Indian people love buying gold in the form of designer jewellery or coins for propitious reasons around special festivals as well as for investments. You may get gold funds at the exact cost across the same platform throughout the country, but you will get gold ornaments at different prices. This is because there is no standard rule for pricing and invoicing gold jewellery nationwide. The billing system varies from one jeweller to another.
Usually, every city has its own gold jewellers association, and these associations declare the live gold rate every morning. And This is why the gold prices are different, even in each town. Several factors affect the final amount you pay, such as the gold rate, making charges, the value of gems, taxes, etc.
The final price of any gold jewellery piece is based upon the below formula:
Final Jewellery Price = Price of (24 Karat 22 Karat or 18 Karat) gold per gram X (Weight of Gold to be bought in grams) + Jeweller's Making charges + GST at 3% on (Jewellery Price + making charges)
Calculating the price of gold jewellery involves several factors, including the current gold market price, the weight of the jewellery, and the purity of the gold used in the jewellery. Here are the steps to follow to calculate the gold price for jewellery:
It's important to note that the price of gold jewellery can vary widely depending on the piece's design, craftsmanship, rarity, and the jeweller's reputation. Let's understand this calculation through an easy example so that you get some more idea:
Suppose you wish to buy a 22 karat gold chain weight 10.5 grams, and the price of 22 Karat Gold listed by the jeweller on that day is Rupees 43,000 per 10 grams, and the jeweller's making charges are 15%; then the final jewellery price will be calculated as below:
*Disclaimer: Check current gold rate before the calculation.
While buying any gold jewellery item studded with artificial diamonds or semi-precious stones, make sure that the value of gold in the piece is calculated based on the entire weight of that jewellery minus the weight of those studded diamonds or gemstones. The cost of diamonds and gemstones must be added separately.
Also, other factors like making charges or wastage charges may vary from one jeweller to the other. So, you'll need to check these charges and other things before buying.To know more about these things to check before buying gold jewellery, look at our article on the same topic. Also, if you like, you can use our gold purity calculator.
At Melorra, we make lightweight, durable gold jewellery in 14k, 18k, and 22k gold. We have the best jewellery designs in categories such as:
Go ahead to explore our bestsellers jewellery staples such as: