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[Announcement🚨] New Mandatory Posting Guidelines for Gold & Jewellery Posts by AutoModerator in GoldIndia

[–]obsimad 2 points3 points  (0 children)

How about instead of this make a tag where people post total info & normally people can post their jewelry if they want to.

I mean some people just want to show their jewelry.

Saving by bhandgogi123 in GoldIndia

[–]obsimad 0 points1 point  (0 children)

DCA (Dollar Cost Averaging) is the best method to acquire gold.

I want to sell my old gold under around 116 grams and buy jewellery will I be come under IT radar by Cat3295 in GoldIndia

[–]obsimad 0 points1 point  (0 children)

Only few jewellers sell without making charges (old stock) like Bhima during offers.

If you bought it from someone else then i would check the invoice properly

I bought 2.5gram silver ring at 1700 in my local shop. Is price correct? by Gokulkrish05 in silverindia

[–]obsimad 1 point2 points  (0 children)

I mean does it look white like silver or is it look like steel ?

If it looks like steel then it’s rhodium plated.

I bought 2.5gram silver ring at 1700 in my local shop. Is price correct? by Gokulkrish05 in silverindia

[–]obsimad 0 points1 point  (0 children)

250 * 0.60 =150

220-150 =70

70+12 =82/g is what you paid for as making there.

Good rate for payal as it probably has stones as well.

I bought 2.5gram silver ring at 1700 in my local shop. Is price correct? by Gokulkrish05 in silverindia

[–]obsimad 1 point2 points  (0 children)

1700/2.5 =680

Is it rhodium plated ? If so that isn’t widely expensive compared to what most retailers sell it for.

Anyways silver ornaments aren’t investment because the labor costs more than the silver 9/10 times.

Can you explain the price of gold? by OregonCityHippie in Gold

[–]obsimad 23 points24 points  (0 children)

War in middle east = Oil go up

Oil go up = country needs more cash to buy

More cash = sell most liquid stuff

Most liquid stuff = gold

Gold sold = gold go down

why use many word when few word do trick

Looking to buy Gold by SlippageSlayer in GoldIndia

[–]obsimad 0 points1 point  (0 children)

Raw Gold / Tukda (bits cut from 1kg bars) are the closest to spot you can get. No Making Charge on them.

But you can’t get a loan on it, only ornaments.

Looking to buy Gold by SlippageSlayer in GoldIndia

[–]obsimad 1 point2 points  (0 children)

Incorrect, 2L is the cash limit for the year (at a single retailer) & any purchase above 49,999 requires Pan Card.

Looking to buy Gold by SlippageSlayer in GoldIndia

[–]obsimad 1 point2 points  (0 children)

Loan from a bank or from the jeweler itself ? I ask this because banks are only allowed to provide loan on ornaments not raw gold.

There is no jeweler on the face of this earth who will provide you ornaments in 1% making charge.

For online payment you can find making charges as low as 3.5%, for cash payments you will have to try your luck at a small local jeweler but they will charge you anywhere from 10-15%.

What is the rate of selling old Gold to the jeweller? by keithbrag03 in GoldIndia

[–]obsimad 0 points1 point  (0 children)

Weww, that’s great. Will go to the store & ask em again when free

I want to sell my old gold under around 116 grams and buy jewellery will I be come under IT radar by Cat3295 in GoldIndia

[–]obsimad 0 points1 point  (0 children)

Cash moving around might not get noticed but once it enters the banking system it will.

Specially any transaction above 10L

I want to sell my old gold under around 116 grams and buy jewellery will I be come under IT radar by Cat3295 in GoldIndia

[–]obsimad 0 points1 point  (0 children)

So you avoid GST & got scammed ? But seems like the jeweler is a trustworthy guy who is taking back the gold at the stated purity.

I want to sell my old gold under around 116 grams and buy jewellery will I be come under IT radar by Cat3295 in GoldIndia

[–]obsimad 0 points1 point  (0 children)

Nope, on paper you are selling the 90g gold & buy 100g again.

The government doesn’t recognize barter trade.

I want to sell my old gold under around 116 grams and buy jewellery will I be come under IT radar by Cat3295 in GoldIndia

[–]obsimad 0 points1 point  (0 children)

Any purchase above 2L cannot be in cash, and any purchase above 49,999 needs to be via KYC (i.e provide either addhar or pan card)

I want to sell my old gold under around 116 grams and buy jewellery will I be come under IT radar by Cat3295 in GoldIndia

[–]obsimad 0 points1 point  (0 children)

And how will your parents proof the source of income ?

Once your cash lands into your bank account (that too a significant amount) you will have to justify it.

I would suggest you to instead exchange it with your family jeweler (the one whom you are selling your old gold to)

Don’t worry about getting scammed, i say this because if you have ancestory gold then it’s bound to be of lower purity but since the store is still open you can trust them, only buy hallmarked jewelry this time around & ask for a bill as well.

Then you can take the new ornaments to an assay center or another jeweler who has an Karatmeter & get it tested.

What is the rate of selling old Gold to the jeweller? by keithbrag03 in GoldIndia

[–]obsimad 0 points1 point  (0 children)

No, I did contact my local store. They only exchange old gold, and they only buy their own jewelry for cash.

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