Dhanteras 2023: There will be no making charge for purchasing gold on Dhanteras, save money this way!
Dhanteras is considered an auspicious day to buy gold in India, as it marks the preparation for the arrival of Goddess Lakshmi. People often consider buying something new on this day, ranging from gold coins to exquisite gold jewellery. However, the making charge for these items can sometimes be a matter of concern for the common man. Is there any way to fulfil the auspiciousness of investing in gold and save on making charges?
People are charged 3% to 6% making fee on gold coins and 25% to 35% making fee on gold jewellery. Branded jewellery stores usually charge making charges separately. Some jewellers calculate the making charge based on the value of gold per gram, while others have a fixed percentage for the total value of the item.
Even in the bullion market, goldsmiths charge making charges. Local jewellers often sell gold on rough pieces of paper, without bills, which can create problems in reselling the gold. If you return the gold to the same local jeweller, they may take a cut of 10% to 15% for resale.
Why is it necessary to pay making charges?
Gold is a commodity and its trade involves trade in tola and masha. This means that its value fluctuates every day. When you go to jewellers to buy gold, you are provided with its full price based on the current price of gold. In this process, jewellers recover the costs involved in melting the coins, making the jewellery and craftsmanship charges through making charges. Additionally, showroom expenses, employee salaries, warranty services and jeweller's profit are also included.
What can be done to save making charges?
If you prefer physical gold, the only way to save making charges is to invest in gold bars or biscuits. Most of the time, manufacturing charges on these forms of gold are either minimal or not applicable. Another option to avoid making charges is to invest in digital gold or sovereign gold bonds. These plans usually do not include any making charges.