How is the worth of old jewellery calculated?
How is the worth of old jewellery calculated?
The old jewellery is melted, and then an XRF machine is used to confirm its purity. The average value obtained from three readings is thought to represent the true purity of the old gold. The melted gold is then weighed one more time. This new purity and weight are used to determine the final price. The cost of the new gold jewellery is modified to reflect the worth of the old jewellery if you are happy with the current pricing.When exchanging antique jewellery, is it required to melt it?There's no need to melt old jewellery if you bring it back to the store where you originally purchased it. While some jewellers may swap your old jewellery without having to melt it, they will take off 25–30% as waste. As the purity of hallmarked jewellery (22k/18k/14k carat) is verified by the Bureau of indian Standards (BIS), it does not need to be melted.Now let's see an example.Let us take the 18k gold price to be Rs 5000 and the 22k gold price to be Rs 6000. You wish to trade in your old, 20-gram jewelry for a new one that weighs the same. This rate indicates that the cost of your new jewelry is Rs 1.20 lakh, whereas the cost of your old jewelry is Rs 1 lakh. When altering your jewelery, will you only have to pay the Rs 20,000 difference between these two values? No. In addition, you will be responsible for paying GST, and the store may impose a waste penalty. A waste charge is applied to the entire cost of the new jewelry.
The old jewellery is melted, and then an XRF machine is used to confirm its purity. The average value obtained from three readings is thought to represent the true purity of the old gold. The melted gold is then weighed one more time. This new purity and weight are used to determine the final price. The cost of the new gold jewellery is modified to reflect the worth of the old jewellery if you are happy with the current pricing.When exchanging antique jewellery, is it required to melt it?There's no need to melt old jewellery if you bring it back to the store where you originally purchased it. While some jewellers may swap your old jewellery without having to melt it, they will take off 25–30% as waste. As the purity of hallmarked jewellery (22k/18k/14k carat) is verified by the Bureau of indian Standards (BIS), it does not need to be melted.Now let's see an example.Let us take the 18k gold price to be Rs 5000 and the 22k gold price to be Rs 6000. You wish to trade in your old, 20-gram jewelry for a new one that weighs the same. This rate indicates that the cost of your new jewelry is Rs 1.20 lakh, whereas the cost of your old jewelry is Rs 1 lakh. When altering your jewelery, will you only have to pay the Rs 20,000 difference between these two values? No. In addition, you will be responsible for paying GST, and the store may impose a waste penalty. A waste charge is applied to the entire cost of the new jewelry.