Jewellery has been a part of human culture and history for centuries. While every era has shaped the way jewellery is made, looks and what constitutes as jewellery, the time has also given rise to several stories and myths. Some of them stem from common folklore while others are more contemporary. Some of them have even subconsciously influenced the jewellery industry and patrons alike. This Dussehra, let’s take a look at some common jewellery myths and nip them in the bud.
Myth 1: You Have To Be Rich to Buy Gold
This is the most common misconception people have when it comes to buying gold. The truth is, you don’t have to be super rich to invest in this precious metal. In fact, the yellow metal is one of those physical commodities you can buy based on your budget. Gold doesn’t decide your budget; your budget decides gold. For instance, if your budget is around 25,000, you could consider buying plain gold bangles, necklaces, pendants, or even gold coins. The best part of buying jewellery as investment is that it has usability.
Depending on your budget, you can also invest in gold in forms other than jewellery. You need to decide on the quantity of gold to buy as per the live gold prices on the day of making the investment. Also, there are many gold investment companies that assist their clients to buy gold down to very small increments. Thus, you don’t have to buy stacks or bags of gold bars or bullions in one go.
Myth 2: It’s Very Difficult to Buy Gold as Investment
This common fallacy is easy to accept considering the recent history. Gold wasn’t always an easy investment in the recent past as it was not easy to store. Even those who could easily afford gold found it difficult to store it safely. And the result? Sleepless nights and countless anxieties! Things have changed for good these days. Now, you can invest in the precious metal without even having to physically touch it. Many gold brokers and also secure, specialised storage facilities do most of the work for gold investors.
Myth 3: Gold Is Not a Good Investment
The truth is quite the contrary. Smart gold investments often give good returns. Gold can act as both an insurance product and also an investment option against dropping equity prices. It counters lows in the economy and recession periods. Therefore, investment in gold gets due thought by many smart investors. It doesn’t matter if you are joining a gold investment plan or buying small trinkets such as gold pendants or nose pins as a form of investment. Gold is always considered a good investment option, as against diamond or platinum which doesn’t the same resale value as gold.
Myth 4: It Is Too Risky to Invest in Gold
Every investment has its own advantages and risks. So has gold. But the risk factor doesn’t make gold a less favoured option. When it comes to comparing the risks in investments, those that depend on valuations of paper currency or those in the equities markets tend to be riskier. Gold is a rare natural resource, which is always in high demand. It is also used by diverse industries, including jewellery manufacturing and aerospace, among others. Gold is valuable as a hedge against inflation and riskier traditional investments, such as stocks and bonds.
Myth 5: Gold Is Worthless Compared to Cash
In ancient recorded history, gold was money for more than 6000 years. The different forms of currency and wealth we know today are fairly recent. And they can all be assessed in terms of the weight of gold. Many key banks all over the world have gold bullions in their safes and vaults. Doesn’t that in itself dispel this myth that gold is worthless compared to cash?
Myth 6: Gold Is a Safe Investment
Like any other investment, purchasing gold has its pros and cons. It is just another asset, and it comes with risks. Calling it a safe haven for investment is not a smart move. Gold is quite volatile. Although the risk of underperformance is low in gold bullion, there are instances when it has lost a majority of its purchasing power. To ensure you make wise investment choices, avoid keeping all your eggs in one basket. The same applies for gold investments too.
Gold is quite a powerful tool when it comes to investments. Believing these myths will make you lose the opportunity to diversify your investment portfolio with a valuable asset. Gold offers protection against inflation. It might also provide better returns as compared to many traditional assets. When you take your time to evaluate the many benefits of investing in gold, these myths stand no chance of misguiding you. Debunk the myths surrounding the purchase of gold to become a smart investor and enjoy its benefits.
Myth 7: There are Naturally Different Colors of Gold
You have seen gold in many colors before. Maybe you never realized or seen gold that came with different colors. The most popular ones are white gold and rose gold. Others are pink and faint blue as well as yellow.
Pure gold, in its natural form, is slightly reddish yellow in color. However, civilizations have managed to combine gold with other elements to create beautiful variations of gold. For example, white gold is an alloy made from gold and any white colored mineral like manganese and nickel. Most of these colored golds are used for jewelry but you can see them in tons of different uses.
Myth 8: Diamonds are Immune to Damage
Diamonds are known to be the toughest mineral on the planet. On the Moh’s Scale of Hardness, it has the score of 10, which is the highest category on the scale. But, hard as it may be, that doesn’t mean that it’s indestructible.
Diamonds can be scratched by other diamonds. Also, when you smash two diamonds together, they can break. There are also incidences where diamonds have been broken or cracked after hitting an object such as a wall or a car door.
Myth 9: Bite into Gold to Check if it’s Legit or Not
You have seen it in old movies. The old fable of biting into gold to check for its authenticity. Naturally, gold is a soft metal and when bitten into it, you should be able to see your bite marks.
While this may be true, this jewelry myth is a little flawed. There are also many other types of metal that are soft and malleable if bitten. Lead is a soft mineral as well and if you bite into it, you can also see your bite marks. Lead though is a known toxin. There are people who have sold gold painted lead before. So, it’s probably best not to bite your gold.
Myth 10: The Bigger The Stone, The More Expensive It Is
It would seem the most natural thing to assume, that the price point of a gemstone directly depends on its size. However, this is far from true, as a stone’s price depends on the 4Cs – cut, colour, carat and clarity. It is entirely possible for a diamond to have a mediocre colour and cut but be large in size and still cost less than a diamond with high-quality cut and colour, but be small in size. As a rule of thumb, it is always best to choose diamonds based on their overall qualities rather than focussing on their size alone.
Buying jewellery and precious stones is always an investment, and you shouldn’t be held back by myths and legends. With time, more and more myths surrounding jewellery are bound to crop up. While some of them make for fun stories, it’s always a good idea to know the difference between fact and fiction. Visit Ranka Jewellers today for beautiful and authentic jewellery, or find out more about our custom-made designs.