Haq's Musings Riaz Haq writes this data-driven blog to provide information, express his opinions and make comments on many topics.
Well, I was equally puzzled by all those terminologies and promises that you get to hear in Jewellery shop commercials until I decided to dig out some information.
Karat NOT Carat is a measure of the purity of gold. Since pure gold is too soft and hence would easily bend to make any jewellery out of it, there has to be certain other metals such as copper, silver, cadmium etc added to make it strong, shine and with the desired shade.
Based on how much extra metals are added, the Karat value of the gold reduces to 22Kt, 18Kt, 14Kt or even 10Kt. In India, 22K gold is considered the most valuable for jewelries and hence it has more resale value as well.
And this is what is called gold symbolizes And such a jewellery is known as a BIS Hallmark jewellery. Before this standardization, many jewellers and goldsmiths used to cheat people with below 22Kt gold while they claimed to sell good quality 22K gold.
I figured this out while selling some old gold jewellery recently. You may take a look at the BIS site for all BIS components] Making Charges, Gold Wastage charges etc As I mentioned earlier, there has to be certain metals added to pure gold to make it tough and good enough to make jewellery.
This is the first level of added cost to the making process followed by the actual making charges to convert the gold bars or blocks into beautiful jewellery patterns. This is usually expressed in Rupees per gram of gold.
In most cases, the making charges per gram of gold vary from 25 to 35 rupees. Compared to the price of gold today, this is a negligible number. In the good old times, the goldsmiths used to make gold jewellery by melting gold, cutting and shaping it into tiny pieces and join them together to make great handmade gold jewellery.
Nowadays, the gold ornaments are made in advanced machines and nothing really go wasted.
Unfortunately, nobody knows why certain ornaments has to have more wastage than some others as claimed by the jeweller. Hence the actual cost burden on you while purchasing gold jewellery is: In addition, if your jewellery has any precious stones, that cost will be added up as well.
Gold Jewellery buying tips for Indians As a smart buyer, you may keep the following things in mind when you deal with jewellery shops. First, if you are exchanging gold selling old ornaments and buying new make sure that you are getting the full price of what you are selling.
As long as you are selling 22K gold, the shop may not reduce any price but give you the actual market price of the 22K gold by its weight. There are some jewellers who charge melting charges, handling charges or whatever they may call it but never ever fall into that trap Each and every piece has to be weighed separately and tested for purity using the electronic purity tester while selling.
He will mostly give one percent less. If you are gone there just to pick a little 2gm earring or so, you better not negotiate much.
But if you are on wedding or engagement shopping, you may save a lot by negotiating Further tips: There may be some sales people who may try to belittle you on your miserliness and even might raise their voice.
Most jewellers may offer you a discount of 40 or 50 rupees per gram on the prevailing rate as if they are doing you a great favour. Please note that your REAL saving comes from the wastage charge negotiation.
You may advise your respective wives to stop exchanging jewellery too often. Because, every time you exchange, all those value addition charges come into play and you lose a lot of money.
I just thought of jotting down these points after coming back from a minor purchase at Chemmanur Jewellers — not that I was hugely successful in negotiating this time. But I have certainly seen my relatives, in-laws, friends etc negotiating big time and making a huge difference in the final bill.The Philippines is a country in South East Asia with breath-taking natural features and scenery on over islands.
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Riaz Haq writes this data-driven blog to provide information, express his opinions and make comments on many topics. Subjects include personal activities, education, South Asia, South Asian community, regional and international affairs and US politics to financial markets.