No hidden charges? How to check a gold price quote
, 1 min read
Plenty of shops say "no hidden charges". The easy way to check is to look at how the price is built. A single final number cannot be verified; a quote broken into its parts can.
The three lines of a proper quote
A proper quote for gold jewellery breaks down into three separate lines:
- Gold value: the day's gold rate multiplied by the weight of the piece. For 916 jewellery, that is the rate per gram for 22K gold times the weight in grams.
- Making charge: the cost of the labour and craftsmanship that turned the gold into jewellery. It is often shown as an amount per gram or per piece.
- GST: Singapore's goods and services tax, currently 9%, charged on the selling price of jewellery.
With those three lines in front of you, you can check each one: the rate against the shop's published rate for the day, the weight on the scale, and the making charge against what was agreed.
Ask for it broken down before you pay
A shop that is confident in its pricing will show you the breakdown straight away. If a quote only gives you one total, ask for the three lines before you pay.
At Minora Jewels we break every quote down before you pay a cent, and we publish our 916 rate every day on today's gold rate, so you can check the first line yourself. For how that rate is set, read How gold prices are set in Singapore.
Visit us
We are at 142 Dunlop Street, Little India. Walk in any time, no appointment needed. Plan your visit.
General information, not financial or tax advice. GST rules can change; check the current position with IRAS.