VGN Jewellers — Incorrect valuation of gold while repurchase of Gold

Address: Mumbai City, Maharashtra, 400080

This is with respect to the sale of bangle to VGN (originally bought from VGN). As per invoice the repurchase price will be 5% less than the price of Gold in VGN for 22 karat. On 21st Dec 2015, the rate was Rs. 2550 for 22 karat gold. As per the terms and conditions mentioned in the invoice, the calculation should be as below: Actual VGN Jewellers Weight while buying (Gram) 13 13 Weight while Selling (Gram) 12.83 12.5 Calculation of 91.6% 11.45 Rate (for 91.6% purity) 2550 2550 Amount 32716.5 29197.5 5 % deduction 1635.83 1459.88 Amount after deduction 31080.68 27737.63 From the above table, following is my complain: As per terms and conditions, the purity should be 91.60% i.e. 22 karat and the rate shall be of 91.60% i.e. Rs. 2550 per gram. In above table the bangle was of 91.60 % purity then there is no need of the re-computation of 91.60% of weight. The calculation should be done as per correct methodology and the differential amount should be given. Ravishankar Sharma [protected]@rediffmail.com