Today's 22-karat gold rate in Chennai is 4625 and the 24-karat gold rate in Chennai is 4870.5
Chennai: The Fabled Gold Market
Gold is valuable in Chennai - for housewives who want to buy gold jewellery... For businessmen who want profits... And for readers like you who would want value... There are more buyers than sellers in Chennai (driven by demand for gold). You will find most shops spread through the city with showrooms across T Nagar, Usman Road, and Sowcarpet. Sowcarpet was where the gold jewellers were previously based. T Nagar became popular only 70 years back. Previously, Sowcarpet was the heart of Chennai's gold business. T Nagar observes significant sales. During Diwali in 2015, 150 tons of Gold jewellery was sold. Many jewellers in Chennai are 100 years old. For example, N Gopaladas and Jewellers was started in 1920 and Bapalal & Co started a jewellery business in 1910.
Tidbits on Chennai's Jewellery Market:
- Industry Size: Over Rs 5,500 crores
- Over 5,000 jewellery shops and showrooms
- Gold Sale: 45% of India's annual consumption of 800 tons.
Gold is popular not just in Chennai but the entire state of Tamil-Nadu. Kancheepuram city is popular for bridal collections...Madurai for epic lore of Silappatikaram...Then, there's the gold hub of Coimbatore. Chennai is where the cultures and businesses meet.
Chennai: Gold Investment
Thangam or Gold is a commonly discussed word in Chennai. Generally, putting money in Gold is said to have immense benefits. Buying a few grams or pounds of gold is considered auspicious. Wearing gold can make you feel rich (social position or status). Above all, the yellow metal, like money, can save you during rainy days.
Most people would keep aside some money to buy gold once a month or year. But, Remember! All that glitters is not gold. An increase in the cost of gold may increase your savings. But, a decrease in gold price in Chennai will pinch you hard. You should hence keep an eye on the gold price. Here, we not only inform you on the latest gold-rates, but also explain the reasons for any increase or decrease. If you think investment in Gold is a bet, you must read this page through.
Today Gold Rate in TamilNadu:
Sify collects facts and figures related to Gold for many cities. We update the Today gold rate in TamilNadu for following popular cities:
• Coimbatore • Dindigul • Kanchipuram • Madurai • Namakkal • Salem • Thanjavur
• Tirunelveli • Trichy • Tuticorin • Vellore
EditorsPicks: Gold & Bullion Insights:
Advantages / Drawbacks of Gold investment in Chennai
Investment is the art of saving money for a gain in near future. An example of a good investment is the story of the hard-working ant. It worked hard during summer to save food for a harsh winter. A good investor is like an ant - patiently building value. With that in mind, let us look at what Gold investment can do for you:
Advantages: It can be/is:
- Hedge: Be sold during uncertain moments (rainy day).
- Easy: Very simple to choose from.
- Track: Easy to keep an eye on the cost of gold
Common fears are:
- Price-Drop: What if gold rates tumble?
- What if someone steals it?
- What if you are unable to sell it for a gain?
Gold appears simple to invest, but you need to know a few things before investing your money and time.
Weight: Today Gold Rate in Chennai
You must keep an eye on the latest gold-price if you want to make a decent gain. The rate at any point will tell you if it is a good time to buy or sell gold. Rates can change several times in a day. Whether the Today Gold Rate in Chennai is up or down, we explain all the reasons. Beginners should know the types of investment in Gold. There are only two types of them depending on whether you get to touch and feel. Before heading ahead, it is important for you to know about the different types of Gold.
Gold: Ways to measure and weigh: There are many ways to weigh the precious metal. The gram is the most common of all. Here are others:
- Grain: 0.06479.891 grams
- Tola: 10 grams
- Pavanam or Paun: 7.98805 grams
- Sovereign: 8 grams
- Ounce: 28.3495 grams
- Troy Ounce: 31.1034768 grams
- Troy Pound: 373.24172 grams
- Kilo: 1000 grams
Gold quality is measured on fineness or the carat system. Pure Gold or 100% is a scientific concept. In the Carat system, gold purity is mentioned as 24, 23, 22, 21, ...
24 carat Gold contains 24 parts of Gold and is considered 100% pure. Gold bars and coins are things made of this purity. 24 Karat is denoted in parts-per-thousand. The common ones are 999 and 995.
[Did you spot the Carat and Karat? 24 Carats or 24 Karats mean the same. ]
Types of Gold / Forms of Gold:
- Pure-Gold: 100% Gold. Contains 24 parts of Gold. Denoted as 999 or 995. For example, Bars and Coins of 24 karats Gold.
- 23K or 23Ct: Contains 958.3 parts of Gold out of 1,000. Coins are made of this purity.
- 22K: Popularly called 916 Gold. Mostly used in jewellery.
- Other Popular forms: 20K, 18K, 14K, & 12K
What to look for when buying Gold in Chennai:
If you are planning to buy gold (either for jewellery or investment) make a note of:
- Keep an eye on Today Gold Price in Chennai Today or the prevailing rates. Measured in rate per gram.
- Difference: Did gold-rate in Chennai increase or decrease today?
- Find: Why did rates change?
Gold Investment Products in Chennai:
Here are some products that you will find value for your cent. Also, their advantages:
- Bar or Coin: Much easy to sell a bar or a coin compared to jewellery. You will get better return value when selling.
- Jewellery: Comes in all shapes and sizes.
- Jewellery Schemes: You can pay in installments
- Sovereign Gold Bond: Started by The Reserve Bank of India.
- Exchange Traded Funds (ETF): Run by institutions who invest in gold on your behalf.
Now that you have a fair understanding, lets get started on how to track the gold-market.
Gold Price in Chennai Today: Who fixes them?
The cost of any product is decided by the producer. With that logic can you guess who decides the price of Gold in Chennai? You are right if your answer is mining companies. However, it is not only mining companies but also the jewellers who decide on the rates.
There are several factors that decide the price of 24 carat gold. Here are some of them:
- Cost of mining: The mining firm decides a retail price. It is mostly in US dollars per ounce.
- Spot Exchange: Exchanges such as NY-COMEX trading in gold.
- Import-Price: Taxes and custom-duties plus the price of gold in US Dollar.
- Refining Margins:
- Local & International Supply and Demand for gold
Calculation of Today Gold rate in Chennai:
Ultimately, it is jewellers who decide the gold rate in Chennai. The price of 24 carats Gold is based on the LBMA (London Bullion Market Association) prices. The Sowcarpet based MJDMA shares rates for 22 carat or 916 carat Gold. It also calculates rates for Silver. These rates are changed every morning and afternoon except for national holidays. Many jewellers may have their own ways to calculate the daily gold rates. They may calculate it on the basis of local demand. Another method involves calculating the cost of importing gold. This also involves adding cost of running the business. Examples include cost of security, marketing, production (making & wastage) etc.
Factors that affect Live Gold Rate in Chennai Today:
The price of a gram of gold changes every day. There are many reasons for this. Here are some of them:
- US Dollar Strength: It's relative strength against a basket of reserve currencies.
- Indian Rupee: It's buying power against the US Dollar.
- Interest Rates: Many jewellers have to buy gold from a bank. A loan helps since their buying quantity is in kilos.
- Fuel Price: Jewellers have to bear the cost transportation of Gold. Also added are cost on security.
- Inflation & Demand:
- Economic News:
Gold rates or the live chennai gold rate changes at least two times (association rate). The MCX (Multi Commodity Exchange) rate is also considered. Gold rate in Chennai hence fluctuates several times through the day.
3 things to remember:
When it comes to buying and selling of the yellow metal, remember that
- Chennai rates: Are standard in many cities of Tamil Nadu.
- Jewellers may show different rate: This is owing to their own calculation.
- Buying on Credit or Loan (leverage): Beware! Ensure calculating the return and interest to be paid.
Sify.com's easy guide helps understand more about factors responsible for volatility in gold rates.
Chennai & Jewellery:
If you want to begin your gold-investment journey, the most easiest to do would be a gold coin. Then there's Sovereign Gold Bonds. The other options include ETFs, and SIPs. If you are planning to buy jewellery, Chennai with its huge base of jewellers will not disappoint you. However, it is recommended that you follow a few tips before buying jewellery.
Tips for first time Gold jewellery buyers: Make sure to check these - your handy gold-shopping guide
- Rate per gram: Check & compare to understand difference. Negotiate if the cost is higher.
