Bengaluru or Garden City observes a perennial demand of gold. The state capital of Karnataka and India’s Silicon City has a rising per capita spending on investment products. Gold, certainly is one among the products that Bangaloreans constantly invest in. Regularly tracking the Gold rates on this page can help you in buying or selling at a favorable rate.
Today Gold rates in Bangalore trade almost similar to the trends across the nation. Gold rates mentioned on this page are for per gram, 8 grams (Sovereign), 10 grams (Tola) and 100 grams. Readers can also track the highest and lowest price in the last 30 days to save money on their investment. Gold rates mentioned on this page are exclusive of GST and making charges.
Bengaluru: Gold in Garden City
Garden City, Pensioners Paradise or Electronic City or India’s Silicon Valley, there’s several emotions attached to the city that has had a rich history of heritage and association with Gold. History has it that King Ballala of the Hoysala dynasty, pleased with a courteous old-woman called the city as bende-kaalu-ooru. This, after the woman cooked boiled beans for a King who had lost his way on one of his hunting expeditions. The industrious city steadfastly resolves to provide food to one and all.
Bengaluru, the state capital of Karnataka has a rich yet contemporary connection with Gold. India’s fifth most populated urban-city is the close to districts of Raichur, Kolar and Davengere – that are famous for their gold reserves. The Hatti and Kolar Gold fields, although shutdown, collectively contributed tons of Gold and other natural resources. Talk of trivia and Tipu Sultan was born in Bengaluru (Devanahalli).
In recent times, the city has observed several businesses related to Gold and jewellery. India’s largest refiner – Rajesh Exports is headquartered here. Thanks to the ever-growing economic activity, the city is home to over 10,000 millionaires and 60,000 super-rich. Bangalore, home to the czars of Silicon City (Information Technology and e-commerce sector), observes growing investment in Gold.
Gold rates in Bangalore:
The rates mentioned for 24-karat represents bullion rate while the rates for 22-karats are jewellery rates. Rates are derived from several sources such as commodity exchanges, credible associations and trust-worthy jewellers from within the city. The Bengaluru Jewellers Association is a credible face in the domestic market. The agency established in 1941 is considered as the authority when it comes to imparting information related to gold rates.
The jewellery rates are usually changed twice a day in order to showcase the most real-time price. Although spot gold rates trading on a commodity exchange are highly volatile, they are not as sensitive as an equity or a bitcoin market.
Jewellers track bullion rates from live commodity rates and the benchmark rate set forth by the India Bullion Jewellers Association as well as the London Bullion Market Association. An important point to understand is that refiners and even trading agencies such as MMTC and several banks are likely to offer some sops and benefits thereby improving margin for buying bullion. Sify.com collects and collates information from several sources within the city to benefit readers, jewellers, and analysts.
Popular Gold Investment Avenues:
High literacy, comparatively higher employment rates, an entrepreneurial mindset an industrious climate means better affinity to Gold investment. Gold can be a great savior to protecting money from inflationary effects. Accordingly, the city has found several ways to invest in Gold.
1. Sovereign Gold Bond: RBI’s most trust-worthy and easy to invest scheme. Read more on that here.
2. Investing in ETFs: A sizable population in Bangalore prefers investments in Exchange Traded Funds.
3. Gold Bars and Bullions: The younger audience may find bitcoins interesting, but the elder investors still prefer stocking physical bullion bars and coins to save for a rainy day.
4. Jewellery: Spread across urban cosmos and rural hinterlands are the city’s over 3,000 jewellers. The list includes BIS certified jewellers and valuers. The demand for jewellery is rising in sync with growing economic affinity.
5. Gold schemes: Some jewellers also offer opportunities such as gold investment schemes. The idea is to invest small sums of money regularly for ten to eleven months to buy a specific gold jewellery – could be a chain, a bar, a pendent or even a ring.
What causes rates in Bangalore to fluctuate?
The rates in Bangaluru trade in sync with international factors. The biggest factor affecting gold rates is the power of Indian rupee. When the rupee sinks against the dollar, naturally, the rates tend to get dear. Other factors include:
1. Local supply demand - rates tend to get higher during wedding season.
2. Availability of bullion for jewellers
3. Cost of other metals required for crafting jewellery.
4. Local and Country-specific benchmark prices.
5. Other economic factors and developments in international bullion markets.
For a more detailed understanding of factors that contribute to gold rates, read this link. It contains the explanation in an easy to understand format.
Tips for first time Gold jewellery buyers:
1. Compare the per gram rate offered by jewellers with the Today rates in Bangalore.
2. Calculate how much of gold is used in jewellery and calculate your total outgo.
3. Check if the jeweller’s shop has signages mentioning the date of registration or membership to local jewellery associations to confirm credibility. Ensure buying BIS certified or hallmarked jewellery.
4. Find out purpose of jewellery – is it daily, bridal or other special occasion. The caratage and choice of design may accordingly undergo a vast change.
5. Discuss about wastage, making charges and try bargaining if the rates are over those mentioned on this page.
6. Check buy-back terms and opt for a bill.
Norms related to trade of Jewellery in Bangalore:
Jewellery trade fraternity in Bangalore accepts gold coins of 99.95 as purest.
Gold rates are changed twice across the country, but jewellers in the city, including the big ones may conduct business with just one rate for the day.
BIS is accepted and the chances of getting KDM jewellery is limited. KDM Gold can get slightly cheaper compared to 22 karat, however, it may not fetch you sufficient resale value at a later date.
22 Karat gold jewellery is sold across the city. Accepted forms of Gold alloys in Bangalore are Yellow Gold, Red Gold, Rose Gold, Pink Gold, White Gold, Gray-White Gold, Soft Green Gold, Light Green Cold, Deep Green Gold, Blue-White or Blue Gold and Purple Gold. Impurities used are Silver, Copper, Zinc, Palladium, Platinum, Nickel, Iron, Cadmium, and Aluminium. Copper, Zinc and Silver are most popular variants.
You will need a bill to sell gold jewellery. You may also have to bear taxes after sale.You may come across jewellers selling Gold with a discount on making charges. Bigger jewellery chains and even manufacturers are likely to offer such sops.
Popular Jewellery Ornaments in Bangalore:
Women: Chokers, Pendants, necklaces, rings, amulets, anklets, earrings, diamond rings, bangles, etc.
Men & Children: Earrings, Pendants, Chains, ring etc.
Bridal/Traditional: Netri Chutti (maang tika), Entele Sara (layered chain), Haaram (heavy chain), Mavinakayi Addigai, Guruvina Kada, Tholu bandhi, Karhamani, mangalasutra, kadagas, Jhumkis, muravu, bogadi, etc.
Good time to buy Gold in Bangalore:
Elders in the family may consider auspicious days to buy Gold unlike millenials who have a more need-based approach to Gold shopping. Days such as Ugadi, Wedding Season and muhurats spread across the year are special days to invest or buy in Gold. Diwali and Dhanteras is also observed in the city and several jeweellers have offers to pre-book gold jewellery much in advance of the buying season. Usually the rates are higher a week prior to such festivities. Do plan your shopping accordingly. Here, here are the special muhurats and days to buy Gold in 2020.
Time-Trusted & Popular Gold Showrooms of Bangalore:
Price alone is not a driving force in Bangalore, considering the customers expect better service and innovation in designs. Jewellery chains try to offer the best of designs and offers such as lower wastage and making charges. The preference for diamonds, solitaires and gemstones is higher among affluent circles and there is a greater likelihood that you will find a better deal for good designs with the following time-tested jewellers.
Among the most trusted and respected jeweller from the city is C Krishniah Chetty & Sons that claims a legacy of 150 years. Their showrooms are spread across the city. Other jewellers in Bangalore includes Ganjam Nagappa and Sons that was established some time in 1889 and traces its roots to Mysore. Ganjam Nagappa is popular for the designs of Ganda Berunda (double-headed eagle) and Mysuru Addige (necklace). Hand-crafted jewellery is sought after and do pay them a visit if you are keen on getting a customized jewellery.
Vummidi Bangaru Jewellers Known popularly as VBJ with a legacy of 120 years has branches in Bengaluru. Also available in Bengaluru. GR Thangamayil, Malabar Gold and Diamonds, Lalithaa Jewellers, Khazaana Jewellery, Jos Alukkas, Abharan Gold and Diamonds, and Kalyan Jewellers are some of the brands with sizable operations in Bangalore.
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Disclaimer: Sify.com showcases news, analysis and gold rates with the sole objective of financial prosperity for all. The rates mentioned may vary within the same city and readers are hence advised to consult with a registered financial advisor. For any complaints, feedback, opinions or to share experiences write to firstname.lastname@example.org with the subject – Gold / Bullion.