Gold Making Charges in Mumbai; In Mumbai, gold jewellery prices are determined by the current gold rate, making charges, and applicable taxes. As of December 24, 2024, the gold rate in Mumbai is ₹7,100 per gram for 22-karat gold and ₹7,745 per gram for 24-karat gold.
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 applied in two primary ways:
1. Percentage of Gold Value: Typically ranging from 5% to 25% of the gold’s value, depending on the intricacy of the design.
2. Fixed Rate per Gram: Some jewellers charge a flat rate per gram, which can vary widely.
Example Calculation:
For a 10-gram 22-karat gold necklace with a 10% making charge:
Gold Cost: 10 grams × ₹7,100/gram = ₹71,000
Making Charges: 10% of ₹71,000 = ₹7,100
Subtotal: ₹71,000 + ₹7,100 = ₹78,100
GST (3%): 3% of ₹78,100 = ₹2,343
Total Price: ₹78,100 + ₹2,343 = ₹80,443
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.
Design Complexity: Intricate designs usually attract higher making charges due to the increased labor and time involved.
Current Market Trends:
Recent reports indicate that due to rising gold prices, some jewellers in India, including Mumbai, are offering discounts on making charges to attract customers during festive seasons.
When purchasing gold jewellery in Mumbai, 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.