[9tMax]

Originally Posted by ScorpMan

Though there is hardly any chances of foul play by someone as reputed as them, just make sure you got the proper Tax Invoice for the same. It would be lot easier and helpful at the time of selling.

Thanks Scorpman for relieving some of my tension. Yes, i have a full and proper invoice, just like any of their other jewellery.

[abhi.m]

Originally Posted by WindRide

Dude, why buy when the demand is greatest (meaning, investment cost is highest).
You are conciously and willingly timing the market wrong!!!

How stupid can people get....

I know this was posted a year back. I must tell you that you are calling people stupid for all the wrong reasons. Go do your research.

Firstly, nobody can time the market and live to tell the tale.
Secondly, metal prices (Gold/Silver etc.) are derived from the spot prices from Comex/Nymex rates which in turn are a function of demand and supply internationally based on the global economic scenario.

The demand in India, has little bearing on the prices we see in the physical market until bullion is in adequate supply and its usually adequate.

Originally Posted by Samurai

Superstition overrules all economic sense. Ever heard of this super auspicious day before 2004?

I absolutely on it being a NEW fad but its win-win for the consumer and jeweller because most jewellers come out with discount offers especially for Akshay Tritiya to attract customers since almost 100% of customers are acutal buyers on this day. No window shoppers.

Superstition yes but a good deal as well.

Originally Posted by 9tMax

I have recently purchased a 22 ct gold coin from Joy Alukkas, trusting them because of their brand image. But this coin does not have any BIS Hallmarking on it. Although all their other ornaments have the BIS Hallmark. On enquiry I was told that they don't go for the hallmarking for the coins as it involves additional expenditure.
But he put that coin in his XRF equipment and showed me that the purity level is 91.8% which is equivalent to 916KDM. Is this okay? Anyone else faced this kind of issue.
Also this coin does not have any packaging. He handed it over to me in a simple box, just like any other piece of jewellery.
Please share your experiences.

Well, I thought atleast a brand like Joy Alukkas would be honest with you when clearing your doubts. Hallmarking the coin wouldn't cost more than Rs.15 a coin! Also, I wouldn't generally rely on XRF equipments, not because of any problems with the equipment but because of the honesty issues with the operator. When they have to test a customer's ornament not bought from their own store, they would deliberately point the rays to a point on the ornament where the purity will show to be low and vice-versa. Tricks of the trade!!
Yes, 91.80% is alright because for any ornament/bullion to passs the hallmarking test, it has to exceed 91.60% purity.

Also, KDM is a solder used in making ornaments and has nothing to do with bullion.
Ideally i would suggest you buy 24kt bullion i-e 99.9% or 99.99% purity. Many jewellers are in the business of buying gold for cash from customers. Your selling price shouldn't be more than Rs 20 per gram lesser than the day's prevailing bullion rates. When in doubt, I would trust the banks or Tanishq probably.

[Technocrat]

Originally Posted by Samurai

Superstition overrules all economic sense. Ever heard of this super auspicious day before 2004?

actually Yes, Have heard it since my teens if not before. I agree it wasn't this popular as it is now but it has existed since a long time.

[carboy]

Anyone has idea of good, reliable place in Bombay to buy/get made good quality Silver jewellery. Preferably in the suburbs.

[diyguy]

Can anyone advise what is the deduction for selling back gold coin - 24 carat swiss gold 99.9% purity to same jeweller I purchased from? I called the store and they claim 3% off todays gold rate. Just wanted to be sure. I recall them telling me when I purchased from them that if we sell it back to them, the deduction is only 1%.

[nikhil1300]

Originally Posted by diyguy

Can anyone advise what is the deduction for selling back gold coin - 24 carat swiss gold 99.9% purity to same jeweller I purchased from? I called the store and they claim 3% off todays gold rate. Just wanted to be sure. I recall them telling me when I purchased from them that if we sell it back to them, the deduction is only 1%.

it depends from jeweler to jeweler and demand and supply in the market and usually the imported bars are now duplicated in India buy back is anywhere between 1% to 3%

[diyguy]

Originally Posted by nikhil1300

it depends from jeweler to jeweler and demand and supply in the market and usually the imported bars are now duplicated in India buy back is anywhere between 1% to 3%

Yes I ended up with 3% off their buy price, full cash transaction, so ok I guess. This worked out to approximately 5% off their sell price of the day.

[mohammedismail]

We Purchased Gold from Lalithaa Jewellers in Malleshwaram Bangalore who is quite famous for charging very minimal amount of Making charge/Wastage.

We fell for it and have been their Loyal Customers from past 2 years. Yesterday we visited the Store because we wanted to Sell Gold which was a Stone Necklace which we bought 2 years back from them.

