Gold Making Charges in Chennai: In Chennai, the price of gold jewellery is determined by the current gold rate, making charges, wastage charges, and applicable taxes. As of December 24, 2024, the gold rates in Chennai are:
22-Karat Gold: ₹7,100 per gram
24-Karat Gold: ₹7,745 per gram
Making Charges:
Making charges cover the craftsmanship involved in creating gold jewellery and can vary based on design complexity, jeweller reputation, and other factors. These charges are typically applied in two ways:
1. Fixed Rate per Gram: Some jewellers charge a flat rate per gram, which can vary widely. For example, making charges per gram of gold can range from ₹25 to ₹35.
2. Percentage of Gold Value: Alternatively, making charges may be calculated as a percentage of the gold’s value, typically ranging from 5% to 25%, depending on the intricacy of the design.
Wastage Charges:
Wastage charges account for the small amount of gold lost during the crafting process. Traditionally, these charges range from 5% to 7%, though they can vary depending on the jeweller and the design.
Example Calculation:
For a 10-gram 22-karat gold necklace with a 10% making charge and 5% wastage charge:
Gold Cost: 10 grams × ₹7,100/gram = ₹71,000
Wastage Charges: 5% of ₹71,000 = ₹3,550
Making Charges: 10% of ₹71,000 = ₹7,100
Subtotal: ₹71,000 + ₹3,550 + ₹7,100 = ₹81,650
GST (3%): 3% of ₹81,650 = ₹2,449.50
Total Price: ₹81,650 + ₹2,449.50 = ₹84,099.50
Additional Considerations:
Negotiation: Making charges are often negotiable, especially for larger purchases or during festive seasons.
Design Complexity: Intricate designs usually attract higher making and wastage charges due to the increased labor and potential for material loss involved.
Hallmark Certification: Ensure that the jewellery is BIS hallmarked, indicating verified purity and authenticity.
When purchasing gold jewellery in Chennai, it’s advisable to compare making and wastage charges across different jewellers, inquire about any additional fees, and request a detailed breakdown of costs to ensure transparency.