Gold Making Charges In Bengaluru, Chennai Ahead Of Vishu, Biju: Top 5 Jewellers Offer Saving Schemes

Gold Making Charges: Yellow metal will be in demand in popular metro cities of Southern India, such as Chennai, Bengaluru, and Kerala. Gold will be in focus on April 14 due to a host of celebrations. These are Ambedkar Jayanti, along with local and state-level festivals such as Vishu, Biju, Buisu Festival, Maha Vishuva Sankranti, Tamil New Year's Day, Bohag Bihu and Cheiraoba. Among the major components for determining gold price, is making charges and GST rate.

Here are top gold jewellery making charges in cities like Bengaluru and Chennai.

Top Jewellers In Bengaluru, Chennai and their Making Charges:

1. Thangamayil Jewellery Limited:

This gems and jewellery maker is also among the listed stocks on the BSE and NSE. Thangamayil has various offers to allow customers to reap making charges benefits.

For example, the company's Thangamagal Savings Scheme allows customers to enjoy a 75% discount on waste and making charges for gold jewellery a 60% discount on wastage for Gold JewelOne products and a 60% discount on wastage of Diamond-studded gold jewellery.

Also, the scheme allows a 100% discount on wastage and making charges for silver regular items.

Furthermore, Thangamayil's SuperGold Savings Scheme offer similar benefits.

2. Bhima Jewellers:

Bhima is among the top jewellers in Karnataka with branches in Bengaluru, Kochi, Chennai, Madurai, UAE, and Thiruvananthapuram among others. Its roots span to way before Independence Era, as the company was founded in 1925.

Bhima is offering four schemes for purchasing jewellers, where customers have the benefits of zero making charges.

For instance, its Golden Key scheme is an Easy Monthly Advance (EMA) Plan for 11 months. The aggregate of EMA payment can be redeemed at the end of the 11th month with full benefit on bhimagold.com. The member can purchase BIS Hallmarked 22karat Gold Jewellery/ Gold Coins with the benefit of NO value addition / Making charge. GST applicable. The free gold coin is given on minimum enrollment of every Rs.8000. The scheme can be availed online.

Second, is the Kubera Plan and it also offers fixed Equal Easy Monthly Advance payment (EMA) for a minimum of Rs. 2,000 for 11 months. The weight of 22 Karat gold equivalent to the value of the EMA will be credited to your Kubera EMA account for the amount paid month on month as per the prevailing rate on the day of payment received by Bhima.

Under the Kubera EMA Jewellery purchase plan, the member can purchase BIS Hallmarked 22 Karat Gold Jewellery / Gold Coins at the end of the 11th month with a benefit (accumulated weight of Gold) for which the customer can avail of flat 50% off on value addition/Making charge, as per the website.

Third is the Samruddhi Plan, under which, the 11-month EMA is of a minimum of Rs 1,000 for purchasing BIS Hallmarked 22karat Gold Jewellery / Gold Coins with 20% off on value addition / Making charges.

3. Poongulazhi Jewellers:

This jeweller also has popularity in Tamil Nadu. The company is offering a Kulazhi Savings scheme, allowing customers to avail of a 100% discount on wastage & making charges. However, the offer is available on weight-based option gold jewellery purchase.

4. Siva Jewellers:

Built-in the year 2014, Siva Jewellers is one of the fastest-growing jewellery shops in Madurai, Tamil Nadu. Under the company's Gold Jewellery Monthly Savings Plan, at the end of the 11th month, you can buy gold jewellery equal to the gold weight saved at the maximum production cost (excluding making and Wastage charges) of 916 hallmark jewellery.

5. Malabar Gold & Diamond:

Founded in 1993, Malabar Gold is a prestigious jeweller based out of Kerala. Under the category of Rs 20,000 to Rs 40,000 price range for necklaces, a MALABAR Gold Necklace NKMAR40143 is available at Rs 39,447, which is 8 inches in size. The price break-up included the gold amount of Rs 29,558, other stone at Rs 1,350, making charges of Rs 7,390 and tax of Rs 1,149. For the Necklace, the making charge is 18.73% of the total amount.

Taking another example, MALABAR Gold Necklace NKMAR40143, is available at Rs 33,344, also in 8 inches. The price breakup is of Rs 25,098 in gold, other stone price was Rs 1,000, along with making charges at Rs 6,275, and tax rate at Rs 971. The making charge is 18.81% of the total amount.

Hence, gold-making charges differ in size, design, custom design, and colour among others.

What are making charges for gold jewellery?

As per BlueStone, with making charges, you're not just paying for the design, you're getting a stronger, more durable piece, with gemstones (if any are used, they are cut to the shape that best brings out the design). The purity of gold (whether 14KT, 18KT or 22KT) and the weight of the gold, all go into determining the cost of the making charges. Naturally, if the design element is more intricate, there will be a greater time investment and artistry that goes into its making, and so, the making charge for it may also vary accordingly.

What are waste charges?

BlueStone's website explained that crafting jewellery pieces out of a gold bar requires melting gold, cutting it and shaping it into the jewellery piece, in the process some amount of gold may get 'wasted'. Studded jewellery created also could result in a small amount of gold getting wasted. Traditional jewellers always keep a margin for the amount of gold wastage usually charged to customers at a percentage.