Awareness on gold jewellery


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Awareness on Gold Jewellery

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Awareness on gold jewellery

  2. 2. SELF INTRODUCTION  Completed my Graduation in Electronics from GMR Institute of Technology, Rajam in 2010  Joined Infosys and worked there for 2 years from 2010-2012  Joined Father’s Family Jewellery business in August, 2012.  Joint Secretary – Lions Club of Eluru
  3. 3. INDEX OF CONTENTS 1. Structure of Jewellery Industry 2. Points to keep in mind 3. Purity / Quality / Carat 4. What is Hallmarking gold 5. How to identify the mark 6. Gold Price 7. Wastage and Making Charges
  4. 4. STRUCTURE OF JEWELLERY INDUSTRY Manufacturer Wholesaler Retailer Customer a Rs. (a+b) Rs. (a+b+c) Rs. (a+b+c+d) Rs. You will be saved Rs. (C+D) when you purchase directly from the Manufacturer
  5. 5. POINTS TO KEEP IN MIND WHILE PURCHASING GOLD JEWELLERY  Purity- When it comes to purity, most gold has a marking inside that indicates its caratage  Price – The price of gold jewellery is determined by the purity of the gold and by the amount of skill and labour that goes into the piece  Identification- In India, Local law requires that every item of Gold jewellery bears a clear stamp indicating its caratage.  Check 0 on the weighing machine before weighing weight
  6. 6. WHAT IS PURITY/QUALITY/CARAT?  A carat is a unit of purity of gold alloys  24 carat gold is fine (99.9%)  22 carat gold is 22/24=91.67%  18 carat gold is 18/24=75%  22 carat gold is most popular in India and is generally termed as 916
  7. 7. WHAT IS HALLMARKING OF JEWELLERY?  Hallmark is a purity certification of gold articles in accordance with Indian Standard specifications.  Government of India' has identified BIS a sole agency in India to operate this scheme.  Design of Hallmark on Gold Jewellery is given below  23 carat gold = 95.8%(23/24)  22 carat gold = 91.6%(22/24)  21 carat gold = 87.5%(21/24)  18 carat gold = 75%(18/24)  14 carat gold = 58.5%(14/24)  9 carat gold = 37.5%(9/22)
  8. 8. HOW TO IDENTIFY THE HALLMARK?  BIS hallmark for gold jewellery consists of several components:  The BIS logo.  A three digit number (out of a set of six pre-defined values) indicating the purity of the gold in part-per-thousand-format viz; 958, 916, 875, 750, 585, 375. Thus a BIS 916 hallmark would certify to a purity of 916 per 1000, that is 91.6%, translating to a 22carat purity of gold.[4][5]  Logo of the assaying centre.  A code denoting the date of hallmarking.  Logo/code of the jeweller. Ex:
  9. 9. IDENTIFICATION MARK EXAMPLE BIS Logo A Year of marking = 2000 916 Jewellery is 916 fineness Logo of Assaying Centre Logo of the Jeweller
  10. 10. GOLD PRICE  Every city/town has a jewellery association and all the jewelers follow the price decided by their jewellery association.  Jewellers of Eluru display the rate of 8 gms 22ct i.e 916 gold which is termed as “Kasu”  Gold prices fluctuates on the daily basis.  Some big jewellers follow price by their own on the basis of international market.
  11. 11. WASTAGE AND MAKING CHARGES  Wastage: During the process of making the ornament some amount of gold will be wasted or will be lost while cutting, soldering, melting etc. Hence the gold gets ‘wasted’ in the manufacture of a jewellery item. These are called wastage charges and jewellery stores generally asks buyer to pay these wastage charges. Generally, the wastage charges are dependent on type of ornament and they range anywhere between 3% to 25%. Wastage charges are expressed as % of weight of gold ornament.  Making Charges: Making Charges are the charges you pay to the Gold Smith to make the Jewel out of raw gold. A good design is a culmination of artistic view and effort to create a wonderful design that attracts the eyes of buyer. So for making such designs, Jewelery stores generally charges the customer with making charges. This varies from design to design based on the complexity. It varies based on jeweller.  VAT: 1% of the total cost of the ornament.
  12. 12. EXAMPLE OF TOTAL PRICE CALCULATION  A buys an ornament weighing 25gms 22ct quality from B and this is how B charges A  Weight = 30.000 gms  Wastage (8%) = 2.4000 gms  Total = 32.400 gms  Rate (22ct rate) = 2750 / gm  Price = 89,100/-  M.c (50/gm) = 1500/-  Total Price = 90600/-  VAT (1%) = 906/-  Total Including vat = 91506/-
  13. 13. GOLD TESTING CENTERS You can find Gold Testing centers at your place and get your jewellery/gold tested. ASIAN GOLD TESTING
  14. 14. TYPES OF SHOULDERING  Tankam (No English Translation)  KDM  Zinc Zinc Shouldering is being used widely now in India while preparing gold jewellery replacing KDM shouldering.
  15. 15. HOW YOU MAY GET CHEATED  Check 0.000 while weighing ornament  Beware of hollow items  Beware of Unsoldered items
  16. 16. CONTACT DETAILS Vikas Soni GM, Asian Jewellery MFG Co. 3A-12/2-6, Nallamandu St Main Bazar, Eluru West Godavari Dt, Andhra Pradesh +91 7569311004