Gold Rate Today in Chennai

How are Gold Prices Determined in Chennai?

Chennai has the largest consumption of gold which comprises up to 30% of the total demand for gold in the country. The demand in Chennai is due to symbolic value and its predominant role in South Indian weddings and traditions. 

The gold rates in Chennai are determined by a combination of factors that affect the demand and supply of this metal. The following are a few parameters on how gold prices are determined in Chennai. 

• Most of the jewellers are associated with the Madras Jewellers and Diamonds Association in Chennai. They arrive at a price at the local level in Chennai. 
• The local demand and supply of gold also determine the gold prices in Chennai. For instance, during the wedding season or festivities, gold prices tend to rise. 
• There are different costs which are incurred for getting the gold in Chennai – import duty, logistics cost, which is added to the gold to determine its price. 
• Any change in government policies also impacts the gold prices in Chennai. For instance, the GST on making charges of gold is 5%  while gold itself attracts 3% GST. This has made gold costlier in Chennai than before. 
• Apart from this, international factors like any change in rupee exchange rates can affect the gold prices in the country. Also, changing interest rates affect the gold prices in Chennai.
• Hence, this is how the gold prices are determined in Chennai. It is essential to check the gold prices in Chennai before buying them because they always differ from other cities.

 Where To Buy Gold in Chennai?

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

• Vummidi Bangaru Jewellers
• Mehta Jewellery
• Nathella Sampathu Chetty Jewellery
• Saravana Stores Thanga Nagai Maligai
• NAC Jewellers
• Khazana Jewellery

Some of the popular chains are – 

• GRT Jewellers
• Prince Jewellers
• Lalitha Jewellers
• Kalyan Jewellers
• Joyalukkas 

In Chennai, it is easier to find jewellers and goldsmiths who have been in the trade for decades. There are a host of places to buy gold in Chennai. Among them, T Nagar is famous for its significant share of gold sold in the city. 

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

Gold Schemes in Chennai

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

GRT Jewellers

• GRT Golden Eleven Flexi Plan: This is a special savings scheme from GRT in Chennai where customers can purchase gold at an affordable cost. In this scheme, customers have to pay 11 equal monthly instalments as advance payments. Upon maturity, they can purchase the jewellery of their choice without any wastage or value addition charges. However, this applies to the purchase of gold only. 
• GRT Golden Seeds Savings Scheme: This is a smart way to purchase gold through GRT Jewellers in Chennai. Customers have to make a monthly payment and purchase gold against it. In other words, it is a Systematic Gold Investment Plan where gold is purchased every month. Thus, it protects investors’ gold investment against fluctuating prices. 

Prince Jewellers

• Prince Jewel Plus: This is one of the gold schemes by Prince Jewellers in Chennai, where the customer has to pay fixed monthly instalments for 11 months from the date of subscribing to the plan. At the end 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 in Chennai. Certain grams of gold is credited to the customer account at the prevailing gold rates for every monthly advance payment. Thus, customers can buy gold every month rather than at the end of the policy term. 
• Prince Save N Diamond: Women love diamonds, and Prince Jeweller in Chennai allows customers to buy diamond jewellery at the end of the policy term under this scheme. The customers have to pay monthly instalments (fixed) for 11 months, and they can buy diamond jewellery of their choice at the end of the 12th month of the scheme. 

Lalitha Jewellery

• Golden Tomorrow: This unique jewellery scheme from Lalitha allows customers to exchange their old jewels for new ones at no extra cost. Besides this, customers also can enrol in this scheme by making a one-time payment and picking jewellery of their choice. Moreover, the customer’s account will be credited with cash or gold (in terms of grams) at the prevailing rate of 22karat gold on that day. However, this scheme is not applicable for platinum and silver items. 
• Eleven Months Scheme: In this scheme, the first instalment is free from Lalitha Jewellers in Chennai. The customer has to make fixed monthly instalments for 11 months and purchase the jewellery of their choice. Also, customers can avail 50% discount on value addition charges (VAT). Moreover, customers can either choose to get the cash credited or get grams of gold against this as per the prevailing 22karat gold rate on that day. 