- Weight: How much does the ornament weigh? You should weigh for stones separately.
- Discounts: Most jewellers offer discounts during festive and off-season time.
- VA Charges: Value-Added Charge is a sum of making and wastage charges. An important question you should yourself is why pay for wastage when the jewellery is branded? VA looks small component on the bill. But, in reality it is as large as 5-15 percent of your total spending.
- Purity of Gold: Check for BIS hallmarked Gold. A BIS for stones like gems and diamonds will be separate.
- Bill: Insist on the bill. It's a handy document that you will need during repair or a resale.
- Other Terms: Will the jeweller buy the ornament at a later date? Most jewellers will pay you for price of Gold on the day you return the jewellery.
Hallmarking & Assaying in Chennai
For the layman, BIS (Bureau of Indian Standards) is a brand or a stamp. A stamp that stands for purity. While buying ornaments do search for the name Hallmarked Jewelry. The BIS stamp clearly mentions the quality of Gold. You will find numbers etched on the ornament. Numbers you will find on a Gold coin or Bar are 999 (24 Ct) 995 (24 Ct) or even 916 (22 Ct). On jewellery, the numbers you would spot are :
- 958 (23 Ct)
- 916 (22 Ct)
- 834 (20 Ct)
- 750 (18 Ct)
- 625 (15 Ct),
- 417 (10 Ct).
There are at least 500 hallmark gold jewellery shops in Chennai. You are more likely to have a hassle-free experience at these stores. It is likely for a non-stamped ornament to have a lower proportion of Gold. Lower than what the jeweller promises. A recent survey (World Gold Council, 2017) found that only 30 percent of Gold in India was hallmarked. This loss in purity could be anywhere from 10 to 15 percent. This means, for every 10 grams of Gold costing Rs 50,000, your loss may be Rs 7,500.
A hallmark is a great assurance. If you find the ornament of lower purity you stand to get a full refund. Usually, jewellery testing is done swiftly and on a priority basis. It may not involve your paying for the process. The Assaying and Hallmarking center issues a certificate (Assay Report) revealing details of purity and fineness.
If the test results are in your favour, you can expect the hallmarking fee plus cost of testing to be reimbursed. And the best part is an equal replacement for the spurious jewellery. The icing on the cake is a fine that may be levied upon the jeweller for passing a fake hallmark. There are more than 25 hallmarking centres in Chennai. TamilNadu has the maximum number of hallmarking centers, second only to Maharashtra. One-third to them are based in TNagar.
UNDERSTANDING VALUE ADDED CHARGES:
It is likely that your jewellery bill reads Value Addition (VA) charge. It is basically making charge. It may also include wastage and melting charges. Many jewellers claim zero wastage and making charges yet the bill reads VA charge. Example: 10 grams of 22-ct gold chain.
- Chain Weight - 10 grams
- Weight of Stones - 1 gram
- Actual weight of Gold in Chain - 9 grams
- Cost of Gold: Rs 44,550 (@ at Rs 4,950 per gram)
- Making charges - @ 10 percent - 4,455
- Tax GST @ 3% - 1,470.15
- Total - Rs 50,475.15
Now that you have read the example, lets look at how buyers get ripped:
- Stones: Stones are not weighed separately. You end up paying the cost of Gold for stones.
- Making-Charge: If your bill is over 15 percent, you must negotiate. Many jewellery genuinely offer nil making charges.
- Hidden Charges: Could have melting, refining margins, or even wastage.
- Costly Per Gram Rate: Compare with the current market rate (Sify shows that). If the jeweller is costly negotiate, only if you are happy with the design.
- Impurity: It is likely that you will have to pay for impurity. It is cost of metals like Silver, Platinum or Palladium. These are added to gold to form an alloy, since pure gold is known to be brittle.
- Wastage: The part of gold lost while making ornament. It is Denoted as a percentage of the total Gold. While jewellers claim it is lost gold, there are ways to recover.
A 3 percent wastage on your bill corresponds to Rs 1,500. Want to save it? Negotiate!
Gold buying season: When to buy Gold in Chennai
You can buy Gold on any day in Chennai. But, there are many special days to buy Gold on. These include festivals, birthdays, and anniversaries. Gold is also purchased ahead of wedding season. Here are some Popular festivals:
- Tamil New Year,
- Akshaya Tritiya,
- Makara Sankranthi.
