Know How To Calculate Gold Jewellery Price And Feel Great
Today my friend has shared with me an offer to buy the lowest-rate gold ornament. He heard about this offer on the radio. In the early stages, I was excited about this offer. After interacting with the shopkeeper, I was able to conclude that the gold ornament sold by his jewellery store is 18 carats, therefore they offer gold ornaments at the lowest price. Jewellery with a lower 18K carat content contains more impurities, therefore it is lower. So be careful with such offers.
How to calculate the price of a gold ornament?
Calculate the price of the gold ornament using the simple formula given below.
Gold jewellery price = (Gold price per gm)* (Weight in gm) + (Making charges)*(Weight in gm) + GST
let’s try to understand from one example:-
If 22 K Gold rate per gram is 2430 Rs/-
Purchase weight – 2 gm
Making charges – 200 Rs/- per gm
Price of Gold ornaments =2430* 2+200*2 =5260 +GST (3%) = 5417 Rs/-
Things to remember when buying gold jewellery
The price of gold depends on its quality and location.
The price of gold that jewellers usually quote depends on its quality and the location from which you buy gold ornaments. First, let's understand how the price of gold fluctuates in terms of quality. Gold is available in different quality grades, from 9K to 24K. The higher the carats, the better the quality of the jewellery and the more expensive its price will be. For example, if the price of 24-carat gold is Rs 30,000 / 10g, the price of 22K gold will be lower, which could be between Rs 27,700 and Rs 28,500 / 10g. As mentioned earlier, the price of gold also varies by location, which is the city from which you buy gold jewellery. For example, if 24 karat gold in Calcutta is Rs 32,345, then Kerala 24 carat gold might be Rs 30,525. Therefore, before going to a gold jewellery store, check the price of gold depending on location and quality.
Studded jewellery prices vary slightly.
Gold jewellery is available in a variety of designs. Some even have artificial diamonds or semi-precious stones embedded in them. Sometimes, when buying such jewellery, some jewellers consider the weight of the entire jewellery as its weight in gold and charge at the current gold rate. Make sure your jeweller calculates the price of gold and studs separately or you will suffer a loss. For example, if the weight of gold (Rs 2000 / g) Even if you are exchanging or buying studded gold jewellery, your jeweller subtracts the weight of the stone and impurities from the total value.
Making Charges of Jewelry
The gold jewellery is available in many types and shapes and in various designs. Any kind of different designs can be made by man or machine, which requires specialized skills. The cost of making jewellery is not fixed and varies everywhere.
Buy only standardized jewellery.
When you go to a gold jewellery store, you will find non- standardized and standardized gold jewellery on the market. Non-standardized gold ornaments do not provide customers with the purity of the gold in them. On the other hand, gold ornaments that are standardized according to the Bureau of Indian Standards (BIS) confirm the purity of the gold. Although gold jewellery with the BIS marking is sold at a small premium, however, you can exchange it anytime at any jeweller’s shop at little loss in terms of quality margin.
Invest in pure gold instead of studded one
Besides being fashionable, gold jewellery is also great for investment purposes. If you are also buying gold jewellery with the intention of a long term investment, buy high purity gold jewellery with the BIS mark. Additionally, avoid stone-embedded jewellery, as the price of studded stones will not give you any return.