Gold Rate in Chennai Today
Gold Rates in Chennai today page gives you the live details of today’s gold rate in Chennai as per the market trend.
Gold Rate in Chennai Today, 916 KDM Gold Rate, 22 Carat Gold Rate & 24 Carat Gold Rate
Things to Remember Before Buying Gold Jewellery in Chennai
Be aware of the Gold Prices charges:
Leading Jewelers or for that matter even local jewelers always quote a higher price by the karat. Assume the prevailing rate of gold as 3000 per gm for 24K. So for example, if you are buying a 22K gold ring the price per gm you must pay is 22K/24K*3000 = 2750. But they always charge you higher about 5-8 percent as most customers do not question and don’t exactly know how it must be calculated. So they end up making a profit on the prevailing gold rate.
Paying for everything by the price of gold:
At times there are gold designs with colored stones, pearls, artificial diamonds, etc. studded into the gold and people end up paying for them in the price of gold if they do not ask the jeweler to deduct their weight from the gold item.
The truth behind the actual Karat:
Previously a jeweler charged you for 22K and was assumed to be 22K but in general, it used to be always around 18K. Though this practice has reduced to almost negligible because of the government’s effort of pushing for Hallmarked Jewelry. So always buy only Hallmarked Jewellery.
Jewelers generally charge you approximate 400–500 per gm as making the charge that is about 15–20 percent of the gold price. But in reality, these charges for them are as low as 200 per gram.
Yellow, Rose and White Golds are the same price:
Jewelers always demand a higher price for white gold and rose gold making. But this should not be the case as it turns out they just have to mix a few alloys to get that particular gold color. So never pay higher whatever the color of your gold.
Buy Back of Gold Jewelry:
Always ask about return policies as they follow the 99:1 policy which says 99 percent of the buyers never come back to sell their Jewelry. So drill your seller on their buyback policies and you can make them eat their words back or take the jewelry in case you have to return it in the future.
If you can master the above steps you can never just go wrong. Never go by the words of a particular seller as he wants to get the money from your pocket to his.
A bit about me. I am a certified IGI Gemologist and a wholesaler of diamond solitaires and diamond Jewelry based out from Mumbai, India. I can guarantee the best prices for your diamond solitaire purchase and diamond jewelry pieces.
Difference Between 22 Carat Gold Rate and 24 Carat Gold Rate In Chennai
Before understanding the difference between 22 karats and 24 karats gold, one needs to understand what is karats. Karats is nothing but is the purity of gold. When we say 24 karats gold, it is of the highest possible purity. Whereas 22 karats gold would imply lesser purity and is useful to make jewelry because 22 karat does not break, while 24 karats break rather easily.
Many products such as ornaments and jewelries are derived from gold and they differ with the purity of gold. Karat was introduced to measure the purity and fineness of gold. The most common are 24K and 22K followed by 18K and other lower karats. Where lower karats lead to skin irritation
Should you buy 22 karats or 24 karats?
In fact, all gold jewelery is made of 22 karats gold. If you want to buy 24 karats gold, the best option is to buy gold biscuits and gold bars. This would be gold in its purest form. Apart from this, there is no much difference, except in terms of purity. Gold can also be lower than 18 karats.
Difference between 916 KDM and Hallmark Gold in Chennai
KDM means the ornament is soldered with Cadmium. It usually has a low melting point (321 degrees Celsius). Cadmium contains toxic fumes, which is bad for human skin. Hence many countries have banned the use of Cadmium. Standard gold of 24 Karats (99.9% pure gold) 916 KDM and 22 Karats 916 KDM, in which cadmium is soldered (91.6% pure gold). Hallmark is a sign of purity. The hallmarking system used for gold in Chennai for certifying the purity of the metal by Bureau of Indian Standards. If gold is hallmarked that assures the quality and standard. From various countries across many decades, hallmark is acting as a safeguard for purchasers of gold and gold articles.
Hall-Marking centers in Chennai for checking gold purity
Only 30% gold sold is hallmarked, ensure that you buy only hallmarked gold in Chennai. The hallmarking of gold in Chennai is executed by 21 BIS hallmarking centers and one-third of them are in T Nagar. Thus, T Nagar is synonymous with gold shopping in Chennai.
