Akshay Tritiya 2024: Buying Gold? Here is how Gold Jewellery prices calculated.

Gold is one such product that every Indian household buys in an auspicious day be it someone’s birthday, anniversary or any festival. It is not just a piece of jewellery, but also an investment. Today Akshay Tritiya is being celebrated across India and buying gold with right knowledge is important to meet financial goals.

Now let us calculate the gold price for Akshay Tritiya. Today the price for gold is at Rs. 6,700 per gram for 22 karat and Rs. 7,309 per gram for 24 karat .(also called 999 gold).

Why is it important to know gold jewellery price calculation ?Since gold frequently rises when the economy declines, gold is considered an investment and protect against inflation eroding the value of our saving.

How is Gold jewellery CalculatedJewellers calculate the price for gold by using this formula:

Final Price of the Jewellery= Price of gold x Weight in Gram +Making charges + Gst at 3 per cent+Hallmarking Charges

The prices of gold differ, depending on the purity of the gold. For example if someone buys a 24 Karat gold they have to pay higher in comparison to someone who is going to buy 14 karat gold.

In addition to the Karat charge the jewellers also add up making charges which is also known as the “Wastage charges”. The reason why it is called wastage charges is because earlier jewellers used to make jewellery using their hands and due to that some pieces of gold were wasted, but now-a-days the machine- made jewellery includes wastage charges. These charges can be calculated in two ways, either per gram or as a percentage of prevailing gold price.

Additionally, Gst is also added along with the jewellery including the making charge. In a similar way, selling hallmark gold is mandatory, many jewellers who sell hallmark jewellery levy the hallmark charges.

Why do gold jewellery prices differ in India?

Many times the prices of the same jewellery might differ in different locality, even though the rate of the gold is are in comparison to their purity and weight. This happens because every morning trades and retailers work up as the gold jewellery association. Every city has their gold association that announces the rate for gold every morning.

Check today's 18 karat, 22 karat,24 karat gold price

Prices for 22 karat gold according to good returns

1 gram-Rs 6,700

8 gram- Rs. 53,600

10 gram- Rs. 67,000

100 gram- Rs. 6, 70,000

Prices of 24 karat gold

1 gram- Rs. 7,309

8 gram- Rs. 58,472

10 gram- Rs. 73,090

100 gram- Rs. 7, 30,900

Prices of 18 Karat gold

1 gram- Rs. 5,482

8 gram- Rs. 43,856

10 gram-Rs. 54,820

100 gram-Rs. 5.482,000

The above gold rates are indicative and do not include GST, TCS and other levies. For the exact rates contact your local jewellery.