feels too light, it might be mixed with other metals.
  • Verify with a Trusted Jeweler
  • Always buy gold from reputed jewelers to ensure authenticity and quality.
  • Look for Buyback Policies
  • Jewelers with transparent buyback policies are more likely to sell genuine gold.

Conclusion

Checking the purity of gold in India is essential to ensure you’re getting your money’s worth. Always look for BIS Hallmark, check the karat purity, perform simple tests like acid and magnet tests, and, when in doubt, get it tested professionally. Following these steps will help you make informed decisions and avoid purchasing impure gold.

FAQs

1. How can I check if my gold is BIS hallmarked?

Look for the BIS logo, karat value, a six-digit identification number, and the jeweler’s mark on the gold item.

2. Is 22K gold better than 24K gold?

It depends on the use. 24K is the purest but too soft for jewelry, while 22K is durable and ideal for ornaments.

3. Can I test gold purity at home?

Yes, using methods like the magnet test or acid test, but for accurate results, get it checked by a professional.

4. Why does my gold jewelry turn black?

Gold doesn’t tarnish, but impurities in lower-karat gold can react with sweat, perfume, or chemicals, causing discoloration.

5. Where can I get my gold tested for purity?

Visit a BIS-certified jeweler or a professional gold testing lab for precise results.

Personal Finance lesson from Entrepreneur – Ratan Tata

Ratan Tata

Finally Ratan Tata has said Tata to Tata Group.  Yes Ratan Tata is now retired from one of the most trusted Indian corporate group Tata after two decades of service. He is leaving behind “lessons enough for ages”.

Enough is written and known when it comes to the business success of Ratan Tata, the global acquisitions and Ratan Tata’s role in it. Let’s look at Personal Finance lesson from Entrepreneur Ratan Tata.

Increasing Wealth Ethically & Demonstrating Growth:-

Ratan Tata has demonstrated extraordinary growth. He has grown the group from $2 billion to $100 billion or something in a factor of 50 times. All of this, he has done legally and ethically.

He has demonstrated the highest level of integrity and with courtesy, grace and humility.

Ratan Tata is known as one of the growth oriented chairman in Tata group. Growing company with substantiality is not joke.

Biggest lesson to learn is to generate wealth ethically. Today many people generate wealth but mostly likely through unethical way. One should avoid such way for wealth generation.

Also Read – 10 Personal Finance Lessons from Sachin Tendulkar’s Career

Diversification:-

Within 21 years of his tenure Ratan Tata has diversified this company like anything. Tata company is now in business of small tea to big car touching all major requirement of human.

Certain Initiatives of Ratan tata are Tata Indica Car, acquisition of  Tetely tea, Insurance company TATA AIG, Retail chain Star Bazzar, acquisition of corus & Jaguar etc.

Lesson learned is diversification is must for growth and generation of wealth. One should find out different source of earning money rather than relying on single source. Apart from that one should diversify asset allocation by investing in fix return, equity, gold and real estate.

Managing Vast Portfolio:-

Tata Group was founded in 1868 by Jamsedji Tata as a trading company by investment of 21000 Rs/- . It has now operations in more than 80 countries across six continents. Tata Group has over 100 operating companies each of them operates independently out of them 32 are publicly listed

Managing such a large group of company is not joke. As companies become larger you also have more resources & complex function to handle. Ratan Tata has capability to manage such large setup.

Lesson learned is if your portfolio grows to larger extent you must build capacity to manage vast portfolio.

Turning Dream in to Reality:-

Ratan Tata is person who turns dream in to reality. Yes I am talking about his dream project Tata Nano car in 1 lakh Rs/-. It reminds me famous dialog  of movie Guru “Sapnay mat dekho, sapnay kabhi sach nahi hote.. mera baapu kehta tha..

lekin maine sapna dekha.. aur kya hamara sapna sach hua?”

The reality lies between just dreaming and thinking that dreams don’t matter. The reality lies in making your dreams come true through hard work.

Also Read – Warren Buffet’s Top 10 Secrets of Getting Rich

Lesson learned here is one must see dreams and develop capability to turn dreams in to reality.

Ratan Tata Said  “It was a period of learning, a period of frustrations also from time to time…I tried to uphold the values and the ethical standards that there were.  “I feel satisfied that I have done my best to do what I considered to be the right thing and that has been there throughout.”

“Be your own man and be yourself,” is the mantra Tata has passed on to successor. This is the same counsel he told himself when he took over from JRD. Prior to the selection of him as Tata’s successor in November 2011, he held non-executive position on boards of several other Tata companies.

Learning from Amitabh bachchan life

Amitabh Bachchan, BIG B, needs no introduction. He is known as super star of millennium. He carries huge fan following across world. He first gained popularity in the early 1970s as the Angry young man of Hindi cinema, and has since become one of the most famous actors in the history of Indian cinema. Amitabh bachchan is most-nominated performer in major acting category at Filmfare, with 36 nominations overall. In addition to acting, Bachchan has worked as a playback singer, film producer and television presenter, and was an elected member of the Indian Parliament from 1984 to 1987.

