Guide on How Gold Ornaments Price is Determined
by Francis Alukkas | 22 September 2021 | GOLD PRICE
With each passing day gold ornaments prices have been increasing and fluctuating. The speed with which the gold ornaments prices are soaring was sure the most unpredictable during this time as the world battles against COVID 19. The gold markets have been rising like never before. At the start of the new year, the gold price for ornaments per 10 gram or 1 pavan of 24kt gold were 3,8600.00 INR. Gold ornaments price from this have soared to 57,630.00 INR as of today, 8 August 2020. Rate of 1 gram of 22kt gold stands at 5250 INR today. Have you ever wondered how the price of gold is determined? What goes behind the gold ornaments price calculation? Follow along with this article and learn the tips and tricks to determine how to calculate gold price for jewelry.
Gold is a much-adored yellow metal and an investment in India. We Indians love the shine of the metal and follow a tradition of buying gold for auspicious occasions such as weddings, Akshaya Tritya, Dhanteras, Diwali, and others in the form of jewelry, coins, etc. Indians prefer gifting gold or silver over others simply because the metal is forever valuable and is an excellent way to secure the future safely. The love for gold and precious metal is spellbound. Although we spend hours and put in so much thinking to select the right jewel, many don’t take enough effort to understand what goes behind the gold ornaments price calculation.
The gold ornaments prices are determined using a formula. The gold per gram rate is added along with making charge, tax, and other things before you buy the ornament you have selected. This process is sometimes too confusing, and this is where the jeweler takes the benefit from you. Much of your hard-earned money might be wasted behind this task of calculations without your knowledge. You might be paying more money in paying the tax, i.e., making charge or wastage charge rather than the gold itself, which is not wise.
If you are planning to buy gold ornaments for yourself, it is very important that you have a sound knowledge of what goes behind the calculation process and benefit from the right prices. Always ask your jewel attender to show you a complete slip of the calculation and the percentage charges to get a better idea of the price breakage. Visit a trusted and authorized jeweler to avoid being charged more and enjoy a transparent and happy jewel shopping.
At Francis Alukkas, we guide you with every step of the pricing and help you understand the why’s and what’s of your gold ornaments price. Before buying your gold, know where you put your money.
Also, Check: Jewellery Designs in Gold with Price
We follow a standard pricing formula to determine gold ornaments with price and weight
Final price of the jewelry = Price of (22 KT or 18 KT) gold X (Weight in grams) + Making charges + GST at 3% on (Price of jewelry + making charges)
Gold ornaments in India are usually made from 22 karat gold, and hence, the same is used for calculations. The gold ornaments price per gram of gold and the GST charges is what remains constant throughout. What differs is in making or wastage charges applied. Each and every design, depending on the work, has different making charges applied that the buyer has to satisfy. Making charges are the charges that are applied for the work that goes behind the making of the settler gold ornament piece. The more the work, the more the making charge. Depending on your choice of gold, ornament charges are applied. In the case of stone-studded ornaments, the gold rates are determined, excluding the stone weight. A separate fee for the stones is later applied along with the gold rate for the ornament.
The gold ornaments prices vary from town to town as there are no standard invoicing patterns in the country, and prices differ from jeweler to jeweler. Every city has its own jewelry association that declares the rate of gold every morning. This is why we see a change in the gold rates in different cities or towns. It is also true that the billing system varies from one jeweler to the next. Francis Alukkas provides you with the best offers available in the town and follows a transparent billing process. We believe in good quality services and in building strong relationships with our customers. Visit your nearest Francis Alukkas store or our webpage to take a look at our latest collections.
