- Steps to Calculate the Gold Price for Jewellery
- How Gold Jewelry Price Is Calculated In India – Gold Calculator
- Things You Must Keep In Mind
- Understanding Making Charges
- Factors that Affect Gold Rate Calculation
- Conclusion
Steps to Calculate the Gold Price for Jewellery
There are a few things that can be followed to know the gold price of your jewelry
Gold Content
The gold content in your jewelry means that the purity of your gold should be determined first such as 24 Karat gold. The higher the karat number higher will the purity of your gold. So make sure the content is good enough for the price.
Weight of the gold
After the content of the gold is determined it is necessary to determine how much gold weight is there in the jewelry. This step is simple as most jewelers use some instruments such as digital scale. it is so simple that most people can perform this at their home without any help from the jeweler.
Current gold price
There are numerous online websites and platforms that provide free financial news about gold. The gold is measured in troy ounces so it is important to convert into it if the unit is something else. You can you any converter tool to convert the units.
Calculate the gold value
After the gold content, the current price and weight of the gold are calculated. you can calculate the value of your jewelry and add other costs if the gold jewelry has any type of ornaments such as gold or other things in it.You can visit a gold jeweler or any gold buyers in order the know the exact value of your gold.
How Gold Jewelry Price Is Calculated In India – Gold Calculator
You might have searched for gold calculation formula in India online or gold price calculator. We will explain the formula in detail
The formula is as below
Price of Jewelry = price of gold per gram X Weight of gold + making charges of the jewelry + GST Tax
Where
Price of jewelry = Final price of the jewelry
Price of gold per gram = 22 or 18 carat
Weight of Gold = Weight in grams
Making charges = Charges per gram
GST = Good and Services Tax on jewelry price and making charges
Things You Must Keep In Mind
It is mandatory to keep in mind that while buying any kind of jewelry some jewelers include or embed any artificial stones such as diamonds or any other stones weight on the jewelry. Even while selling gold you can visit a gold buyer who provide you the best price according the the legal procedure.
Thus the weight of the gold becomes heavier and jewelers try to include the gold price in the bill. Thus having the right knowledge of calculating the value of gold and other ornaments separately can help you save the amount on it
Understanding Making Charges
It is very important to understand the making charges for the jewelry. Some jewelers include the making charges per gram on your jewelry.
Many jewelers include a certain percentage as the making charges.
It is very important to have a piece of knowledge on the making charges as some making charges can increase a significant amount of your bill.
So, it is important to have strong bargaining skills if you don’t want to pay any price for making charges.
It is a wise move if you can consider making charges the priority before buying any form of jewelry from the jeweler.
Factors that Affect Gold Rate Calculation
There are many factors that affect the price of gold let’s discuss them one by one in calculating the value of your gold
Demand and Supply
Demand and supply can create a high impact on the value of your gold if the demand for gold is high and the gold has a limited supply then the price will increase significantly.
On the other side, if the demand is low and the supply is high then the price will decrease significantly.
Inflation
As gold can be viewed as an investment hedge against rising inflation, The price of gold may increase significantly if the inflation is increasing gradually.
Market condition
If the economy of the state is not in a good condition then the people will invest in gold to safeguard its investment thus creating a huge demand and supply which will increase the price of the gold
Conclusion
Thus to determine the price of gold in India we need to consider many factors in it. Hema jewelers are a trusted gold buyer in India with whom you can take help if you want to get the exact price of the gold.