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Friday, June 14, 2024

How to Calculate the Price Before Buying Gold Jewellery

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The gold jewellery rate is the most crucial factor while buying gold jewellery. It is determined by several factors, state laws, import duties, hauling cost, etc. Since there is no standard gold pricing in India, the gold jewellery rate varies across different cities in India, and changes everyday. Every state has its gold associate that regulates the gold prices every day. Also, local taxes, making charges, etc influence the final gold price in the market.  

Before buying gold jewellery, it is imperative to know how to calculate the gold price. 

Gold jewellery price per gram valuation 

Whether you are buying golds jewellery or selling it, you can use a gold price calculator to determine the actual value of the gold. When visiting a gold dealer, you will need to ensure that the gold rate valuation is done after proper cleaning and weighing of the gold. The gold rate must value in front of you to ensure complete transparency. 

After weighing the gold items, the gold dealer gives you a price based on the current market price. The best part about a gold price calculator is that you can always check the value of your gold based on its weight. 

Factors determine the golds jewellery price in India

There are three factors involved while determining the price of the gold, which are: 

  • The purity of the gold – 18K, 22K, 24K, etc. 
  • The weight of the gold 
  • Current gold rate in the market 

The gold price calculator determines the gold rate in grams. It multiplies the weight of the gold in grams to the current market price. It is worth noting that the gold rate depends upon the purity of the gold. The higher the purity of the gold, the higher will the be gold jewellery rate.

How to calculate the gold jewellery rate per gram?

You can use the online gold price calculator to calculate the gold price per gram.

  • Visit your dealer’s website and click on the Gold Price Calculator 
  • Choose the purity level of the gold, such as 18k, 22K, 24K. 
  • Enter the weight of the gold  
  • The calculator will fetch a gold price based on the data you feed. 

It is worth noting that the final gold price is generally valued by the gold dealer based on the weight and the prevailing gold rate.

Things to be mindful of before buying gold jewellery 

While buying jewellery, there are a few things you must be mindful of to get the best gold jewellery rate. 

Buy hallmarked gold 

Hallmarked gold is the safest form of gold jewellery. It certifies the purity and fineness of the gold items you buy. We know that gold comes in various forms of purity, such as 18 karats, 22 karats, and 24 karats. The benefit of getting a hallmarked gold is that you will not be tricked into buying a 22 karat gold with less purity. So, before making a purchase, make sure that the gold jewellery is hallmarked. 

Bargain on the making charges 

We know that the final gold jewellery rate is influenced by the marking charges. However, you can negotiate with your gold jeweler about the marking charges. So, before buying gold, it is crucial to bargain on the making charges.  Keep in mind that the making charges can sometimes form up to 30% of the gold jewellery costs. So, you will need to ask for a reduction while buying gold jewellery. 

Get an invoice 

Never forget to get an invoice after buying Puregold jewellery. It is necessary for a few things. For instance, if you sell your gold in the future, you may want to know the purchase price to calculate the capital gains tax. Besides, a purchase invoice is crucial if a dispute concerning the purity and weight of the gold arises in the future. You may also want to keep an invoice for your records. 

Check the gold price

The gold jewellery rate keeps fluctuating based on the market condition. It is difficult to know when the price will decrease. So, if you want to wait and buy later, you can never be sure that the prices will dip. However, you can visit some gold jewellers to see if the gold jewellery rate will fall short. Also, the gold rates are standard. You can check online to know the gold prices in your city.  

Check the weight of the gold 

You must know the weight of the gold in case there are studded items. Keep in mind that you are buying jewellery, not groceries. So, keep pestering the gold dealer about the gold rate and other details. Before buying gold from the market, you must conduct thorough research and compare rates from different gold jewellers. This way, you can secure the best gold jewellery rate for yourself.

Gold is a perfect commodity to invest in to secure your future. If in case you need funds, you can easily sell gold for cash through trusted institutions like Muthoot Gold Point.


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