Gold is an important financial commodity in Chennai, the capital of Tamil Nadu. Chennai city ranks above all other cities in India when it comes to gold trade. This cosmopolitan city ranks high amongst the maximum number of purchases and sales of gold in India when compared to other cities in the country.
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Let’s take a look at the gold rate in Chennai. (See table below…)
Gold Rate In Chennai Today
|Date||PureGold 24K (1gm)||PureGold 24K (8gm)||Std Gold 22K (1gm)||Std Gold 22K (8gm)|
In Chennai, the gold rate is decided by the jeweler’s association in the city. Some jewelers decide their own rates rather than that of the associations.
The Indian bullion and jeweler’s association (IBJA) is 100 years old. It publishes gold rate daily, twice a day, morning and evening for gold of 999, 995 and 916 purities of gold. The gold rate given by the IBJA is followed the Indian government to arrive at the price of the sovereign gold bonds, they issue.
3% GST is added to the calculation. Additional costs are included like transport charges, the cost of guards is needed during transport and cost of insurance are also needed.
The jeweler’s association is based on the demand and the flexibility. They decide whether to give a discount on the rate. If the demand is high, not discount is given and when the demand is low, the discounts will be high.
Jewelers also have other charges like making charges, wastage charges, etc.
Gold jewellery market in Chennai
The gold market in Chennai is one of the biggest in India.
T-Nagar is considered as the golden corridor/golden zone which accounts for a significant share of the gold sold in Chennai.
In 2015, it was suggested that T-Nagar alone sells about 17% of gold (150 tonnes).
The showrooms like GR Thangamaligai (GRT) and Kalyan jewelers are 50 years old. These two showrooms are in T-Nagar, Chennai. The square feet of GRT is 50000 and square feet of Kalyan jewelers is 40000.
There are also other jewellery showrooms at t nagar which are at walkable distance. The walkable distance showrooms like GRT and Kalyan jewelers. They are Tanishq, Lalithaa Jewellery, NAC Jewellers, Malabar Gold, Prince Jewellery, the LKS Gold House, Sri Kumaran, Kerala Jewellers, Saravana Stores, Nalli Jewellers (a 30000 square feet showroom) and Joy Alukkas (another 30000 square feet showroom).
Gold jewellery ornaments in chennai
According to the recent survey by the world gold council, bangles and chains are the most popular gold jewellery ornaments in Chennai and contribute between 30% to 40% of the demand.
Necklaces contribute between 15% to 20% and rings, earrings and finger rings contribute between 5% to 15%.
The demand of gold jewellery in chennai
The demand for gold jewellery in Chennai remains on bridal jewellery (50% to 55%).
Daily wear jeweler contributes about 35% to 40% of gold demand and fashion jewellery contributes about 5% to 10% of gold demand.
Chennai gold jewellery – the brides wear
According to the recent survey of the world gold council survey, not only mangalsutra, but also these gold bangles are important. They are Muthu Valayal, Lakshmi Valayal, and Kemu Valayal.
Earrings like Kempu Kal Jhimkki occupies first place.
Necklaces like Lakshmi Haram and Muthu Haram are the famous one.
The ottiyanam, nethichutty and jadai billai are also important as it is the vella kal mookhuthi (nose ring).
Occasions – the Chennai buy its gold
The occasions like wedding season and festivals like Diwali/dhanteras, Akshaya Tritiya, Pongal,tamil new year and Makara Sankranthi are the gold-buying occasions in Chennai.
They also buy gold for birthdays and anniversaries.
Disclaimer: Goldandsilverrate.com makes every possible effort to ensure the accuracy of information in displaying prices of gold in the particular city. Goldandsilverrate.com makes no guarantee or warranty on the accuracy of the data provided on the page. The information about the prices is only for information purpose alone. There maybe some variance in the rates and hence customers are recommended to consult with their registered adviser to assist with their investment over buying and selling of the precious metal.