Coimbatore, the Manchester of South India is home to Tamil Nadu's biggest textile industries. Coimbatore also called Kovai by locals is a tourists’ paradise and important city of Tamil Nadu. The Today Gold rates in Coimbatore are sourced directly from jewellers and agencies from the district. Gold rates for Coimbatore are presented in 1 gram, 8 grams (Sovereign), 10 grams (Tola) and 100 grams to help readers reap benefits on their investment. To help gold jewellers and prospective customers, Sify.com also features the last 7 days and last 30 days rates for Coimbatore and prominent cities and towns within the district. The rates mentioned here are exclusive of GST and making charges.
Popularity of Gold in Coimbatore?
Gold in Coimbatore contributes immensely to the district’s economy. For the record, the government sometimes earns more revenue from Coimbatore than even Chennai. The district is one of the largest exporters of jewellery renowned for making cast jewellery and machine made jewellery . It is also a major diamond cutting center in South India. Coimbatore also referred as "the Pump City" (supplies 2/3rds of India's requirements of motors and pumps) is home to over 3000 jewelry manufacturing companies and nearly 40,000 goldsmiths. The intricate eco-system of Gold jewelry includes several bullion traders, exporters, trading agencies, manufacturers and retailers. Coimbatore is closer to Kerala and hence enjoys access to the retail market in the neighboring state.
Tourists in Coimbatore are mesmerized by the wide-range of designer sarees, Kanchivaram, Benares and several other collectibles across Cross-Cut Road and Town Hall Area.
The jewellery production during the pre-covid season was reported at approximately 200 kilograms of ornaments (including Gold, Silver, Platinum, Palladium, and jewelled stones) a day with a huge number of that going to exports.
The investment community is quite active in Coimbatore and Gold trading is not new for locals which includes a significant number of businessmen. From investment banks to jewellers, there are a number of avenues for gold investment. A significant population is engaged in business and employment in Coimbatore. Gold hence acts as a safe investment asset. Also, many housewives, farmers, traders tend to invest in the yellow metal. Coimbatore observes perennial demand but the demand during Pongal, Navaratri, Wedding season and Diwali is reported to have led to traffic snarls at the gold hubs of Coimbatore.
How is Gold-rate fixed in Coimbatore
The Coimbatore Jewellers Association established in 1951 and headquartered on the Hanumantharayar Koil street is among the leading agencies involved in fixing gold rates for 22 Karat jewellery. There are other associations such as Gold Bullions Association of Coimbatore and other welfare associations in Coimbatore that have a say in local gold-rates. Don’t be surprised to know that the prescriptive rates from by the Madras Jewellery Manufacturers Association also influences the rates for 22 Karat gold in Coimbatore.
While the base rate of Gold remains more or less constant, other factors such as making charge, wastage, melting charges, refiner margins etc can change from jeweller within the same city. You will be surprised to know that jewelry shops adjacent to each other within the same locality in Coimbatore can show a price difference of a few rupees. This is owing to changes in impurities added (Platinum, Palladium, Silver, Nickel, Aluminum, Iron) along with changes in transportation, logistics, expenses incurred on security, changes in business operations, and finally the margins. You should also know that gold rates in Coimbatore can change at least twice within a day. These rates are usually derived from international standards because Gold needed for jewelry making has to be imported. As on date, gold mines in India do not yield any meaningful amount of gold ore.
When it comes to 24 Karat gold rates, the rates in Coimbatore can be affordable than Chennai owing to the premise that Coimbatore is closer to Kerala which historically has seen cheaper bullion rates in India. For those curious to know, there are several factors responsible for pricing of 24 Karat rates. Similar to the national trends, the rate of bullion is mostly factored by the international factors such as spot rates at international commodity rates, landing price, and USD-INR rates. There are also spot bullion traders in Coimbatore who can offer a decent rate for 24-Karat spot.
Trustworthy and popular jewellers in Coimbatore?
Businesses run by generations and some of them centuries old are not new in Coimbatore. The gold jewellery industry of Coimbatore is truly cosmopolitan with karigars coming from Bengal, Jaipur and far-flung locations. Also, the bridal collection in Coimbatore is popular among brides from Tamil Nadu, Karnataka, Andhra Pradesh and adjacent state of Kerala.
The Oppanakara street is considered the city's oldest commercial establishment with a clutch of mills and textile centers. Expect throngs of crowds lined outside garment and jewellery stores. Commercial shops established on Oppanakara Street includes Thangamayil Jewellery, and two massive showrooms of Sree Kumaran Thangamaligai and not to miss Joy Alukkas’ presence here.
Big Bazaar street is where the Gold Bullions Association of Coimbatore is located. Many enterprising jewellers selling silver and gold ornaments can be found in this locality. The shoppers’ paradise is however the Bazaar near Raja Street and the one between South Ukkadam and Mill Road.
Popular diamond jewellery retailer Kirtilals opened their first store in Coimbatore on Raja Street in 1939. Kirtilals boasts of two massive showrooms within Coimbatore and a loyal customer base of over half a million spread across five continents. Another legacy name from the city is that of Karpagam jewellers which established a showroom in Coimbatore some 82 years ago offering temple jewellery, Meenakari, Kundan and a rich assortment of ornaments.
The other top names in Coimbatore include Jos Alukkas, Kalyan Jewellers, and Lalitha Jewellery.
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Why subscribe to authentic rates:
Investment in Gold or bullion can always safeguard your hard-earned money from inflation. It is advised that each individual keen of building a financial portfolio should allocate 10 to 15 percent of his or her savings in gold and gold-backed assets. However, in these days of market-competition and digitization, getting accurate rates has turned out as a cumbersome task. Even a 10 rupee change in gold rates can result in a huge saving in your financial portfolio.
The gold rates in Coimbatore is a way to enable customers access the latest and authentic gold rates. Having the latest and authentic rates can help buyers plan and even negotiate when it comes to buying and selling of gold and jewellery. Knowing the latest rate also helps while seeking a gold loan. As a reader engagement, Sify talks to several industry veterans and market experts to offer readers latest insights on where gold rates could head to. We request readers to bookmark this page or download Sify Gold rates app to find out the latest and most accurate gold rates for prominent cities across India.
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.