Shivamoga or Shimoga is a nature-lover's paradise and popular for handicrafts and collectibles. The bazaars of Shimoga are common to draw shoppers keen on buying artistic designs and jewellery. Today’s Gold rates in Shimoga are sourced directly from jewellers and agencies. Gold rates for Shimoga are presented in per 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 Shimoga and nearby towns. Gold rates mentioned on this page are exclusive of GST and making charges. The rates on this page reflect the market trends for Shimoga and neighboring towns such as Sagara, Shikaripura, Soraba, Hosanagara, Bhadravathi, and Thirthahalli.
Popularity of Gold in Shimoga?
The popularity of the Shimoga Gold jewellery market is an open-secret. A number of people are involved in the business of designing and crafting jewellery. An industry estimate finds over 1,000 jewellery units employing some 5,000 artisans and karigars, mostly hailing from Tamil Nadu, West Bengal, Orissa and Assam. The jewellery retail business of Shimoga is quite elaborate with showrooms themselves accounting of 2,000 staffers. The industry estimates crores of jewellery sales every year.
Although demand is majorly tourism-driven, locals and residents buy jewellery to protect savings from inflation. Besides being a safe haven, buying a few grams of the yellow metal is looked upon as a status symbol in the community. Local Demand picks up ahead of festivals such as Ugadi, Diwali, Dasara, Navaratri, Christmas and New Year. Wedding season also observes footfalls at most outlets. The Gold jewellery industry of Shimoga is estimated to have an average annual turnover of approximately Rs 400 crores of which 46 percent is driven by unorganized players and individual goldsmiths. One can assume that the demand in the rural lands of Shimoga is large.
22 and 24 Karat Gold rates in Shimoga
In Shimoga, the leading jewellers and the local association have a major say in deciding the gold rates. Although sales of 24 Karat gold is limited there are inquiries for coins for investment and as souvenirs. The 24 Karat gold rate tends to get expensive than Bengaluru since dealers have to pay an extra margin and transportation costs too. In recent times, the presence of local refineries has helped overcome the rate variance. The 24 Karat gold rate is mostly derived on the international price and prevailing USD-INR rates. A costlier Dollar (rupee terms) results in costlier gold.
Gold rates for 22 karats and even lower purity such as 18 Karats is determined by the local association of jewellers. The association tallies several factors. These include the cost of gold, impurities (Platinum, Palladium, Silver, Nickel, Aluminium, Iron), cost of transportation, logistics, and expenses incurred on security. Individual jewellers may quote a rate different from the association rate.
Gold rate variance in Shimoga:
Gold rates in Shimoga can change two times a day although many jewellers would show only one rate throughout the day. Also, rates can vary at jewellers within the same locality. This is simply because different jewellers have a way to determine their margins and recover karigar fees.
Trustworthy and popular jewellers in Shimoga?
Jewellery Shops and showrooms conducting the organized jewellery business have a turnover exceeding Rs 250 crores per annum. Some of the bigger names in Shimoga includes Kalyan Jewellers, Malabar Gold & Diamonds, and Abharan Jewellers. Most of the popular bazaars of Nehru Road, Balraj Urs road, Durgigudi, Gandhi Bazaar, BH Road, and Savalganga road are housed by jewellers who have been active goldsmiths and designers for years.
One will find jewellers reasonable and courteous, but it is always advisable to inquire on the day’s gold rate and compare to save money. Use the Today gold rate service to ensure a happy shopping experience. Here’s a check-list of essentials while purchasing Gold.
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 Shimoga 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. 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.