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10 Essential Tips to Avoid Fraud in the Gold Market

Waleed Farouk In a real-life incident that raised many questions about consumer awareness in the gold market, a citizen revealed that he was deceived while purchasing an engagement ring accompanied by a friend. According to his account, they later discovered that the invoice contained incorrect data: a 21-karat gold piece was listed as 18-karat, the wedding band had no official hallmark, and there was a discrepancy of 3 grams missing from the actual weight. In light of this incident, we present 10 essential tips aimed at protecting consumers from fraud and manipulation in the gold market. These tips are explained in a simple style to help educate non-specialist audiences: 1. Buy from a Trusted Jeweler Choose a jewelry store known for its good reputation — this is your first line of defense against scams. Try to buy from someone recommended by family or friends, but don't rely solely on trust. Follow the rest of these guidelines. 2. Monitor Price Fluctuations Gold prices change multiple times a day due to three key factors: global gold price, local dollar exchange rate, and supply and demand. Prices can shift in a matter of minutes. 3. Check the Price Yourself Use mobile apps or social media pages of reputable jewelry companies to follow gold prices. Avoid printed newspapers, which may not reflect real-time updates. 4. Don't Fall for the "Lazurde Gold is Pricier" Myth There's no price difference between brands such as Lazurde, Egypt Gold, or Damas. The price is determined by karat and weight — not the brand. Any seller claiming otherwise is misleading you. 5. Watch for Labor Charge Variations Crafting fees (making charges) vary from shop to shop and item to item. Women often excel at negotiating these charges. A dedicated article on this subject will follow. 6. Never Buy Unhallmarked Gold The official hallmark confirms both the karat and the authenticity of the piece. Issued by the Hallmark Authority, it's easily visible and shows the purity — like "875" for 21K and "750" for 18K. Unmarked items may contain incorrect karat levels or even be gold-plated copper. 7. Avoid Jewelry with Too Many Stones Some companies do not refund the value of stones upon resale, which results in a loss. It's best to purchase simpler designs whenever possible. 8. Check the Weight Yourself In the rush of engagement shopping, excess weight may be added unnoticed. Avoid paying for 'phantom grams.' Always ask for the weight to be measured in front of you. 9. Understand How Pricing Works The price of a gold piece = (gram price + labor charge + hallmarking & tax) × number of grams. Example: If 21K gold is priced at EGP 1,000 per gram, with a labor charge of EGP 100, and hallmarking and taxes of EGP 10, the total per gram is EGP 1,110. For a 3g item, the final price is EGP 3,330. 10. Ask for a Complete Tax Invoice A price tag isn't enough. The official invoice should include accurate data: karat type, weight, tax value, and gram price. read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 News Israeli-Linked Hadassah Clinic in Moscow Treats Wounded Iranian IRGC Fighters Arts & Culture "Jurassic World Rebirth" Gets Streaming Date News China Launches Largest Ever Aircraft Carrier News Ayat Khaddoura's Final Video Captures Bombardment of Beit Lahia Videos & Features Tragedy Overshadows MC Alger Championship Celebration: One Fan Dead, 11 Injured After Stadium Fall Business Egyptian Pound Undervalued by 30%, Says Goldman Sachs Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt Arts & Culture South Korean Actress Kang Seo-ha Dies at 31 after Cancer Battle Arts & Culture Lebanese Media: Fayrouz Collapses after Death of Ziad Rahbani Sports Get to Know 2025 WWE Evolution Results