Gold Making Charges in Hyderabad: In Hyderabad, the price of gold jewellery is determined by the current gold rate, making charges, and applicable taxes. As of December 24, 2024, the gold rates in Hyderabad are:
22-Karat Gold: ₹7,099 per gram
24-Karat Gold: ₹7,744 per gram
Making Charges:
Making charges account for 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. Percentage of Gold Value: Generally ranging from 5% to 25% of the gold’s value, depending on the intricacy of the design. For example, if the making charge is 10% and the gold price is ₹5,000 per gram, the making charge for an 8-gram piece would be ₹4,000.
2. Fixed Rate per Gram: Some jewellers charge a flat rate per gram, which can vary widely. For instance, a fixed making charge of ₹45 per gram would result in a total of ₹450 for a 10-gram piece.
Example Calculation:
For a 10-gram 22-karat gold necklace with a 10% making charge:
Gold Cost: 10 grams × ₹7,099/gram = ₹70,990
Making Charges: 10% of ₹70,990 = ₹7,099
Subtotal: ₹70,990 + ₹7,099 = ₹78,089
GST (3%): 3% of ₹78,089 = ₹2,342.67
Total Price: ₹78,089 + ₹2,342.67 = ₹80,431.67
Additional Considerations:
Wastage Charges: Some jewellers may include wastage charges to account for gold lost during the crafting process, typically ranging from 5% to 7%.
Negotiation: Making charges are often negotiable, especially for larger purchases or during festive seasons. In Hyderabad, it’s possible to negotiate making charges down to around 10%, depending on the design and jeweller.
Design Complexity: Intricate designs usually attract higher making charges due to the increased labor and time involved.
Current Market Trends:
Recent reports indicate that during festive seasons, there is an increase in gold purchases in India, including Hyderabad. However, due to high gold prices, many buyers prefer coins and bars over jewellery to avoid higher making charges.
When purchasing gold jewellery in Hyderabad, it’s advisable to compare making charges across different jewellers, inquire about any additional fees, and request a detailed breakdown of costs to ensure transparency.