Gold Rate Today in Kolkata

How are Gold Prices Determined in Kolkata?

The gold rates vary across different states in India depending on various factors. In Kolkata, the gold rates change everyday. The gold prices are determined at the local level in Kolkata as well as international factors affect them.  At the local level in Kolkata, the Indian Bullion Association fixes the gold price based on the following factors – 

• Some of the local biggest retailers of Kolkata city arrive at a price.
• For the import items in Kolkata, the local import duty and state taxes are added to the gold rates. Also, they add transportation costs that differ from Kolkata and other cities.
• Besides this, prices on the MCX index is also used to determine gold rates in Kolkata. The MCX (Multi commodity exchange) is the largest exchange where gold futures are traded.
• Additionally, any change in the currency exchange value in international markets will affect the gold rates in Kolkata. Because gold is traded mostly in US currency.
• Hence, this is how the gold prices are determined in Kolkata. It is crucial to check the gold prices in Kolkata before buying them because they always differ from other cities.

Where To Buy Gold in Kolkata?

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

• PC Chandra Jewellers
• Senco gold & Diamonds
• Anjali Jewellers
• Satramdas Dhalamal Jewellers
• Nemichand Bamalwa & Sons

Some of the popular chains are – 

• Kalyan Jewellers
• Tanishq
• Thribovandas Bhimji Zaveri
• P C Jewellers 

The best place to buy gold in Kolkata is ‘Park Street’, where many jewellery stores are available. Furthermore, there are new places to purchase gold which are spread across Kolkata. 

• The gold rates in Kolkata barely differ from shop to shop; however, you should check for the making charges. 
• Hence, it is a matter of reliability, and it is recommended to buy gold from your trusted jeweller in Kolkata. This ensures that you are buying a good quality of gold with the right gold rates in Kolkata. 

Gold Schemes in Kolkata

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

Kalyan Jewellers

Dhanvarsha

Dhanvarsha is a very flexible scheme where customers can join anytime. Also, this scheme enables customers to buy gold with advance payments with no registration charges. 

Purchase Advance Scheme

This is a famous scheme by the house of Kalyan Jewellers in Kolkata that offers the purchase of gold through advance payments. During registration, the customer has to choose the product’s size, length, and weight. The customer can change the selected product or reconfirm the previous one during the 8th month. A monthly instalment has to be deposited for 11 months. Finally, customers can collect the chosen ornament by clearing any pending balance, if any, by the end of tenure. 

Tanishq Golden Scheme

Tanishq Golden Harvest Scheme

Customers have to deposit money for 6-10 months and use it to purchase jewellery upon the scheme’s maturity. During jewellery purchases, this scheme offers a discount of up to 75%. 

Tanishq Swarnanidhi Scheme

This unique scheme allows customers to purchase gold in small denominations, i.e. grams. They can redeem this gold against the purchase of gold jewellery from any store in Kolkata. To avail of this scheme, customers have to deposit monthly instalments for 8 months, and this amount is converted into grams for gold with the prevailing gold rate at the time of deposit. Moreover, there is no restriction on the number of deposits made during the tenure. 

Tribhovandas Bhimji Zaveri Scheme 

TBZ Kalpavruksha Plan

This scheme allows customers to purchase jewellery smartly by paying monthly instalments. The customer has to deposit 9 equal monthly instalments towards the jewellery of their choice, and TBZ will pay 75% of the 10th instalment.

TBZ New Gold Plan

TBZ has recently launched this scheme. If a customer purchases 100 grams of gold (24 karats fine/standard), they will get 105 grams of gold at the end of 12 months. Also, any customer can buy a minimum of 10 grams of gold coins and bars and in a multiple of 5 grams up to a maximum of 500 grams of gold. 

PC Jeweller

PC Jeweller Jewel for Less Scheme

Under this scheme, the customer has to deposit monthly instalments for 14  months of the minimum amount of Rs.2000 and an additional amount in multiples of Rs.1000. However, the maximum amount is up to Rs.6000 per month. Therefore, on completion of payment, the customer is entitled to a one-month instalment discount on jewellery purchases.

PC Chandra Jewellers

Swarna Sanchay

This is a monthly jewellery purchase scheme that offers flexibility to its customers. Customers have to pay monthly instalments starting from Rs.1000. They have to pay instalments for 11 months, and the final instalment, i.e. the 12th instalment, will be given as a discount. Therefore, upon maturity, the total amount can be redeemed on a purchase of jewellery. 

Senco Gold & Diamonds

Gold Savings Scheme

This is a common scheme by most of the jewellers in India. Customers interested in buying gold have to deposit monthly instalments for a particular period, and post maturity, customers can purchase the jewellery of their choice. At the same time, some stores offer discounts on making charges while some pay customers’ one monthly instalment.

Anjali Jewellers

Anjali Monthly Scheme

This scheme enables customers with special discounts while purchasing jewellery from their stores. However, customers have to make advance payments towards purchases in monthly instalments. 

Average Making Charges on Gold Jewelry in Kolkatta

• Making charges is the cost involved in producing and designing a piece of jewellery that individuals purchase in Kolkatta. In simple words, the price paid for converting raw gold into fine jewellery. 
• Besides this, in Kolkatta, the purity of gold also varies for making charges. For instance, strong and durable gold can easily be moulded into fine jewellery. Conversely, a more intricate jewellery design takes more time and artistry for designing. 
• The making charges may vary for different jewellers in Kolkatta. Also, the gold rates in Kolkata may vary minutely among jewellers.
• Some jewellers in Kolkatta 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 Kolkatta start from 8% and can go up to 25%, depending on how intricate the jewellery design is. 
• For some items like gold coins, the making charges are negligible or very less compared to jewellery. Also, making charges cannot be paid back while selling the jewellery. 

Things To Consider While Buying Gold in Kolkatta

Gold is a secure form of investment. The following are the things that you should consider while buying gold in Kolkatta- 

• Price of Gold – The gold rates in Kolkata 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 Kolkata 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 Kolkata.
• Authenticity of Purity of Gold – It can be received through hallmark by the Bureau of Indian Standards (BIS) and the jeweller’s mark in Kolkata. Therefore, it is better to buy hallmarked jewellery in Kolkata. 
• Bargain on Making Charges – Buying gold jewellery in Kolkata means spending extra money on marking charges. Hence, it is important to bargain here and reduce the making charges from the seller as they add to the total jewellery cost in Kolkata. 
• Purchase Invoice – It is important to take a purchase invoice while purchasing jewellery in Kolkata.  For many reasons – like calculating capital gains tax if you sell the jewellery for profit after a few years, keeping personal records, etc.  
• Weight of Jewellery – You should check the weight of jewellery as precious stones and gems are used in gold jewellery to make the piece heavier. Sellers in Kolkata weigh the piece as a whole which can make the piece heavier. Thus, you must keep this in mind before buying studded jewellery. 

Hence, individuals must be diligent while purchasing gold in Kolkata as it is a valuable asset, and the cost is extremely high. It is one of the secure investment options, but it requires proper research before buying.

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