Son of the late renowned poet Harivansh Rai Bachchan, a man who’s braved it all and continues not only to inspire us, but leaves us amazed with his magnificent success. In his 43-year career, he’s worked in over 200 odd films, essaying various roles, some of which went on to create and break box office records like Deewar and Sholay.

In June, 2000 he became the first living Asian to have a wax statue erected in his honour at Madame Tussaud’s. As per me he is most versatile personality & Inspiring living legend.

learning amitabh bachchan life

The recipient of both the Padma Shri and Padma Bhushan, he’s also won three National Awards, the most recent being for his performance in the movie Paa directed by R Balki in 2009.

But the journey to the top wasn’t a piece of cake for Mr Bachchan. He has had his share of rejection, failure and low moments too. He had health issues in 1982 due to accident on sets of Coolie. He has undergone surgery in November 2005.

Common man usually retires at the age of 57-58 years but in the same age Amitabh bachchan had financial crisis and he lost almost everything. But today in 2012 his net worth is more than 400 Crore. This article is about learning from Amitabh bachchan life, how he landed up in bankruptcy and how he fought against all odds to turn his fortune to become crorepati.

About Amitabh Bachchan

  • Name: Amitabh Harivansh Rai Shrivastava Bachchan
  • Age: 83 years old
  • Born: 11 October 1942
  • Career: Actor
  • Net Worth: $400 Million
  • Parents: Harivansh Rai Bachchan and Teji Bachchan, Shyama
  • Daughter: Shweta Bachchan Nanda
  • Son: Abhishek Bachchan
  • Height: 6ft 2in (188 cm)
  • Weight: 176 lbs (80 kg)

Amitabh Family

Amitabh Bachchan Family

From Zero to Hero – Amitabh Bachchan

In 1995 Amitabh started Amitabh Bachchan Corporation Ltd(ABCL) that specialized in film production and event management. ABCL has does everything in entertainment business eg:- Making films, distribution of films, Selling music rights, managing big events, television production, as also in the area of selling commercial time on television.

The first year the company did achieve its target turnover of Rs 65 crore and made a profit of 15 crores. But that growth was not substantiated in the second year onwards. ABCL biggest mistake was to organize pagent of Miss World Bangalore. This event has loaded biggest liablity on ABCL. In 1999 ABCL was facing liquidity crunch. Many movies got flopped. Huge funds were blocked in production and distribution of films. Company was not able to pay even salaries of staff.

Main Creditor Canara Bank and India’s public broadcaster Doordarshan had made case against ABCL in Bombay High Court. Bombay High Court has given decision against ABCL and directed Bachchan to sell his bungalow ‘Prateeksha‘ and two flats to clear all debt.

Bachchan, had mortgaged his bungalow to Sahara India Finance for raising funds for his company. The Indian Board for Industrial and Financial Reconstruction declared Amitabh Bachchan Corporation Limited a ‘sick’ company with a debt of US$14m.

With these raise fund also he could not clear all debt. His friend Subrata Roy of the Sahara group and Samajwadi Party general-secretary Amar Singh helped him a lot during this time. His first break in this bad time was Mohabattein movie of Yash Chopra.

Big B was back in action by 2000, this time on the small screen with Kaun Banega Crorepati a popular television show known as KBC also. This show was big success and it has revived his fortunes along with participants and STAR Plus channel. It is estimated that Bachchan earned Rs 15 crore for 85 episodes of the show. Brand endorsement like the ICICI Bank etc helped him to get big money and he could pay back creditors and clean up ABCL’s balance sheet.

Imagine starting your life from zero worth at the age of retirement! At seventy plus Amitabh Bachchan career graph is touching sky like rocket.

Amitabh Bachchan Net worth – 2022

Amitabh Bachchan Net Worth is 2950 Crore ($400 Million) in 2022

The total net worth of Mr. Amitabh Bachchan is estimated to be around $400 Million, which in Indian Currency is approximately 2950 Crore INR. He earns majority of his earnings from Brand Endorsements for which he charges Rs. 1-5 Crores. With such an achievement, Amitabh Sir is always ahead when it comes to social cause and charity work. He is the Brand Ambassador for Polio treatment and various other states of India for tourism. Also, he is among the highest payer of income tax in the country.

Amitabh Bachchan Net Worth   -2022

Assets

Jaya Bachchan

Amitabh Bachchan

Bank Accounts

HSBC Bank Dubai branch-3.06 crore Fixed deposit in Bank of India: 92 crore HSBC Bank-USD-New York:   66 lakhs

Bonds, shares, debenture   and mutual funds

4.3 crore 69 crore

Cars

Toyota Lexus: 30 lakh Toyota Qualis: 8 lakh Rolls Royce worth Rs 3.08 crore, two Mercedes worth Rs 2.2   crore, one Poarsche Cayman worth Rs 62 lakh besides vehicle likes Toyota   Innova, Mahindra Scorpio Toyota Qualis mahindra Bolero and a tractor.

Gold, Silver

Gold worth -32 lakh, jewellery – 12.48 crore,Silver articles   -35.3 lakh silver bars -18.9 lakh Gold worth Rs Rs 2.03 crore, jewellery worth Rs 20.49 crore and   silver articles worth Rs 3.7 crore.