Todays Gold Rate in Chennai Per Gram
Todays gold rate in Chennai per gram is clearly shown in the above table. Based on the gold market trend and the demand for gold jewelry are the main reason for the gold rate hike in Chennai.
Today’s Gold Price determining reasons in Chennai?
In Chennai Gold is purchased not just for personal celebrations. but also for events like Akshaya Tritiya, Festivals. If there are lots of discounts, slashed rates, exciting offers and more to attract customers. Let us see the elements that determine the gold prices of 14 Karats, 18 Karats, 22 Karats, 24 Karats, 916 KDM and Hallmark Gold in Chennai.
Coming to the factors that determine the Today Gold rate in Chennai are Interest Rates, Demand, Local taxes, Transportation taxes, State taxes, Government policies and additional costs incurred by jewelries in Chennai.
One big factor is interest rates. When interest rates in developed countries rise, investors sell gold and buying fixed yielding instruments. This affects the daily gold rates in Chennai.
As widely known anything that has lower demand will see a fall in prices and anything that has good demand will see a rise in prices.
Gold prices go higher when the government policies are not favorable for the precious metal. For example, when the government imposes duties and tariffs it leads to a fall in prices and this is very simple. The government recently added to the Goods and Services Tax, which has altered the gold prices in Chennai.
GST Impact on Gold Price in Chennai
The government recently added to the Goods and Services Tax, which has altered the Gold Prices in Chennai. Since it has been the talk of the town, regarding GST will have on the Indian economy in the future.
The GST council finalized the tax rates at 0%, 5%, 12%, 18% and 28% for various goods and services, and almost 50% of goods & services comes under 18% tax rate.
Due to GST, the Gold Rate in India has become slightly expensive at 3% GST on gold and 5% of making charges is applied post-GST, which was 2% in most of the states pre GST. All these have their impact on Gold prices today in India as well as in Chennai.
Be aware of the Gold Prices charges:
Calculation of 24 Karat Gold Rate and 22 Karat Gold Rate Per Gram
Leading Jewelers or local jewelers always quote a higher price by the karat. Assume the prevailing Gold Rate Today in India as 4000 per gm for 24 Karat. So for example, if you are buying a 22K gold ring the price per gm you must pay is 22K/24K*4000 = 3,666. But they always charge you higher about 5 to 8 % as most customers don’t question and don’t exactly know how it must be calculated. So the jewelers makes profit on the prevailing gold rate.
Top Gold Jewellery showrooms to buy gold in Chennai
The favorite jewelry brands are present in Chennai. A few of them are listed here, G R Thanga Maligai, Prince Jewellery, Saravana Stores Thanga Nagai Maligai, Bapalal & Co. Jewelry, Lalitha Jewellery, Joyalukkas, Kalyan Jewellers, Khazana Jewellery, Vummidi Bangaru Srihari Sons, Mehta Jewellery, NAC Jewellers, Nathella Sampathu Chetty Jewellery, Jeyachandran Gold House and so on.
Some Interesting Facts Of Gold
Throughout history gold has been seen as a symbol of wealth. Gold is the most popular precious metal for investments.
Check out these amazing gold facts, uses and properties.
1. The number one consumer of gold in the world is China, accounts for 30% of global jewelry demand.
2. The second-largest consumer of gold in the world is India. Indians buy a large portion of gold for 10,000 traditional Indian weddings held every year.
3. Indian housewives hold 11% of the World’s Gold. That is more than the reserves of the U.S., IMF, Switzerland and Germany put together.
4. Only 30% of the gold sold in India is hallmarked.
5. Jewelers Association in the city decides the gold rate and Chennai is no exception. Based on the daily gold rate calculated by the Indian Bullion and Jewellers Association (IBJA).
6. In 2014, Dubai launched a program that pays children 2 grams of gold for every kilogram (2.2 pounds) of weight they lose.
7. The most valuable legal tender coin in the world is 99.99% pure gold, it weighs 1,000 kg and it is worth almost US$45 million.
8. The world’s most expensive iPhone 5 was worth US$15 million. It was made of 135 grams of 24-carat gold and the chassis was inlaid with 600 white diamonds.
9. Injectable gold has been proven to help reduce pain and swelling in patients suffering from tuberculosis and rheumatoid arthritis.
