How much will it cost to make jewellery?
Gold prices are breaking new records in the market every day. In Delhi's bullion market, 24 carat gold has crossed the level of ₹ 1,55,510 per 10 grams. The making charge on the original price of gold and the GST applicable on it can change the entire arithmetic of your budget. Let us understand from the perspective of a common consumer that if you are going to get a necklace of 10 grams and a ring of 5 grams, then how much burden will it actually put on your pocket.
First of all let's decode this 'base price'. 24 carat gold is good for investment, but it is so soft that jewelery cannot be made from it. 22 carat or 18 carat gold is always used for jewellery. The price of 22 carat gold in Delhi on April 16 is ₹ 1,42,560 per 10 grams. Suppose you are making a standard design necklace of 10 grams, then your base cost will be ₹ 1,42,560. But this is just the beginning.
Making charge and GST, this is how your bill increases
Now the jeweler's margin and workmanship money is added to this base price, which we call 'making charge'. In the jewelery market it ranges from 8% to 15% depending on the design.
- Multiplication of Making Charge: If we assume an average 10% making charge, then on ₹1,42,560 this amount comes to ₹14,256. Now adding the base price and making charge, the price of the necklace became ₹ 1,56,816.
- Tax factor: Here the government will also take its share. 3% GST is applicable on the total amount of jewellery. 3% GST i.e. ₹ 4,704 more will be added on ₹ 1,56,816.
- Final Cost: In this way, the gold that you were seeing in the newspaper worth Rs 1.42 lakh, will be worth around ₹ 1,61,520 by the time it becomes a 10 gram necklace in your hands.
What will be the budget of 5 gram ring?
Let us apply the same formula to a 5 gram ring:
- Base price of 5 grams of gold per 22 carat: ₹ 71,280
- 10% making charge: ₹7,128
- Amount taken together: ₹78,408
- 3% GST on this: ₹2,352
- Final bill for the ring: ₹80,760
That is, if you buy both necklace and ring together from the showroom, you will have to pay a total of ₹ 2,42,280.
If the money is yours, be a smart investor
As a consumer, you should always remember some market rules:
- Hallmark is the real guarantee: Whether you buy 18 carat or 22 carat jewellery, get HUID (Hallmark Unique Identification) jewelery from the jeweller. This is the only official proof of purity.
- Scope for bargaining: Making charge is not a fixed tax. This is the jeweler's own margin. Always bargain on this. Making charges are higher for heavy or antique designs, so choose the design wisely as per your budget.
- Buyback Policy: Must ask: If the jewelery you are buying today has to be sold or exchanged tomorrow if necessary, then what percentage of deduction will the jeweler take on it? Finalize this matter before the bill is deducted.
- Detailed Invoice: Do not take raw invoice at all. Ask for a firm bill which clearly mentions the price of gold, purity, weight, making charges and complete breakup of GST. This transparency will be useful to you tomorrow.
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