[Resolved]  Sri Krishna Jewellers - Abids - Hyderabad — Charging Gold wastage of 12 to 15 % for new purchase and improper bill

I feel, these people are charging a lot for making charges.

Sri Krishna Jewelers — more pricey

i bued a bracelet in sri krishna jewelers in adids they costd more than 25 % more than dat days gold price. i was shocked even these pepople r doing such a blah thing and foolling others



Be caution every one

This is not true at all this is wrong this man is talking Sri Krishna Jewellers is the best jewellers in Hyderabad and this man is an SKJ is the most trusted place in Hyderabad...

I dont know much about krishna jewellers. But one thing is for sure...any jeweller in India takes the consumer for a ride. Lets examine this case by case

(a) when you buy brand new jewellery the goldsmith/ merchant charges anywhere between 8-12% as wastage charges and also making charges which largely varies. Now i fail to understand one simple thing. How can any goldsmith worth his salt waste so much of gold during these days. In the olden days probably because of low technology used and as such cost of gold was not that much, probably wastage as high as 8-12% was acceptable. With the advent of newer technologies and skyrocketing gold prices, it is just unbelievable that they still charge the same amount of wastage.

(b) case2 : when you want to exchange your old jewellery for a new one or when you want to modify your old item to some thing more contemporary :
In this case, the loss is compounded because, to start with the goldsmith buys your gold at lesser price than the market price ( anywhere between INR 50 -150 less) be it KDM, HAllmark or whatever.
Secondly he calculates the value at 91.6% ( if KDM) of the total weight, citing wastages in the smelting process. i.e if you went to a gold merchant with an old chain of yours which weighs 21.56 gms, he straight away decreases it by 0.56- .75 gms citing some dust and oil which is deposited on your chain. Effectively your chain now weighs at 20 gms.
Further, he calculates at 91.6% of 20 gms citing wastage i.e 91.6% of 20 g is 18.32g. So he buys gold weighing 21.6gms at 18.32 gms at Rs 50-150 less than the market price. WOW ...Eureka...He has made a fool out of you by this time. Now that you eant the newer jewellery, he'll again add wastage to the required amount of gold at 8-12% as told earlier. i.e, if you want to buy 20 gms of new gold chain, he'll caluculate it at 21.6 (considering 8% wastage).

Moral of the story, you go to a gold merchant and ask him to buy your old gold chain weighing 21.56gms, he'll pay for 18.32gms at reduced price of Rs 50-150/gm of the market price. While you ask him to return the same gold chain once you've sold it he'll ask you to pay for 23.3 gms. Effectively just to trade gold he is making a commission of approximately 5gm. What a profitable business.

Now my question is has anybody in India taken up this matter with any consumer court or other courts as some sort of illegal/ unethical practice. If yes what is the result, if no can't anyone take up this matter with proper authorities?

My first gold buying experience. Krishna Jewellers in Banjara hills are big cheater. They keep extra[protected] rps per gram compare to gold rate. I bought a pair of ear rings of 23 grams with stone. They told 24% is the making charge for the ear ring, later they came down to 12% on bargain. But after that also since they kept extra 1500 per gram, and had no idea about that day's rate in Hyderabad, and the near by shops also has same kind of price, I am fooled by them. That day actual rate 2740 per gram, but I paid 2880 per gram along with stone. And they did not even give printed bill. I lost around 15K straight. Also I feel they cheated in weight too, as the ear ring is netted and stone studded. But they told only 0.3 gram stone is there. Be careful when you buy from these kind of shops.