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How are gold Jewellery charges calculated?

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How are gold Jewellery charges calculated?

Now, if you wish to purchase a gold chain of 9.6 grams, then price will be calculated as:

  1. Price of 1 gram of gold = Rs 27,350 divided by 10 = Rs.
  2. Price of 9.60 grams’ gold chain = Rs 2,735 times 9.60 grams = Rs 26,256.
  3. Add making charges, suppose 10 per cent, which comes to Rs 2,625.60 (10\% of Rs 26,256)

How gold wastage is calculated?

When you buy a 10 gram gold chain with the making charges at 35 rupees per gram and wastage charges at 12\%, the following will be the calculation to arrive at the final price: (1) Cost of gold alone = 10 * 2500 = 25,000/- (2) Making charges = 10 * 35 = 350/- (3) Wastage charges = 12 * 25,000 / 100 = 3,000/- The total …

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How is gold tax calculated?

If the gold is used to make ornaments, 5\% GST is levied on making charges of the gold. Thus, the value of jewellery is equal to the value of gold plus custom duty plus GST plus making charges and GST on making charges.

What is KDM and non KDM gold?

However, non-hallmarked gold ornaments are still referred as ”KDM gold”. That means, the major difference between the two- BIS 916 gold and KDM gold is that the BIS 916 gold provides guarantee on purity and fineness of gold jewellery as it’s certified.

What is HUID in gold?

Hallmark Unique Identification (HUID) number is a six digit Alphanumeric code consisting of numbers and letters. HUID will be given to every piece of jewellery at the time of hallmarking and it is unique for every piece of jewellery.

How gold Jewellery is calculated India?

Price of jewellery = Gold rate/Gram x Weight of gold in jewellery + Making charge/gram + GST (on Jewellery plus making charge). For example, suppose gold rate quoted by the jeweller is Rs 30K/10gram (i.e. Rs 3K/gm) for 22 carat gold. Weight of gold in jewellery you purchase= 20 gram and making charge is Rs 300/gram.

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What do you mean by HUID?

HUID is a unique code that will be given to every piece of jewellery at the time of hallmarking, which will be helpful in identifying the jeweller or the Assaying and Hallmarking Centres (AHCs) which had hallmarked the jewellery.