Carat or Karat which is Correct?
Difference Between Karat and Carat
Mostly the two words ‘Carat’ and ‘Karat’ are confused to be the same. First I would like to clarify the difference between ‘Carat’ and ‘Karat’.
Karat- It is a unit to measure the purity of gold. Where 24 Karat or 24k is the purest form of gold. Carat- It is used to measure the weight of gem or precious stones. It is a unit of mass where one carat is equal to 200 mg (1 carat = 200 milligrams).
Different Types of Gold Karats
Karat stands for measuring the purity of gold. The higher the karatage, the purer the gold is. Here’s a simple guide to understanding the difference between 24k, 22k, 18k and 14k Gold.
Difference Between 14 Kt, 18 Kt, 22 Kt and 24 Kt Gold Rate In Chennai Today.
24 Karats Gold Rate
We are considering the 24 karats gold is the purest form of gold that anyone can same in the form of Gold Coins, Gold Bars and Gold Biscuits. Because 99.9 % pure gold of 24k gold melts at 1063° C or 1945° F and is soft and pliable to forge into intricated designs as it can break rather easily.
Is 24 Karats Gold a 100 % Pure Substance?
Pure Gold is highly malleable and pliable at room temperature. In that way, it is too soft to hold its shape or form. 24 karat gold means that 24 of 24 parts of the alloy is gold making it pure gold (24/24 *1000= 1000 ie. 100%). If we say no gold item is 100% pure gold, In the literal sense, the answer is yes!
Gold is typically processing only till 99.99% purity. For practical purposes, 99.5% purity and above is considered to be 24K gold and therefore 24 Karats Gold is ‘pure gold’. The purity of gold is depicted in either karats or fineness.
22 Karats Gold
We are considering the 22 Karat Gold is the finest gold. We need 91.6% gold and 8.4% alloy, 22 out of 24 parts gold (22/24 *1000= 916 ie. 91.6%) to prepare 22 karat gold. The presence of an impurity in gold imparts like silver, copper, nickel and zinc metal rigidity hold its form so that it can be easily used for making intricate ornamental pieces. In fact, all gold jewelry are using 22 karats gold to design the jewelries.
18 Karat Gold
18 Karat gold has a rich, yellow appearance that most people associate with gold jewelry. By using this attractive material to making engagement rings, watches and other wearable jewelry. We need 75% gold and 25% alloy, 18 out of 24 parts gold (18/24 * 1000 = 750 ie. 75%) to prepare 18 karat gold. The additional metals in 18K gold is a good balance of strength and value.
Since 18k gold is almost pure, but there’s very little risk of using this jewelry. If you have a nickel allergy, it cause any skin irritation.
14 Karat Gold
14k gold has a rich color, with the classic gold appearance that most customers look for in rings and other jewelry. Designing 90% of all engagement and wedding rings from 14k gold.
Jewelries are using 58.3% gold and 41.7% alloy, 14 out of 24 parts gold (14/24 * 1000 = 583 ie. 58.3%) to prepare 14 karat gold. 14k gold is significantly more durable than those made with 18k gold. The only real downside of 14k gold is skin irritation. If you have a copper, silver, nickel, zinc, or iron allergy. Because 14k gold has a higher alloy content than 18k gold.
Karat desirability varies from region to region. In the US, UK, and other Western countries 14-karat gold is more dominant in the jewelry industry. 18-karat gold is more popular in Europe and Asia.
How to check your Gold
In India, the marking of karat value is mandatory on each piece of jewelry, calling ‘Hallmarking’. The Government of India set up the Bureau of Indian Standards (BIS) to ensure that consumers get what they pay for and so they certify gold coins and jewellery by stamping it (mark on the gold item) to certify the level of purity of the item.
BIS Logo, Logo of Assaying (Hallmarking), Jewellers’ Identification Mark & Number and Purity of Gold
Find Me Free’s Gold Prices makes no guarantee or warranty on the accuracy or completeness of the data provided on this site. The information contained here is not intending as investment advice or otherwise. This website represents our views and nothing more than that. Always consult your registered advisor to assist you with your investments. We accept no liability for any loss arising from the use of the data contained on this website. We may or may not hold a position in these securities at any given time and reserve the right to buy and sell as we think fit.
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