The gold prices fluctuate every day in Ahmedabad depending on the multiple factors that affect them. The gold prices are determined at the local level by the Indian Bullion Jewellers Association as well as international factors affect them. At the local level, the Jewellers Association in Ahmedabad fixes the gold price based on the following factors –
Some of the local biggest and active dealers of Ahmedabad city arrive at a price.
These dealers evaluate the supply-demand in the city, festive season, availability of raw materials and karigar costs. Based on these, they arrive at gold rates.
Also, the import duty and state taxes are taken into consideration. Furthermore, they add transportation costs and octroi charges that differ for Ahmedabad and other cities.
Apart from this, the dealers follow the trends on the domestic exchanges and the benchmark index, i.e. MCX stock exchange, where gold futures are traded.
Additionally, any change in the actual currency value in international markets will affect the gold rates in Ahmedabad. In other words, if the US Federal Reserve hikes interest rates, the gold prices will also increase in Ahemdabad. Other international factors like currency fluctuations, international gold prices, local tariffs also affect the gold prices in Ahmedabad.
Hence, this is how the gold prices are determined in Ahmedabad. It is essential to check the gold prices in Ahmedabad before buying them because they always differ from other cities.
Where To Buy Gold in Ahmedabad?
There are several places where people can buy gold in Ahmedabad. Some of the popular jewellers of the Ahmedabad city area –
Suvarnakala Jewellers
Bhagwati Jewellers
Kalamandir Jewellers
AB Jewels
Some of the popular chains are –
TBZ
Tanishq
Kalyan Jewellers
The jewellery shops in Ahmedabad are quite scattered. It is better to make a list of stores before buying.
The gold rates in Ahmedabad rarely 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 Ahmedabad. This ensures that you are buying a good quality of gold.
Gold Schemes in Ahmedabad
The following are some of the gold schemes offered by different jewellers in Ahmedabad-
Tribhovandas Bhimji Zaveri Scheme
TBZ Kalpavruksha Plan: This scheme allows investors to purchase jewellery smartly by paying monthly instalments. The customer has to pay 9 equal monthly instalments on the jewellery of their choice, and TBZ will pay 75% of the 10th instalment.
TBZ New Gold Plan: This scheme has been recently launched by TBZ. Under this scheme, if a customer purchases 100 grams of gold (24 karats fine/standard), they will get 105 grams of gold after 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.
Tanishq Golden Scheme
Tanishq Golden Harvest Scheme: In this scheme, customers have to deposit money for 6-10 months and use it to purchase jewellery upon the scheme’s maturity. Also, this scheme offers customers a discount of up to 75% when purchasing jewellery.
Tanishq Swarnanidhi Scheme: This is a special scheme that allows customers to book gold in small denominations, i.e. grams. They can redeem this gold against the purchase of gold jewellery from Tanishq. Under this scheme, customers are required to make monthly deposits for 8 months, and this amount is converted into grams for gold with the prevailing gold rate at the time of deposit. However, there is no restriction on the number of deposits made by the customer during the scheme period.
Kalyan Jewellers
Dhanvarsha: This is a very flexible scheme by Kalyan Jewellers where customers can join anytime. Also, this scheme’s benefit is that it has no registration charges, and they can buy gold with advance payments.
Purchase Advance Scheme: This is a famous scheme by the house of Kalyan Jewellers where customers can purchase gold through advance payments. During enrolment, the customer has to choose the product’s size, length, and weight. In the 8th month, the customer can change the selected product or reconfirm the previous one. Furthermore, a monthly instalment has to be paid for 11 months. Therefore, upon maturity, customers can collect the chosen ornament by clearing any pending balance, if any.
Average Making Charges on Gold Jewelry in Ahmedabad
Making charges is the cost involved in producing and designing a piece of jewellery that individuals purchase in Ahmedabad. In simple words, it is the price paid for converting raw gold into fine jewellery.
Apart from this, in Ahmedabad, the purity of gold also varies for making charges. For instance, strong and durable gold can easily be moulded into fine jewellery. Conversely, the more intricate the jewellery design is, it takes more time and artistry for designing.
The making charges may vary for different jewellers in Ahmedabad.
Some jewellers in Ahmedabad 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 Ahmedabad start from 8% and can go up to 30%, depending on how intricate the jewellery design is.
For gold coins, the making charges are negligible or very less compared to jewellery.
Things To Consider While Buying Gold in Ahmedabad
Gold is a valuable commodity that requires a good capital investment. The following are the things that you should consider while buying gold in Ahmedabad-
Price of Gold – The gold prices change daily in Ahmedabad. The gold price fluctuates based on internal and external factors like demand supply, currency fluctuations, interest rate movement, etc.
Seller’s Reputation – Some sellers in Ahmedabad charge more for a relatively lower purity of gold, and buyers face loss while reselling their investment. Hence, it is better to deal with reputed and trusted jewellers in Ahmedabad.
Authenticity of Purity of Gold – It can be received through hallmark by the Bureau of Indian Standards (BIS) and the jeweller’s mark in Ahmedabad. Therefore, it is better to buy hallmarked jewellery in Ahmedabad.
Bargain on Making Charges – Buying gold jewellery in Ahmedabad means spending extra money on marking or wastage charges. Hence, it is important to bargain here and reduce the making charges from the seller in Ahmedabad.
Purchase Invoice – It is important to take a purchase invoice while purchasing jewellery in Ahmedabad. For many reasons – like calculating capital gains tax if you sell the jewellery for profit after a few years, for personal records, etc.
Weight of Jewellery – While buying any 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 Ahmedabad weigh the piece as a whole which can make the piece heavier. Therefore, you are paying more for the gold, which isn’t used.
Hence, individuals must be careful while purchasing gold in Ahmedabad as it is a valuable asset, and the cost is extremely high. Buying gold in Ahmedabad requires proper research as it is a big investment.
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