Paintings

Rs 19 lakh 3.8 crore

Watches

1.7 crore

Agricultural Land

Bhopal and Lucknow worth Rs 5 crore Lucknow and Barabanki district worth of Rs 3 crore.

Non-Agricultural Land

Plot in sector 44 in Noida at Film city worth Rs 60 lakh In Ahmedabad worth Rs Rs 15 lakh and other at Juhu Mumbai worth   Rs 25 crore.

Commercial building

In Juhu worth Rs 20 crore

Residential building

Bhopal worth Rs 51 lakhJalsa at Mehta Road in Mumbai worth Rs 40   crore At Juhu worth Rs 20 crore, another at Juhu worth Rs 20 crore,  one at Gurgaon worth Rs 1.2 crore, an apartment at Juhu worth Rs 1.75 crore  and one in France worth Rs 3 crore.

 

Learning from Amitabh Bachchan life

Don’t Trust People Blindly

Amitabh lost all the wealth that he had built because, he was good at earning and creating wealth, but trusted others and did not have the ability to protect the wealth he had earned. But, like many of his reel roles, in real life, too, he fought and is now a bigger role model across generations.

Similar to this we focus all our time and energies on building wealth. However, when it comes to investment we invest our money based on advice given by agent, broker, financial advisor or friend. I have seen many people trust people blindly when it comes for the investment of money.

Remember that you need to be careful when it comes to investment or protection of wealth.

Accept Failure but Never Give up

Every human being will go through a phase when there are highs and lows. Everything that goes up also comes down. But best thing is ability to accept failure and turn that in to success.

According me Amitabh bachchan is real example of Phoenix by rising from the ashes. Amitabh is also proves famous success quote that “Success is the good fortune that comes from aspiration, desperation, perspiration and inspiration.”

Imagine the man who lost everything at the age of retirement accept his failure, start from zero and make 2950 Cr.

 Diversify Your portfolio

If you carefully see Amitabh Bachchan Current portfolio you will find that his investment/saving is in mostly all asset class starting from debt, equity, real estate, gold and antiques.

If you are not master of investment then it is better to invest your money in multiple asset class. In this way down fall in one asset class don’t impact your portfolio much.

Apart from this Amitabh Bachchan is one of the few stars that take their iconic status seriously.

His interactions with his fans and the press are generally warm and gracious, and he makes a visible effort to remain humble and grounded.

Amitabh attitude inspires each and every one to reflect upon the various aspects with sheer admiration and reverence; how he gently and thoughtfully handles each and every aspect of his career and life with versatile brilliance.

At the age of 79 also he is ever inspiring superstar. He is a legend who always inspires us to take meaningful steps in our individual fields and excel with the wonderful resources that we have been provided.

I hope as a fan of super star Amitji you will appreciate this financial learning from his life.

 Amitji, You have meticulously utilized each and every instance, transforming mere aspects into potential opportunities of intrinsic value; investing tremendous time and effort at each and every stage; striving diligently at each and every step very most consciously and with profound awareness; a disciplined attitude and an ambitious perspective thereby inspiring us to look within ourselves likewise and accomplish meaningful; purposeful; respectful and responsible goals and objectives for Universal Development; Happiness and Welfare always.

We truly appreciate your endeavors and wish you the very best always.

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Money Management for Middle Class

rule 72

In today’s time money management is essential for everyone. But if we talk about middle class people they always remain in pressure due to lack of money. They often joke that there is NO question of managing money as they don’t have money. But sometime this joke will lead them towards difficult situation. Remember money management is essential even for middle class people.

Many middle class people believe that money management is very difficult subject it requires ample amount of knowledge or consultation of financial planner. In order to help middle class people we are here with simple rule for management of money.

For effective money management you need to make your monthly budget based on your money spending habit. To get guideline please use model budget table given below.

Family Budget

Let’s consider someone has monthly income of 8000 Rs/- so as per above budget one has to save 25% of income 2000 Rs/- per month. This will lead to saving of 24000 Rs/- per year.

Now let us understand basic “Rule of 72” to estimate the growth of money. As per this law if your money earns 1% return than it will be double in 72 years, and if your money earns 72% return than it will be doubled in only 1 year.

If you deposit this money in fix deposit which gives 8% return than your money will be doubled i.e 48000 Rs/ in 9 years.

Rule of 72

So as per above example FD doubles your money in 9 years but money invested in good mutual funds via SIP can give return up to 12%, hence your money could be doubled in 6 years & can grow to four times in 12 years.

So practice this basic rule of 72 for doing investment & see the magic. It is quite simple.

  • At 24 % your money doubles in 3 years.
  • At 12 % your money doubles in 6 years.
  • On 6 % your money doubles in 12 years.
  • On 3 % your money doubles in 24 years.

You can see that it makes a big difference how many times your money doubles. If you can make it double once or twice more by starting early, choosing the right investments, or keeping your money invested as long as possible before withdrawing it, Ultimately you could end up with significantly more money at retirement.