Gold Jewelery Making Charges Calculation: Often we keep an eye on the price of gold, but a large part of the jewelery bill goes into making charges and wastage. If you shop smart, you can save up to 20% on your bill just by asking the jeweler 3 accurate questions.
Gold Jewelery Making Charges: Whenever we go to buy gold, our entire attention is on the price of gold. But have you ever noticed that a major part of the bill that comes into your hands is ‘making charges’? Often we negotiate the rate of gold, but accept what the jeweler says about the making charges. Today we will tell you the secret way by which you can save up to 20% of your money on gold bangles or any jewellery.
What are making charges?
In simple language, the labor for melting gold and turning it into beautiful jewelery is called making charge. Charges on machine made jewelery are less (5-10%). Whereas the workmanship on handmade jewelery is high, hence the charges can go up to 15% to 25%. Apart from this, 5% GST is also levied separately on making charges. The problem arises when the shopkeeper charges you a huge amount even for simple machine made bangles and hand made bangles.
What to do while buying gold?
While buying gold jewellery, if you want that your hard-earned money is not wasted in making charges, then definitely ask these 3 questions while standing at the counter. This can save you a lot of money and the making charges can also be reduced significantly.
What are 3 questions to ask a jeweller?
1. Is this making charge a fixed rate or a percentage on the weight of gold?
Many shopkeepers charge 15-20% on the weight of the jewellery. If the price of gold increases, your making charge will also automatically increase. Always try to decide the making charge on ‘Per Gram’ basis.
2. Is there any discount or scheme running on this design?
During Akshaya Tritiya or wedding season, almost every big showroom gives 25% to 50% discount on making charges. Many times shopkeepers do not tell this to themselves. Only when you ask will they tell you about ‘manager discounts’ or ‘festive offers’.
3. How much wastage is being deducted and why?
While making gold, some part is wasted, which the shopkeeper adds to your bill in the name of ‘wastage’. Nowadays, due to modern technologies, wastage is very less. If the shopkeeper is asking for more wastage, then understand that he is charging extra money from you. Ask directly why so much wastage?
What to do while buying gold jewelery or gold bangles?
Bangles are often machine made. If you are buying simple bangles, then never pay more than 8-10% making charge. Increase the rate only if the design is very detailed. Always buy jewelery with BIS Hallmark. No matter how low the making charge is, if the gold is not pure then you may suffer a big loss.
What is the price of gold today?
Talking about gold prices in the country’s capital New Delhi, the price of 24 carat gold is ₹ 1,55,720 per 10 grams. The price of 22 carat gold has been recorded at ₹1,42,750, while the price of 18 carat is ₹1,16,830.
Disclaimer: The information and suggestions given in this article are only for your awareness. The purity of gold, making charges and wastage calculations may vary depending on the jewelery showroom, brand and design. Before making a purchase, always check BIS Hallmark and compare the current market rates. Before any kind of financial transaction or investment, consult your expert and confirm the rates with trusted jewelers.
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