Where to buy cheap gold jewelry in Singapore? Why do people still like gold in this day and age? What is the current price of gold in Singapore? Starlight Jewellery knows that any novice would be intrigued to know about the hype about gold, particularly in modern times when the price of gold has skyrocketed, and we have better and more effective currencies than the medieval concept of gold. But there are many compelling reasons why buying gold is a wise idea and why gold is a timeless pricey article of trade.
Gold is tangible
The problem with advancing technology and progressive landmark concepts in currency is that we are straying further and further from tangible currency. First, we took a bold leap of faith and leaped from paper currency to digital banking in the form of ATM, credit, and debit cards. This brought along a myriad of problems along with it, such as hacking and internet fraud. Then we developed the concept of cryptocurrency, which swept the world off its feet with people becoming multimillionaires overnight. But all wasn’t rainbows and sunshine, and the crypto world spiraled into the crypts of despair and decline since cryptocurrency payments exist merely as digital entries conducted on an online database that describes specific transactions.
Gold, on the contrary, is real to touch and feel, and being a very inert element, it can’t be tarnished, hacked, or digitally altered, nor can its worth take a steep nosedive in the open market overnight. Therefore, gold is the safest universal currency one can invest in.
Gold doesn’t devalue over time
Most assets devalue over time due to usage and wear and tear; examples include cars, watches, phones, etc. And unless you get your hands on something vintage, a rare collectible, or something that is heavily chased and competed for purchasing, your valuables decrease in monetary worth over time. Gold, silver, and platinum are indifferent to the time they are purchased in. You could’ve bought something decades ago, and you can still sell gold for the real-time value its worth in the open market. What’s even more interesting is that unlike other valuables like cars, mobile phones, land, property, etc., gold can be sold equally as easily as it can be bought, proving to be a literal lifesaver in times of financial crises.
Gold has low barriers to entry for investment
Unlike other modes of investment, purchasing gold requires the least amount of time, energy, and grey matter to be invested in making a lucrative deal out of it; you just buy it, store it and forget about it! Contrary to other modes of investment such as stock trading and crypto, you need to heavily study and research before making a single move. A little mistake could mean grave repercussions for your investments. Even the most experienced player of this game reached where they are today through trial and error and by learning a lot the hard way. And even after years of expertise, there’s no guarantee that they have devised a foolproof technique to stay at the top of the game. They are still equally vulnerable to the stock market’s turbulence as anyone else.
How to choose gold jewelry? What should we look at?
A number of considerations must be kept in your mind before choosing gold jewelry.
The purity of the gold
The purity of the gold is measured in karats, with 24 karats being 99.9% pure, and the range extends to 22, 18, and 14 karats, respectively. Concomitantly, the price range also corresponds to the gold’s purity level. Do note that in the purest, elemental form, gold is very soft, i.e., it is malleable and too frail to be used as jewelry since whatever is crafted on it will be lost in a bend or two. It is advised to always ensure the purity of the gold you’re buying so that you don’t end up paying more for less.
As mentioned earlier, gold can not be sold in its elemental form; therefore, it has to combine with some alloy. Therefore, the price of gold is an amalgamation of the purity of the gold used and the type of alloy it is mixed with to make the jewelry. These alloys can contain silver, copper, and even iron.
The different purities and different alloys used for making the jewelry endow the final ornament with a unique color. There can be a range of color variations, such as yellow, white, and rose gold. The demand for different colors varies in different countries/regions. For example, yellow gold is more prevalent in Southeast Asia, while lighter shades are sought in western countries.
After the subsets of purities and the alloys are kept constant, the greatest determiner of the price of gold is the weight of your jewelry. The heavier it is, the more expensive it is. However, don’t bat a blind eye to the weight of the jewelry that is being advertised; get your jewelry weighed again before purchase because in the event that the jewelry you bought is lighter than what was mentioned, you will have been conned and robbed of your money, and the resale of that jewelry will be in accordance to the actual weight of it.
Check for hallmarks
Gold jewelry is always engraved with a hallmark representing the manufacturer and the content. Hallmarks are engraved in an inconspicuous place on the jewelry so that the beauty of the jewelry isn’t compromised. The hallmarks include the manufacturer and the purity numbers using either the Karat system (8k, 9k, 10k, 14k, 15k, 18k, 20k, 21k, 22k, 23k, and 24k) or the Millesimal Fineness system (333, 375, 417, 583 or 585, 625, 750, 833, 875, 916, 958 and 999). Fake purity numbers can be anything apart from these numbers.
Look for letter markings
The letter markings include GP, GE, HGP, GF, GEP, and HEG. They represent gold with less than 41.7% purity (or 10 Karats), and the gold on the jewelry is just electroplated onto the jewelry.
Conduct a skin test
This is a simple test in which you just need to keep holding the jewelry for a couple of minutes which will cause your hands to perspire. Now, if the gold is real, it stays inert, and nothing will happen. Impurities, on the contrary, can cause your skin to turn black, green, or blue at contact points. An important consideration for conducting this test is that your skin should be free of makeup; otherwise, real gold will also cause your skin to turn black. This can alternatively be used as a litmus for detecting real gold; use the combination of liquid foundation and powder and rub the gold against it; if it turns black, it means you’re holding real gold.
Size, weight, and the corresponding density
Elemental gold will always have the same density, no matter what. The density of gold used in jewelry can differ a little, but that’s just because jewelry doesn’t have a hundred percent pure gold. However, the density doesn’t stray that far from the actual value. To conduct this test, you’d need to weigh the jewelry and then immerse it in a measuring cylinder containing some volume of water to determine the volume of the jewelry. Then by dividing the mass by its weight, you can obtain the density of gold.
There are miscellaneous other tests as well, such as the magnetic test (gold is nonmagnetic and shouldn’t be attracted to a magnet), floating test (gold is denser than water and should sink), acid tests (gold is very inert and doesn’t react to vinegar if it comes in contact with it, fake gold changes color). Apart from this, calibrated machines are also used for detecting fakes, such as the sigma metalytics machine and XRF spectrometer.
Get quality gold at Starlight Jewellery
Starlight Jewellery is just the right place for you if you’re wondering where to buy cheap gold jewelry in Singapore. Starlight jewellery not only solves the dilemma of decades-old pursuit that Singaporeans had; i.e., where to buy gold jewelry in Singapore, but also provides the best and the most trusted quality of gold jewelry. Starlight Jewellery has got every article of jewelry you’d want; from gold necklaces to gold pendants and anklets, Starlight Jewellery has it all!
Starlight Jewellery and Atome
Headquartered in Singapore with over 15,000 partnered merchants and available in 10 markets, Atome offers its users the choice and convenience of flexible payment options for a variety of products and services. The app allows shoppers to split their purchases across three interest-free monthly payments by scanning a partner retailer’s in-store QR code or upon website checkout. By splitting their payments, Atome users will be able to better manage their budget while making quality products and services more reachable.
To put a cherry on top, we’ve got even better news for you; when you log on to Atome for the first time, you get a $10 shopping voucher! So, what’s the wait? Get the app now!
How to pay for Starlight Jewellery using Atome?
1. First, make sure that you have an account on Atome. If you don’t, fret not; you can make one today completely free.
2. Select all the items you wish to shop for, proceed to the checkout, and from all the given options, choose Atome.
3. Lastly, you must log into your Atome account and complete the transaction.
- Pay 1/3 of the total amount upfront. The rest will be paid across two consecutive months.