Buying gold in Saudi Arabia, like in other countries, requires a great deal of vigilance and caution. Falling victim to fraud due to a lack of knowledge of basics such as gold karat and how to identify real gold can be frustrating and extremely costly. In this blog, we'll provide a comprehensive guide to help you avoid scams and ensure you're getting real gold at its true value.
Knowing the types of gold traded in Saudi Arabia
When you want to buy gold in Saudi Arabia, it's essential to understand the types of real gold available in the Saudi market. The number followed by the letter "K," or karat, indicates the purity of the gold, as follows:
- 24K ( 24 karat ) : This refers to the purity of gold, which is 99.9% pure. It is the purest type of gold available. It is most commonly used in gold bars and coins, but is very rarely used in jewelry due to its extreme malleability.
- 22K (22 karat): This gold standard contains 91.6% pure gold and 8.4% other metals that increase its hardness. It is used for jewelry in some cultures.
- 21K (21 karat): This is the most common and popular karat gold in the Saudi and Middle Eastern jewelry market. It contains 87.5% pure gold and 12.5% other metals, which increases its durability without diminishing the high value of the gold within.
- 18K (18 karat): Contains 75% pure gold and 25% other metals. This grade is widely used in fine jewelry requiring intricate designs and a variety of colors, as the other metals give it additional strength.
Understanding and knowing these types, numbers, and the differences between them will help you determine the true value of the item you intend to purchase and thus make the most appropriate decision for you and your purchasing goal.
How to distinguish between real and fake gold?
Before you decide to buy gold in Saudi Arabia, you should have a thorough understanding of some of the signs that will help you differentiate between real and fake gold:
stamp marks
All genuine gold pieces are sold with a hallmark indicating the gold's karat (such as 24K, 21K, or 18K). Therefore, a genuine gold piece should have this small mark.
magnet test
Pure gold is non-magnetic. If you hold a magnet close to a piece of gold and it is attracted to it, it's likely not pure gold or simply gold-plated. However, be aware that some types of gold contain a high percentage of copper and may exhibit a slight reaction to magnets, so be aware of this.
Color and texture
Real gold has a uniform color that does not change over time. Additionally, pure gold is remarkably soft to the touch, unlike other metals.
Buy from trusted sources
This is the golden rule for avoiding fraud when purchasing gold in Saudi Arabia and even abroad. Only buy from well-known, reputable jewelry stores and avoid street vendors or untrustworthy sources.
Hire an expert
If you are unsure whether you can verify the authenticity of the gold or the source from which you are purchasing it, do not hesitate to ask an expert or a jeweler you trust before making your purchase.
The importance of obtaining a certified invoice when purchasing gold in Saudi Arabia.
No safe gold purchase in Saudi Arabia is complete without a certified, detailed invoice. The invoice is an official document that protects you as the buyer and provides assurances in case of any problems. This document serves as:
- Prove your ownership of this gold.
- Guarantee the purity and carat of the gold as stated to you when you purchased it, as the carat and weight in grams of gold are clearly stated on the invoice.
- Guarantee your rights. You can use the invoice as evidence to file a complaint or get your money back if you discover that the gold is fake or of incorrect weight.
- It makes it easier to identify and return to the store you purchased from, as all the store details, including its name, address, and commercial registration number, are all mentioned on the invoice.
- The invoice will show you the store's exchange or return policy.
When you receive the invoice, make sure it is written clearly and contains all the details mentioned above.
Now that you know these tips and tricks that will protect you from falling victim to fraud, choosing a trusted store that values security standards like Ruby Store will give you peace of mind. Regardless of what you want to buy and your goal, knowing what you're looking for and how to ensure it is your true asset.