We have made a calendar (Shubha Muhurat) of days to buy the precious yellow metal. Generally, you should consider buying Gold when the cost drops or is affordable.
Popular Jewelry Ornaments in Chennai:
Confused about what to buy?
You will find gems and ornaments of all shapes and sizes in Chennai. Bangles and Chains (30%) are most popular. And so are ear rings, and finger rings (20%).
The Necklace and bridal collections are unique and inspires many would-be-brides (55%). You will also find a good collection of daily-wear (40%) and fashion jewellery (10%).
Numbers in brackets refers to popularity according to a survey (World Gold Council).
Classic Jewellery collections:
Valayal (feet): Muthu Valayal, Lakshmi Valayal and Kemu Valayal (brides' essential)
Earrings: Kempu Kal Jhimkki (occupies pride of place)
Necklace: Mangalsutra, Thaali, Lakshmi Haram, Muthu Haram.
Others: Ottiyanam (girdle), Nethichutty or Vagupu Chutti (forehead jewellery), Jadai Billai (Hair & Hair bun), Vella kal mookhuthi (nose ring).
You can see deities, intricate temple motifs, figurines and embosses depicting culture of Tamil Nadu in ornaments.
Trusted Gold Showrooms of Chennai:
This is the land of bling and Gold. Some of them as big as palaces. Most of them are spread beyond an acre or two.
Most of the jewellers are based in T Nagar. In recent days they have spread to other parts of the city. The locations include Velachery, Mylapore, Adyar and Anna Nagar.
Popular jewellers of Chennai are Tanishq, Lalithaa Jewellery, Joy Alukkas and Nalli Jewellers (both with over 30,000 sq feet of showrooms)
You will also find showrooms of Malabar Gold, NAC Jewellers, Prince Jewellery, the LKS Gold House, Sri Kumaran, Kerala Jewellers, and Saravana Stores.
In Chennai you will easily find goldsmiths who've been in the trade for decades. GR Thangamaligai (GRT) has been making jewellery for over 50 years. Their T-Nagar showrooms (total of 50,000 sq feet) are among the oldest in T-Nagar.
Kalyan Jewellers showroom at T-Nagar is 40,000 square feet large. (marginally smaller than an acre).
Tidbits on Jewellers in Chennai:
Lalithaa Jewellery: Over three decades of experience. Reputed Name. Leading Jeweller. Started the zero-making charge scheme. Do check their antique and trendy collections like the rings and pendants. Also their grand harams are a visual appeal.
GRT Jewellers: Offers wide choice of designs, Has won multiple awards, Expect top-notch customer service, trustworthiness and shopping ambience.
Kalyan Jewellers: Started from Kerala three decades ago. Today, KJ is India's biggest jeweller. Its T-Nagar branch had 600 kilos of gold during launch. Actors like Amitabh Bachchan and Tamil Star Prabhu endorse for Kalyan Jewellers.
Joyalukkas: Joy Varghese's (owner of Joy Alukkas) father opened the first jewellery shop in mid-1950s. Well known across ten countries. Crowned as UAE's Super-brand for six years on trot.
Tanishq: Part of the Tata group. Started jewellery stores in 2007. Today, has more than 300 exclusive showrooms in over 100 cities.
Khazana Jewellery: Treasure of gold, silver and diamond ornaments. Khazana's rates are competitive, credited to its manufacturing facilities.
Prince Jewellery: Among oldest jewellers of Kerala. Started the jewellery business in 1930s in Kottayam, Kerala. The Chennai store was established in 1983.
Vummidi Bangaru Jewellers: Another legacy name. Has been in business for more than 120 years. Has an ISO 9001 certification and run by professional gemologists (Vummidi Raghunath's sons).
Jeyachandran Gold: Ventured into Gold from a successful textile business. Offers richly-crafted pure jewelry at low price. Malabar Gold, NAC Jewellers, Saravana Stores, Sree Kumaran Thanga Maligai, Original Kerala Jewellers and Shree Gold are other popular names in Chennai.
Disclaimer: Rates and price provided is solely for information purposes. Readers are requested to seek the service of a certified analyst for investment in Gold. You can email us on firstname.lastname@example.org with the subject – Gold / Bullion to share your feedback.