Gold buyers, beware

Some bad news is on the cards for those considering buying gold in Chennai.

A study has found that 73 per cent of gold buyers in the city get only 88 per cent value for money, while buying gold. Only four of the samples purchased from 15 shops in the city were found with the claimed 22 carat level content. A buyer in Chennai could lose up to Rs 500 on purchase of 10 gm of gold.

The survey was conducted by the Bureau of Indian Standards in association with the Federation of Consumer Organisations of Tamil Nadu and Pondicherry. Similar surveys have been done in other cities as well. -- BL Research Bureau