Planning to buy gold this Diwali? These three tips will help you save money
Diwali just around the corner, it's important to avoid overspending on jewellery, and understanding how making charges on gold are calculated can help save money. Jewellery involves labour costs and all jewellers pass on this cost to the buyers in the form of making charges. Making charges are usually a percentage of the current gold price.
To save money on making charges, it is vital to understand how they’re calculated. Whether expressed as a flat rate per gram or a percentage of the jewelry’s value, these charges can vary widely. "Consider the cost of an 8g gold setting in a jewellery piece to be ₹ 40,000.
At a flat rate of ₹ 300/g, making charges will be ₹ 2,400. However, at 12% of the cost, it hikes up to ₹4,800, which is significantly higher" said Ankit Singh Kimtee - Founder & CEO - ofDiamondXE. Exciting news! Mint is now on WhatsApp Channels. Subscribe today by clicking the link and stay updated with the latest financial insights! Click here Gold pricing is determined based on the purity of gold.
The price of gold changes every day based on the market rate. All jewellery stores display the daily bullion rates for consumers. “It is crucial to inquire with the jeweller about the current price of the gold setting based on purity, and any associated costs.
Additionally, consider the intricacy of the jewellery’s design. By delving into the details, you can make informed decisions and potentially save on the making charges for your diamond jewellery," said Ankit Singh Kimtee - Founder & CEO - of DiamondXE Research and compare prices from different jewellers to ensure that you're getting the best deal. Don't rush into a purchase; take your time to find the right piece at the right price.
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