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India does not mine gold and all of its gold supplies are imported from overseas by certain authorized banks which further contributes to the prices of gold in India to fluctuate depending upon the international prices and currency. It is pretty obvious that Gold Jewellery prices get affected by these fluctuations as well.

Before buying gold jewellery a buyer must always check the per gram price instead of just falling for the mesmerizing gold diamond jhumka designs, gold necklace designs, gold polki bangle designs, etc. The per gram price of gold changes every day except for sundays when there is no trading.

Retailers and jewellers of gold jewellery get their gold from the distributors who get their supply of gold from the banks. Different cities have different gold pricing as decided by various associations of gold jewelers. However as a buyer of gold jewellery, you must be surprised to know that most reputed jewellery brands will almost always sell you gold at the same rate but their making charges are often higher.

Therefore before purchasing that gold diamond jhumka design that you really like, you must always compare between brands/ jewellers and the prices offered by them at their showrooms and at their online stores.

There are many websites that can tell you the current gold rate if you wish to be updated of the latest price. The price of the jewelry piece that you are so invested in purchasing will usually include wastage and making charges in addition to the per gram price. Therefore it is of great importance to understand the amount that you are investing in a gold jewellery piece consists of what amount of gold against the price that you are investing.

Here is an example to elaborate on what we have explained. If your jeweller has priced a 10 gram gold chain at INR 35,000 then you as a buyer are essentially paying 3,500 rupees per gram. You then need to check this pricing against the actual per gram price of gold onthat particular day of your purchase and evaluate how much extra or making charges are being charged for that gold chain.

In case you are purchasing gold for an investment or saving purpose only then it is suggested that  you purchase either gold bars or gold coins. Although it is very much possible to purchase gold bars at a much cheaper rate than small gold coins, the fact remains that they are not that easily saleable as compared to the gold coins.

If you wish to purchase gold as an investment then there are some prominent indian banks that offer the same. The catch here remains that they charge you more than the market price and often do not buy it back from you.

You can reach out to prominent gold jewellery brands as they also sell gold coins to the customers. However, the most cost-effective and common way of purchasing gold is from retail stores. Only 13,000 jewellers in India are BIS licensed. The catch remains that retailers often claim to be BIS licensed as it is not a legal requirement.

Purchasing Gold when the demand is high

Gold Jewellery has its spiritual and ritual importance in India which is bigger than the importance of investment. It is considered auspicious to purchase gold or gold jewellery on numerous occasions on the Hindu calendar. Alternatively with the rise in demand to purchase gold jewellery, there is a rise in price of gold as well.

The most auspicious occasion is Dhanteras, the first day of the five day Diwali festival. On this day, all metals and especially gold are worshiped. Other important occasions include Akshaya Tritiya, Navaratri, Dussehra, Ugadi/Gudi Padwa, and Makar Sankranti.