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The method of estimating the price of gold jewellery
Posted on: 21/Oct/2017 4:29:23 PM
Indians stand unmatched when coming to the aspect of buying gold jewellery. The whole country is really crazy and obsessed to buy gold.
Though the central government has opened up other investment avenues such as Gold Bonds, the Indian public craze for buying gold jewellery has not diminished one bit!
Though the market price of gold is announced on a given running day in all cities all over the country, the buyer has to pay additional amounts for the making, the rejection, etc. The gold jewellery traders explained the procedure for fixing the price of gold jewellery. The current day gold price, GST, and making charges are all to be taken into account. For the jewellery items with gemstones, there is a separate procedure.
Most of the gold jewellery items are made of 18 and 22 Karat gold. The current rates value of the gold in the jewellery is multiplied with the weight. And the, making charges and GST 3% slab are added. GST is charged for the total price of the jewel and making charges.
For example, let us consider buying an 8 gm jewellery. 1 gm gold – Rs. 2725. 8 gms gold will be Rs. 25425. If making charges are 10%, add Rs. 2542.50. So, the total value is Rs. 27967.50. Add 3% GST – Rs. 839.02. When this GST is added, the price of the jewellery works out to be Rs. 28806.50.
The traders work on the price of the jewellery items fixed with gem-stones in a different procedure – the price of the gem-stone is mentioned separately and the price of gold will be mentioned separately. The customers have to confirm this.
This caution is required because when exchanging this piece later, the price of the gemstone will not be considered.
Pure gold – this is 24 karat and highly ductile. Because of this, the jewellery is made with 18 or 22 karat gold. 22 karat gold is 91.6% pure. This is known as 916 gold. This determines the gold colour. Apart from this, quality brands also confirm the gold quality. So, the buyers will have to consider these aspects while buying gold jewellery.
Some points to note
Gold is always in the top 3 investment avenues. When there is an emergency expense, gold is the handiest avenue to convert into cash and help.
So, people interested in investing in gold, the experts advise they can do so by using a maximum of 60-70% of their monthly incomes (salaries).
Over the recent periods, the quality assurance brands such as Hallmark have increased the trustworthiness of buying gold jewellery items. It is advisable to check for the BSI Hallmark while buying gold jewellery.
Though the festive enthusiasm of Deepavali gets over after Deepavali, the festival season persists till the month of January.
So, till the festive season gets over, there is a good scope for some saving for those interested in investing in gold or buying gold jewellery.
Never buy any gold jewellery without the ill. This will prove useful later.
Also, please be aware that the gold price is highly variant with ups and downs. However, the long-term investment in gold is still always handy.
The experienced buyers recommend that it is advisable e to buy gold jewellery items without any gems and also with minimum rejection or damage.
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