gold buyers getting royally fleeced by jewellers | hyderabad news - times of india

by:Joacii     2020-05-01
Hyderabad: almost all customers who buy gold jewelry are deceived by the city\'s jewelry owners, and the amount obtained from them ranges from Rs 2,500 to Rs 7,500 for precious metals purchased every 10 grams.
On Friday, the outgoing Fiat metering controller, r p Thakur, introduced several technologies used by gold sellers to the public, including Hyderabad\'s leading jewelry store, to deceive customers.
The main way for jewelers to cheat people is to sell low carat gold and charge a high carat fee.
\"Gold jewelry can only be made of 22 karat gold, while diamonds and other gems --
Inlaid gold jewelry can only be made in 18 k gold.
However, jewelry dealers usually charge customers a price of 24 k gold.
By doing so, the jeweler gets an extra profit of Rs 2,500 to Rs 7,500 per 10g.
This fraud is widespread in diamonds and other gems --
\"Sales of inlaid jewelry,\" said Thakur.
According to the statutory measurement officer, by using a simple formula, one can easily calculate the price of gold for each grade of purity.
If the price of 10 grams of gold with 24 k purity is 30,000, the customer can use a simple formula (
22/24x30,000 = RS 27,500)
Calculate the gold price of 22 karat, while the gold price of 18 karat is 18/24x30,000 = 22,500 rupees.
So those who buy gold with diamonds or other gems get Rs 7,500 per 10g of gold because they pay 24 k of gold, and they got 18 k gold.
The second main way for jewelers to cheat customers is to charge high fees for waste.
While making decorations, some gold will be wasted, while at the same time as selling the decorations, the jewelry chamber will recover the cost from the customers.
In the jewelry purchase receipt, the customer can clearly see the waste and charges.
According to government regulations, for inlaid jewelry (
Gold and Platinum)
The jeweler claims that the waste cannot exceed 9% of the net weight of the metal, for non-
No more than 3 designer jewelry. 5%.
For coins, cookies and medals, waste can not exceed 1. 25% .
\"But it is observed that several jewellers, including the very popular jewellers, have been claiming to charge between £ 15 and £ 25% in damages.
This means that Jewelers illegally earn extra rupee profits every day, \"said a senior legal measurement official.
The third way to Conning is in the bill.
According to the rules, the receipt shall contain the total weight (
Weight of decorations)
Items purchased and net weight (
Gold weight for decoration).
However, the jeweler stated the total weight on the net weight column, because the customer was so masked that the actual amount of gold was used when making the decorations.
Another way is that while selling inlaid jewelry, the merchant will not deduct the weight of the stone from the total weight of the ornament.
By doing so, he charged the customer the price of gold for the whole ornament, while in reality he had to deduct the weight of the stone used.
It was also pointed out that although there are clear rules for using weighing scales with 1 mg accuracy, only 60 jewelers in the state are using these weighing scales.
Where the error is allowed to be large, the remaining jewelers continue to use the 10 mg precision scale.
If any such misconduct is found in a jewelry store, the legal metrology controller recommends that the customer immediately file a complaint with the legal metrology detective by sending a 9490165619 text message or making a 18604253333 call, or send an email to the conning glitterally jeweler who sells low carat gold and high carat gold buyers with diamonds or other gems will get 7,500 rupees for every 10 grams of gold they buy, because the price they pay for 24 k gold is 18 k gold: while selling inlaid jewelry, the merchant will not deduct the stone weight from the total weight of the ornament. Another major way for jewelers to cheat customers is to charge high fees for waste. Download the Times of India news app for the latest
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