Are you planning to purchase gold jewellery? In that case, knowing the cost of the gold jewellery pieces is important. Gold is one of the most valued metals in the world. Everyone wants to invest in gold owing to the long-term benefits it offers. Buying gold jewellery for festive occasions and weddings is common. In addition to that, many people purchase gold jewellery as an asset with high returns. However, when buying gold jewellery, one of the main confusions among people is how much they need to pay. If you are also having such doubts, this post can be helpful for you.
Final Price of Gold
In order to calculate the price of gold, a specific formula is used by the jewellers. Here is the formula used for calculating the amount you will have to pay for purchasing gold jewellery.
Final price = Price of the gold jewellery × weight of the jewellery (in grams) + making charges + GST (Making charges + Gold jewellery price)
Factors Affecting the Final Price of Gold Jewellery
Whether you want to know the final price of a gold ring or a gold bracelet price, you need to take into account several factors. Here are some of the most important factors affecting the final price of gold jewellery pieces. Let’s take a look!
- Gold Rate
One of the obvious factors that you need to consider when you want to know how much to pay for a gold jewellery is the gold rate. The gold price keeps changing very often. Some of the factors that affect the gold rate include location, demand and supply, and festive seasons. So, when you are purchasing gold jewellery, it is important to have an idea of the current gold rate. You can easily find information relating to gold prices on several websites and newspapers.
The purity of gold is another factor that affects the final price of your gold jewellery. The purity is calculated in terms of a carat. While 24 carats is known as the purest form of gold, most people prefer buying gold jewellery of 18 carats and 22 carats. So, the final price will depend on the gold carat you choose. Moreover, several other metals can also be added to the gold jewellery pieces. The commonly added metals include copper, zinc, and silver. Depending on the metals used, the price of your gold jewellery will also differ.
- Studded Jewellery
Studded gold jewellery is highly in trend in recent times. In order to add more charm to gold jewellery pieces and enhance their shine, people like adding gems. The stone embeddings on the gold jewellery are likely to increase the final price even more. The price may vary depending upon the gemstones you choose. For instance, if you are looking for diamond studded gold jewellery, the cost will be on the higher end. However, if you buy gold jewellery with normal gemstones, the final price will be less.
- Making Charges
When calculating the final price of your gold jewellery, you cannot overlook the making charges. The making charges usually vary between 6% to 14%. It differs from jeweller to jeweller. While some jewellers have a fixed making charge, others allow customers to bargain the price. Make sure to buy your gold jewellery from the stores that have a reasonable making charge.
Now that you have a comprehensive idea of the different factors affecting the final price of your gold jewellery, it is time to make a purchase. All you need to do is head to the website for buying gold chains or other gold items, select the jewellery of your choice, and purchase it. Shop your gold jewellery from a reputed store in order to get the best quality, genuine items.