Gold Rate Today in Bangalore

How are Gold Prices Determined in Bangalore?

A single factor does not determine the gold rate in Bangalore, and multiple factors lead to gold price variations in Bangalore. The following are a few parameters where gold prices are determined in Bangalore. 

• The local bullion jewellers arrive at a price at the local level in Bangalore. 
• The local demand and supply of gold also determine the gold prices in Bangalore. For instance, during the wedding season, gold prices tend to rise. 
• The cost of other metals also influences the gold rates in Bangalore as they are required for crafting jewellery. 
• The local and country-level benchmark is also required to determine the gold rates in Bangalore. 
• Apart from this, international factors like any change in rupee exchange rates can affect the gold prices in the country. Since import duty is added to gold rates in Bangalore, it affects the overall gold price. 
• Hence, this is how the gold prices are determined in Bangalore. It is essential to check the gold prices in Bangalore before buying them because they always differ from other cities.

Where To Buy Gold in Bangalore?

There are several places where people can buy gold in Bangalore. Some of the popular jewellers of Bangalore city are – 

• C Krishniah Chetty & Sons
• Ganjam Nagappa and Sons
• Vummidi Bangaru Jewellers
• Gitanjali Jewellers
• CKC Sons
• Shubh Jewellers

Some of the popular chains are – 

• GRT Jewellers
• Malabar Gold & Diamonds
• Prince Jewellers
• Bhima Jewellers
• Joyalukkas

There are a host of places to buy gold jewellery in Bangalore. Among them, there are several shops at Dickenson Road, Charni Road and Jayanagar. Unlike Mumbai, where there is a heavy concentration on one area, the shops in Bangalore are very scattered across the city. 

• The gold rates in Bangalore barely differ from one shop to another; however, you should check for the making charges. 
• The gold rates are unlikely to differ from jeweller to jeweller as the local association in Bangalore determines them.
• Hence, it is a matter of reliability, and it is recommended to buy gold from your trusted jeweller in Bangalore. This is a satisfaction that you are buying a good quality of gold. 

Gold Schemes in Bangalore

The following are some of the gold schemes offered by different jewellers in Bangalore- 

GRT Jewellers

GRT Golden Eleven Flexi Plan

This is a special savings scheme where customers can purchase gold at an affordable cost. Under this scheme, customers have to make 11 equal monthly instalments as advance payments. Finally, they can purchase the jewellery of their choice at the end of the term without any wastage or value addition charges. However, it is applicable to the purchase of gold only. 

GRT Golden Seeds Savings Scheme

This is a smart way to purchase gold through GRT Jewellers, where customers have to make a monthly payment and purchase gold against it. In simple words, it is a Systematic Gold Investment Plan. The gold is purchased every month instead of at the end of the term. Thus, it helps to protect gold investment against fluctuating prices. 

Malabar Gold & Diamonds

Malabar Golden Gain Plan

This scheme is a great way to save in advance when people know they have to buy jewellery. In this scheme, customers have to pay monthly instalments for 11 months, and at the end of the term, they are eligible to purchase jewellery at the prevailing gold rate. Also, they are exempted up to 12% making charges for the selected ornament. 

Malabar Gold & Diamonds Smart Buy Plan

To avail of the smart buy scheme, customers need to plan their prerequisites and pay in advance. Upon fulfilling this condition, the selected jewellery will be delivered on the promised date. The option is available on selected products. For any customisation, extra charges apply. 

Prince Jewellers

Prince Jewel Plus 

This is one of the gold schemes by Prince Jewellers where the customer has to pay fixed monthly instalments for 11 months from the date of subscribing to the plan. On completion of 11 months, they can buy jewellery of their choice without paying any additional charges. 

Prince Save N Gold

This is another gold savings scheme from the house of Prince Jewellers. For every monthly advance payment, certain grams of gold is credited to the customer at the prevailing rates in this scheme. Thus, it helps customers buy gold every month rather than at the end of the policy term. 