Kalyan Jewellers

• Dhanvarsha: This is a very flexible scheme by Kalyan Jewellers in Chennai where customers can join anytime. Customers can buy gold with advance payments and without any registration charges. 
• Purchase Advance Scheme: This is a famous scheme by the house of Kalyan Jewellers in Chennai that offers the purchase of gold through advance payments. During scheme registration, the customer has to choose the product’s size, length, and weight. However, by the 8th month, the customer has an alternative to change the selected product or reconfirm the previous one. A fixed monthly payment is required for 11 months. After the term ends, customers can collect the chosen jewellery item by clearing any pending balance, if any. 

Joyalukkas

• Joyalukkas Easy Gold Purchase Scheme: The interested customers who wish to purchase gold jewellery from Joyalukkas in Chennai can enrol in this scheme. They have to make fixed monthly instalments for 10 months. Upon maturity, they purchase the jewellery of their choice at the prevailing gold rate without marking charges or wastage charges.  

Khazana Jewellery

• Khazana Gold Savings Plan: This scheme by Khazana Jewellery allows customers to set aside a fixed sum of money every month, like a recurring deposit. Upon maturity, they can purchase gold of their choice with the accumulated amount.  

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. 

Nathella Sampathu Chetty Jewellery

• Nathella Gold Scheme: This scheme by Nathella requires customers to make fixed monthly instalments for a fixed tenure and purchase the jewellery of their choice at the end of the tenure. 

Saravana Stores Thanga Nagai Maligai

• Saravana Jewellery Saving Scheme: This scheme enables customers to save by paying 11 equal monthly instalments, and Saravana contributes the 12th instalment. By the end of the term, customers can purchase the jewellery of their choice.
• Saravana Gold Savings Scheme: This is a unique scheme where costumes have to contribute to their fund in grams of gold. They can contribute multiple times to the fund but are required to contribute at least once a month. However, only up to 8grams of gold is allowed to contribute per month. 

NAC Jewellers

• Quick Gold Flexi Scheme: This is a flexible savings scheme where customers can decide their monthly budget to accumulate gold. They have to make fixed monthly instalments, and after 11 months, they can redeem gold. This will help to secure returns on gold investment. 
• Think Diamond Scheme: Diamonds are forever, and it requires planning for investment. With this scheme, customers can make fixed monthly instalments for 11 months and purchase diamond jewellery of their choice. 

Average Making Charges on Gold Jewellery in Chennai

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

Things To Consider While Buying Gold in Chennai

Gold is a sign of wealth and prestige in South India. The following are the things that you should consider while buying gold in Chennai- 

• Price of Gold – The gold rates in Chennai fluctuate daily, where they can increase or decrease based on several internal and external factors that determine the price of gold.
• Seller’s Reputation – Some sellers in Chennai 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 Chennai.
• Authenticity of Purity of Gold – It can be received through hallmark by the Bureau of Indian Standards (BIS) and the jeweller’s mark in Chennai. Therefore, it is better to buy hallmarked jewellery in Chennai. 
• Bargain on Making Charges – Buying gold jewellery in Chennai means spending extra money on marking charges. Hence, it is important to bargain here and request a fixed making charge to reduce the overall cost of investment.
• Purchase Invoice – It is important to take a purchase invoice while purchasing jewellery in Chennai.  For reasons – like calculating capital gains tax if you sell jewellery after a few years, keeping personal records, etc.  
• Weight of Jewellery – Checking the weight of jewellery is important because precious stones and gems are used in gold jewellery to make the piece heavier. Sellers in Chennai weigh the piece as a whole which can make the piece heavier. Many times customers pay more for the gold, which isn’t actually used.

Hence, individuals must be diligent while purchasing gold in Chennai as it is a valuable asset, and the cost is extremely high. It is a stable asset in adverse market conditions, and hence, it requires adequate research before buying.

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