This particular Necklace weighs 65 Grams with Stones and 56.XX Grams excluding Stones. When we bought we were told that they are not charging us for Stones as they had some offer running and they will only charge for the 56.XX Grams of Gold. And if we want to Sell the Necklace they will calculate price as of that day for 56.XX Grams of Gold which was a pretty good offer.

Little did we know that this was a FRAUD !

Co incidentally yesterday's price was the same price what We paid 2 years back for this Necklace so we were expecting around the same price what we paid earlier minus tax etc. I asked them to let me know the price because I want to exchange. The person came back to me saying there is 22 Grams of Stones in this Necklace so the net weight now will be 44.XX Grams and I'm Like WHAT ?

When translated I will be loosing 12 Grams worth of Gold which is 12*2788(Yesterday's Gold Rate) and amounts to 33456 !!

I spoke to the Manager there and he says the same thing that the Stone weight is included in the Net weight as well as Gross Weight which is not acceptable !

Because In the Tag when we bought the Gold Clearly Said 10 Grams Stone weight and 56.XX Grams Gold.

Please see the Invoice Copy below which says Gross Weight is 66.5 and Net Weight 56.5.

As per Yesterday's rate the Value of this necklace should be 55.5* = 1,54,734 but Lalithaa Jewellers gave me a quote of 1,24,941

This post is to make everyone aware to stay away from this particular Jeweller ! I don't know if I can take any step against them to recover my Money!

[WindRide]

Net wt. is always gross wt - stone wt. Consumer court is the obvious Grievance Redressal forum. Try talking to a 'friendly' lawyer on options.
Also try contacting the numbers mentioned in this article - http://timesofindia.indiatimes.com/c...w/20936218.cms

[KK_HakunaMatata]

Suggest you to not leave this here. First of all send a mail to the Lalitha jewellers on the mail ids provided in their website. In the mail clearly mention all the facts and also mention that you would be forced to approach consumer court if you don't get a proper response within 7 days.

In the meanwhile, if they have an account on FB / twitter post these facts tagging them. I think it should get sorted with this with their fear of social media. If nothing happens in a week, then approach consumer court.

[srishiva]

Just a question. Did you inquire in any other shop? Or get it weighed for the right weight of gold?

[mohammedismail]

Originally Posted by WindRide

Net wt. is always gross wt - stone wt. Consumer court is the obvious Grievance Redressal forum. Try talking to a 'friendly' lawyer on options.
Also try contacting the numbers mentioned in this article - http://timesofindia.indiatimes.com/c...w/20936218.cms

Originally Posted by KK_HakunaMatata

Suggest you to not leave this here. First of all send a mail to the Lalitha jewellers on the mail ids provided in their website. In the mail clearly mention all the facts and also mention that you would be forced to approach consumer court if you don't get a proper response within 7 days.

In the meanwhile, if they have an account on FB / twitter post these facts tagging them. I think it should get sorted with this with their fear of social media. If nothing happens in a week, then approach consumer court.

Thanks for your Input guys. I will send them an email now and let's see what they have to tell about it.
I tried contacting the number mentioned in the article it says Number does not exist.

Originally Posted by srishiva

Just a question. Did you inquire in any other shop? Or get it weighed for the right weight of gold?

No I did not try any other Jeweler because the Jeweler from whom I bought the gold itself denies there is 55.XX grams of Gold in the necklace!

[CRV2010]

I'm sorry about the whole matter that too by a reputed jeweler. One of my relative had been in the same situation however the jeweler later argued that the ornament was fiddled at a different place before coming to him and It was not the same original piece which he had sold to her. She let it go since the amount of grams was around 3-4.

[krcustoms]

my 2 cents about this is most of the gold sold in India is 18c.

yes I know its a huge claim but looks like there is a unspoken understanding among all the gold jewelers so even if you buy the gold from one place which is suppose to be 22c (even though its only 18c) and sell it at another its okay. see its like me scratch your back and you scratch my back.

A few years ago an Indian family from Australia bought a gold brick which was supposed to be 22c. when they took it to Australia they wanted to safe keep it in a bank. the bank had a simple rule. only 22c gold can be kept in the lockers. the bank did the test and guess what they found the fold to be only 18c pure even thought it was sold as 22c.

they rushed back (because a 1 kg of gold is like crores!!) and guess what the jeweler took the brick back without uttering a single word!!

go figure.

[WindRide]

Originally Posted by krcustoms

my 2 cents about this is most of the gold sold in India is 18c.

yes I know its a huge claim but looks like there is a unspoken understanding among all the gold jewelers

BIS 916 is 22ct gold. Diamond jewellery is 18ct. And coins/biscuits/bars are mostly 24ct. Are you hinting that the BIS 916 system is a massive fraud aided and abetted by the Govt Standards watchdog? That is serious allegation! There may be isolated cases of hallmark forgery, but to say all of us are getting fooled all the time is stretching it a little too far.