Pune, Oxford of the East and Queen of the Deccan is the Cultural Capital of Maharashtra. The city has a significantly higher student population and Gold holds a key cultural significance across the district. Sify.com shows Today Gold rates in Pune from data collated 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. Rates mentioned on this page are valid for the district of Pune including Baramati, Bhor, Shirur Maval, Daund, Mulshi, Purandhar, Junnar, Ambegaon, Bhor, Pimpri-Chinchwad, and Velhe.
Legacy of Gold & Jewellery in Pune:
The culture in Pune is epic and popular and it is quite possible of stumbling upon goldsmiths claiming legacy of centuries. The forms of jewellery extends right from traditional Maharashtrian jewellery, Peshwa collections and contemporary ones. For investors, gold coins, bars with motifs are popular in recent times.
Talk of Gold love, and three popular Punekars have shown the extent of Gold love. These Gold men have been regularly snapped wearing kilos of gold. Datta Phuge, the late businessman known as India's gold man, Ramesh Wanjale a politician and Sunny Wagchaure from Pune are celebs. Phuge attempted a Guinness record by wearing a 14-kilo gold shirt.
Speak of Gold as investment, the community of investors is quite active in Pune thanks to presence of several banks and broking houses. Also, education and awareness of Gold as a saving product is moderately high in Pune. For Punekars, popular avenues includes Gold ETFs, Sovereign Gold Bonds, Jewellery, Physical bullion, and even Gold Feeder Funds. Gold schemes floated by jewellers are also quite popular in Pune. In recent times, Pune’s millennial and working population has taken a liking to cryptocurrencies.
How is 24 Karat Gold rate calculated in Pune
When it comes to calculating the rates in Pune, banks and leading agencies such as jewellery associations follow the international trends. The Pune Saraf Association, established in 1925, is one among the oldest and credible entities that has been collating the rates. The trend in Pune, similar to what jewellers across India follow, is to fix 24 karat rates in sync with prevailing international spot rate of Gold and USD-INR rate. The LBMA spot is the more relevant benchmark indicator reflecting the trends. There’s also the spot rate which moves according to global cues. Coming to 24 Karat, both variants of 999 and 995 are popular in Pune. The movement for local rates, that is higher or lower gold rates, is tracked on the basis of major global economic developments and the strength of the Indian Rupee.
Pune 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 local Saraf Association offers a prescriptive rate, but prevailing rates can always fluctuate two to three times within a day. It is also possible that many leading jewellers showcase a rate different than the one tallied by the association. Also, many leading jewellers have 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 also responsible for the difference per gram among leading jewellers.
Popular Gold Jewellers in Pune:
Pune is culture and there is ample legacy to be seen in the markets. In fact, the city has several bazaars and peths and one may find several jewellers nestled in these bazaars. Pune is home to at least 17 peths each named according to a weekday or its founder. Raviwar, Somwar, Mangalwar, Budhwar, Guruwar, Shukrawar and Shanivar peth are some of the peths named according to weekday. Then, there are others such as Nana Peth, Sadashiv Peth, Bhavani Peth, etc. The Raviwar Peth’s old name was Sarraf Katta. Saraf in Marathi refers to a lender or a goldsmith while Katta refers to a place of business. Sarraf Katta was a common place for jewellers to showcase their gold and silver ornaments to serious buyers back in the days of Peshwai.
Among the legacy jewellers that have a branch in Pune, there’s the 185 year old PN Gadgil Jewellers that established in 1832. Waman Hari Pethe which has its roots in Aamchi Mumbai also has a branch in Pune. The Wamans reportedly established their business sometime in 1904 – over 125 years old.
The more legacy names from the city includes Chandukaka Saraf and Sons which has a showroom on the Pune-Satara road. Kaka established sometime in 1827 – legacy of over 190 years. Another name that claims an impressive heritage is the Pune based Ranka Jewellers that has a collective showroom area of one lakh sq feet across ten locations in Mumbai and Pune. Ranka established in 1879 started initially as a trader before entering jewellery business in 1966.
In the days of 2020, Jewellers can also be found across affluent localities of Koregaon Park, Karve Road, Laxmi Road, Sinhagad Road, Kalyani Nagar, Boat Club Road, Hadapsar, Wagholi, Kothrud, Wakad, Kharadi, Bavdhan, Viman Nagar etc. You may also find jewellers and goldsmiths in Chakan, Shivaji Nagar, Baner, Pashan, Magarpatta, Aundh, Pune-Satara road and Swargate.
Among national top names you will find JoyAlukkas, Malabar Gold and Diamonds and Kalyan Jewellers in Pune.
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 Pune 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 firstname.lastname@example.org with the subject – Gold / Bullion.