Decoding Gold Purity: 999 vs 995 for Akshaya Tritiya
As the auspicious occasion of Akshaya Tritiya approaches, the age-old tradition of purchasing gold gains momentum across India. Amidst the excitement of acquiring precious metals, a pertinent question arises: What is the true measure of gold purity? Is it 999 or 995? In this comprehensive guide, we delve into the intricacies of gold purity, aiding you in making informed decisions.
Understanding Gold Purity:
Gold, a symbol of prosperity and wealth, holds significant cultural and financial value in India. When purchasing gold, one encounters the fineness mark of 999 or 995, both synonymous with 24 karat gold. But what do these numbers signify?
The Difference Unveiled:
999 fineness represents the pinnacle of purity, with gold content reaching 99.90%. On the other hand, 995 fineness is considered standard gold, containing 99.50% pure gold. While both are esteemed for their purity, the subtle variance lies in the level of refinement.
International Perspective:
Internationally recognised, 999 and 995 purity levels delineate the purity of gold per 1,000 grams. With 995 purity, one obtains 995 grammes of gold, accompanied by 5 grammes of other metals. Conversely, 999 purity signifies 999 grammemes of pure gold with a mere 1 gramme of other metals. Thus, the distinction between these purity levels underscores the meticulous refining process.
Price Discrepancy:
As purity ascends, so does the price of gold. Gold of 999 fineness commands a premium over its 995 counterpart due to its heightened purity level. Typically, international prices for 999-purity gold surpass those of 995-purity by approximately 0.4% to 0.5%. This price differential underscores the intrinsic value attributed to higher-purity gold.
Practical Implications:
In the realm of jewellery making, gold of 999 purity presents challenges due to its softness. Consequently, jewellers predominantly utilise 22, 18, and 14-karat gold for crafting ewelry. Conversely, gold bars and coins, available in 995 and 999 purity, cater to investment preferences.
Hallmarking Mandate:
To safeguard consumer interests, the government mandates gold hallmarking for various purity levels, including 24 karat gold. This ensures transparency and authenticity in gold transactions, bolstering consumer confidence.
Akshaya Tritiya Significance:
As Akshaya Tritiya approaches, the significance of gold acquisition resonates deeply with tradition and culture. This auspicious day symbolises prosperity and new beginnings, making it an opportune time for gold purchases. Armed with knowledge about gold purity, buyers can navigate the market with confidence, ensuring prudent investments aligned with their preferences and budget.