Prince Save N Diamond

Women love diamonds, and Prince Jeweller allows customers to buy diamond jewellery at the end of policy term under this scheme. The customers have to pay fixed monthly instalments for 11 months, and they are eligible to buy a diamond jewellery piece of their choice at the end of the 12th month of the scheme. 

Joyalukkas

Joyalukkas Easy Gold Purchase Scheme

The interested customers who wish to purchase gold jewellery from Joyalukkas in Bangalore can enrol in this scheme. They have to make fixed monthly instalments for 10 months and purchase the jewellery of their choice at the prevailing gold rate. Also, there is an exception towards making and wastage charges.

C Krishniah Chetty & Sons

C Krishniah Chetty & Sons Paper Gold Scheme

This is a unique scheme offered by a 150-year-old jeweller where customers can book 22k gold online in denominations of 5gm, 10gm, 50gm, up to 1000 gms. Consequently, they can redeem this for the jewellery of the same or more weight within 11 months. Moreover, the customer can avail lower booking gold rate or delivery day gold rate, whichever is lower.

Vummidi Bangaru Jewellers

VBJ Gold Savings Scheme

This scheme is offered for customers who wish to purchase gold from VBJ jewellers. They have to pay monthly instalments for 12 months, and they can avail discounts up to 15% on making charges. 

Shubh Jewellers

Shubh Gold Savings Scheme

This is a similar scheme offered by other jewellers to benefit customers. This scheme requires customers to make fixed monthly instalments for a fixed tenure and purchase the jewellery of their choice. 

Average Making Charges on Gold Jewelry in Bangalore

• Making charges is the cost involved in producing and designing a piece of jewellery that individuals purchase in Bangalore. In simple words, the cost incurred for  converting raw gold into fine jewellery. 
• Apart from this, in Bangalore, the purity of gold also varies for making charges. For instance, if the jewellery is man-made, making charges will be higher than finishing machine-made jewellery. 
• The making charges may differ from one jeweller to another in Bangalore. Some jewellers call it making charges, while some call it wastage charges. 
• Some jewellers in Bangalore charge a flat percentage of the total weight of jewellery as making charges, while others charge a fixed flat per gram rate of gold. 
• The making charges in Bangalore start from 6% and can go up to 25%, depending on how intricate the jewellery design is. 
• Moreover, jewellers in Bangalore offer different schemes that benefit from zero making charges for gold, diamond or uncut jewellery. 

Things To Consider While Buying Gold in Bangalore

Gold is a valuable metal that requires a good capital investment. The following are the things that you should consider while buying gold in Bangalore- 

• Price of Gold – The gold rates in Bangalore change daily, where they can increase or decrease based on various internal and external factors that determine the price of gold.
• Seller’s Reputation – Some sellers in Bangalore charge more for a relatively lower purity of gold, and buyers face loss when reselling their investment. Hence, it is better to deal with reputed and trusted jewellers in Bangalore.
• Authenticity of Purity of Gold – It can be received through hallmark by the Bureau of Indian Standards (BIS) and the jeweller’s mark in Bangalore. Therefore, it is better to buy hallmarked jewellery in Bangalore. 
• Bargain on Making Charges – Buying gold jewellery in Bangalore means spending extra money on marking charges. Hence, it is important to bargain here and reduce the making charges from the seller in Bangalore. 
• Purchase Invoice – It is important to take a purchase invoice while purchasing jewellery in Bangalore.  For reasons – like calculating capital gains tax if you wish to sell the jewellery for profit after a few years, keeping personal records, etc.  
• Weight of Jewellery – It is important to check the weight of jewellery as precious stones and gems are used in gold jewellery to make the piece heavier. Sellers in Bangalore weigh the piece as a whole which can make the piece heavier , thus, making customer pay more for the gold.

Hence, individuals must be diligent while purchasing gold in Bangalore as it is a valuable asset, and the cost is extremely high. Buying gold in any city is not like buying groceries, and it requires proper research before buying. 

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