Kochi or the Queen of the Arabian Sea is the capital city of the state of Kerala and home to India’s popular and rich jewellers. Sify.com calculates Today Gold rates in Kochi directly from leading jewellers and popular associations. Rates are presented in per gram, 8 grams (Sovereign), 10 grams (Tola) and 100 grams for both 22 and 24 Karat/Carat variants. Sify.com also shows rates in analytical formats such as last 7 days and last 30 days. Rates mentioned on this page are exclusive of making charges and taxes such as GST.
Gold Popularity Meter in Kochi:
The affinity to Gold in Kochi is perhaps as old as the popular Paradesi Synagogue, the oldest among Commonwealth countries, built in the 14th century by Kochi Jewish community. Availability of several tourist spots, easy connectivity with other prominent cities and literate masses have made the trade of jewellery and bullion an ever-green proposition. Also, an economy strong on remittances and fast-growing sectors such as technology and others has propelled demand for gold in Kochi. Talk of spending power, the Lulu Mall, once Asia’s largest, is based here and so is the Dubai-inspired souk of Gold Souk Grande. These and the per capita demand of Gold and jewellery in Kochi explains the popularity of the yellow metal.
How is 24 Karat Gold rate calculated in Kochi
Don’t be surprised to know that rates in Kerala used to quote on the lower side across the country. In recent days, 24 Karat gold and bullion rates may have turned standardized (difference of a few hundred rupees) but the cost of 22 Karat jewellery is usually the lowest in Kochi. This is primarily owing to expat population and gulf-returnees who can legally get a few grams of Gold by paying the relevant duties and taxes.
When it comes to calculating the rates in Kochi, banks and leading agencies such as jewellery associations follow the international trends. The rates are fixed in line with the prevailing USD-INR rate and the international dollar price of the spot gold price. The LBMA spot is the more relevant price followed for futures trading. To know more about such rates, follow our handy-guide mentioned on Sify Gold Rates. Coming to 24 Karat, both variants of 999 and 995 are popular among buyers. The movement that is higher or lower gold rates are tracked on the basis of major global economic developments and the strength of the Indian Rupee.
Kochi 22 Karat Gold rate calculation
The rates for 22 karat/carat gold in the form of jewellery, coins or pendants is dependent upon the rates arrived by leading jewellers and associations. The All Kerala Gold and Silver Merchants Association offers a prescriptive rate, but the prevailing rates can always fluctuate two to three times within a day. It is also possible that many leading jewellers showcase a unique gold rate different than the association rate. Sify.com collates rates quoted by leading jewellers and associations in Kochi. Also, many jewellers have other ways to determine the gold rate at any point of the day. Buyers of gold jewellery should understand that there exist differences in gold rates proposed by jewellers within the same locality.
The reason for difference is simple - the base rate of gold may remain approximately similar, but making charge, wastage, melting charges, and refiner margins constantly differs. Changes in impurities added (Platinum, Palladium, Silver, Nickel, Aluminium, Iron) costs on transportation, logistics, security expenses, changes in business operations, and operating margins are responsible for the Rs 10-20 difference per gram among leading jewellers.
Advice for buying Gold in Kochi:
Per gram rate is not everything. The making charges (with or without wastage charges plus GST of 5% on mc) can add to the price you pay, as every gold buyer knows. So, make it a point to strike the right balance between buying the right ornament of a design of your choice and paying the right price. Also, in a not-so-transparent gold market where the World Gold Council finds hallmarked jewelleries are non-credible in India, there is a list of questions you ought to ask before every purchase.
The consensus is for BIS hallmarked jewellery and the reason is quite simple. You can get your hallmarked jewellery tested at any of the dozen-odd BIS recognized Assaying and Hallmarking Centres within Kochi. This testing will be done on priority but does involve a fee for the tests. The Assaying and Hallmarking centre will then have to issue an Assay Report. In case your jewel is found to be of lesser purity than what the BIS hallmark had promised, the testing charges paid by you will have to refunded by the hallmarking centre that had originally hallmarked the jewellery. The jeweller also will be forced to offer you a like-for-like replacement lives up to the hallmark, beside paying the due fine. Kochi is home to at least 300 odd BIS hallmarked showrooms. The smaller retailers also promise of offering a BIS hallmark. To know more about what to find in a BIS, follow this link.
Popular Gold investment avenues:
The investment community is quite active in Kochi and Gold trading is not new for the locals. The awareness on gold products including gold loans is very high in Kerala and residents in the state-capital are no different. Kochi is home to Federal Bank, one among India’s largest banks. The availability of local cooperative banks, federations and big gold loan firms ready to offer a loan in a few simple steps has fueled Gold popularity in Kochi. Among the top investment products, the bullion bars are preferred by working class while the farming class prefers jewellery in form of ornaments, coins and also schemes. Gold feeder funds and investing in the Dubai Gold exchange are also popular investment avenues. Obviously, these investments are subject to taxes and jurisdictional rules. A local SEBI registered advisor or an investment specialist will offer personalized advice on your investment journey. For jewellery, Gold rates usually peak during the wedding season, Onam, Diwali, Eid and Christmas. The trend is almost similar to that of what the entire state of Kerala observes.
Top Jewellers in Kochi
Kalyan Jewellers which has been in the business for close to 30 years calls Kochi its home. Its MG Road showroom, spread across a sprawling 20,000 square feet, was innaugrated by Aishwarya Rai and Actor Dileep in Aug'2012. The store is popular among brides to be and Kalyan has come a long way via presence across the length and breadth of the country.
Leading jewellers of Kerala and India have a presence in Kochi. These includes Joy Alukkas, Kalyan Jewellers, Bhima Jewellers, Malabar Gold, Jos Alukkas, Josco Jewellers, Chungath Jewellery and Alapatt Heritage.
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 Kochi 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 keep a track of the latest and most accurate gold trends across India.
Disclaimer: Sify.com showcases news, analysis and gold rates with the sole objective of financial prosperity for all. Rates mentioned on this page 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 email@example.com with the subject – Gold / Bullion.