Price of Gold Jewelery If you also want to buy gold during festivals, then before buying, know how jewelers decide the price of gold in India because 18 carat or 22 carat gold, despite being the same, has different prices. And there is weight. – Gold prices vary between cities. Read the full news.

New Delhi Business Desk: The festival has started. The country is filled with festivals from now until the rest of October and throughout November.

If you are thinking of buying gold on Dhanteras this year, then before doing so, you should know how jewelers decide the price of gold in India.

Why do gold prices differ in different cities?

Have you ever wondered why the price and weight of 18 carat or 22 carat gold remains the same but different in different cities?

Actually, gold traders and retailers work according to the daily prices set by the Gold Jewelers Association.

Also read: Gold Price Today: Gold price stable, silver took a dive in the gold market today, know what is the price of 10 grams of gold in your city.

Each city has its own local Jewelers Association, which publishes gold prices every day. This is why the price of gold of the same weight is different in every city. However, there is not much difference in these prices.

How do jewelers set prices?

Before knowing how jewelers decide the prices of gold in India, let us tell you that although 24 carat gold is considered the purest, but 24 carat is not considered acceptable for making gold jewellery.

Let us now know what is the formula for determining the price of gold. Indian jewelers decide the final price of jewellery:

The price of gold per gram (22 carat or 18 carat) is determined by

understand with examples

Suppose the price of 10 grams of 22 carat gold is Rs 30,000. That means it is sold at Rs 3,000 per gram. Considering the weight of gold as 20 grams, the cost of making it comes to Rs 300 per gram.

So based on this calculation the price of 22 carat jewelery is 3000 × 20 grams + (20 grams × Rs 300) = Rs 66,000.

In India, gold jewelery is subject to 3% goods and services tax. So, if 3% GST is added to Rs 66,000, the final price of 22 carat jewelery will be Rs 67,980.

This means if the price of 22 carat gold is Rs 30,000, then to buy 22 carat gold jewelery of 20 grams, you will have to spend Rs 67,980 from your pocket.

Also read: Investors placed big bets on gold, Gold ETF investment at record level of 16 months

What is the current price of gold?

According to Good Returns website, the price of 22 carat 10 gram gold on October 17 is as follows: