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Buying gold jewelry is expensive. It is important to know how your local jeweler calculates the value of the gold jewelry you have purchased to avoid being cheated. Also, there are various things to keep in mind while buying jewelry. Read on to know how a jeweler calculates the price of gold jewelry and things to keep in mind while shopping.
How Much Is My Gold Worth Today
Indians have a tradition of buying gold in the form of jewellery, coins etc especially around Akshaya Tritya, Dhanteras and Diwali. Although we spend hours at a local jewelry store picking out what we want, we often don’t question the quoted price. This is wrong. You should not blindly rely on the price quoted by the jeweler as there are many factors that affect the final price you will pay such as gold price, making charges, value of gems etc.
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Currently, there is no standard invoicing pattern in the country and prices vary from jeweler to jeweler. Sandeep Kulhalli, senior vice president – jewelery and sales, Titan Company explains, “There is no standard pattern of invoicing in the country and the payment system varies from one to another. Each city has its own jewelery and gold association and the rate is announced by these associations every morning because the gold standard varies in each city.
Final price of jewelery = Value (22 KT or 18 KT) gold X (Weight in grams) + Processing charges + GST at 3% on (Price of jewelery + processing charges)
Suppose the price of gold listed by a jeweler is Rs. 27, 350 for 10 grams of 22KT gold. Now, if you wish to buy a 9.6 gram gold chain, the price will be calculated as:
Sometimes, we buy jewelry that has stones attached to it. Some unscrupulous jewelers measure the entire piece and charge it at the gold price. If you ever wish to exchange/sell it again, you will usually subtract the weight of the stone and dirt from the total price, says Sinha.
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“The payment process differs for a fixed product. If a customer buys a full piece of jewellery, the cost of the stone will be added to the bill,” explained Kulhalli.
So, while buying one should know that the value of gold in a piece should be calculated based on the total weight of the jewelery minus the weight of diamonds and precious stones. The cost of diamonds and precious stones should be added separately.
Gold jewelry is available in different Karats (KT). Karat is a measure of the purity of gold. Sinha adds, “One should not confuse this with the word carat. Carat is a measure of the weight of a diamond”.
24KT gold is the purest form of gold but is too soft to be used in jewelry. The most popular type of gold found in jewelry is 22KT which contains 91.6% gold. Alloys such as zinc, copper, cadmium or silver are added to gold to make it stronger and more durable. When you buy diamond jewelry, then 18KT gold is used. It contains 75% gold.
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Sinha adds that the constitution and ratio of the alloys used determine the color of gold. For example, palladium is added as an alloy in the case of white gold and increased concentrations of copper are used in the case of rose gold.
The price of gold jewelery depends on two things – a) the gold content in the jewellery, ie, 22KT or 18KT, and b) the type of metal used to mix it with gold.
“Gold is traded (on the exchange) every day and demand, supply and various other factors determine the price each day. National pure gold prices are often published in many newspapers or websites. But the quality of gold for jewelers varies depending on who they buy the gold from and at what price. However, the difference in price usually small,” Sinha said.
The main factor contributing to the different prices of jewelery is the difference in the buying and selling rate of gold, explains Kulhalli. “Most jewelers tend to have different standards when they buy and sell,” he said.
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Sinha adds, “The price of jewelery excluding duty and GST will include the price of gold (depending on its purity) and the alloys added to it. However, the cost of adding these alloys to pure gold is minimal and usually not more than that. 3% of the value of the gold pure used in jewelry.”
If the price of gold is Rs 3, 300 per gram then the cost of 22KT gold will be Rs 3300 X 22/24 = Rs. 3025 grams. However, alloys are also added to make the jewelry stronger. The cost of these can be between Rs 30 and Rs 60 per gram. So, the selling price of 22 kt gold will be Rs 3025 + Rs 60 = Rs 3085 per gram.
Processing charges vary depending on the type of gold jewelry you buy. This is because every ornament requires a different style of cutting and finishing. It also depends on how much fine detail is required in the design, that is, if it is man-made or machine-made. Machine-made jewelry usually costs less than man-made jewelry.
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Kulhalli says, “Making costs is called differently by each jeweler. Some jewelers call it ‘making money’ and others may call it ‘wasting’.”
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Processing charges can be quoted in two ways – as a percentage of the gold value or as a flat processing charge per gram of gold.
Customers can negotiate and negotiate for reduced charges at many jewellers. This is possible because the percentage of these prices is not the same for all jewellers, said Kulhalli.
He adds, “Even in the same jewelry store, the discount given by the salesperson will be different from the discount given by the store manager. This practice does not provide privacy in paying the customer.”
Says Sinha, “A customer may never know if they have bargained hard enough. The same product may be sold at a lower price to another customer who may have bargained hard.”
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As a money-saving tip Sinha said, there can be slight differences in charges depending on which gold market you buy from. In the event that gold prices rise, a flat processing fee will be beneficial to the customer and if gold prices fall, a percentage based processing fee will be more beneficial.
Hallmarking is done to ensure the gold jewelry. Hallmarking is done by the Bureau of Indian Standards (BIS) and is a certificate of purity of the gold used.
From 16 June 2021, gold marking is mandatory. In addition, as of July 1, 2021, the government has revised the markings. Gold jewelery now has 3 marks ie, BIS logo, purity/fairness grade and a unique 6 digit code.
A customer should keep in mind four factors while buying gold jewelery – measuring the purity of the gold, understanding the exchange policies offered by the jeweler, knowing the product warranty, and ensuring clear bill separation, said Kulhalli.
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2 New income tax quotes under new tax regime, no LTCG tax benefit in debt mutual funds: 15 income tax changes from April 1 ● Gold and platinum quotes in domestic trading market. These quotes are updated between 9-11 am on weekdays.
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Professional appraisers will thoroughly appraise your item at Jewel Cafe. We make reliable estimates based on the latest price data and market prices, and we try
