Gold Set
Gold Set
How are Indian gold prices (not jewelery) set?
Do they mirror international markets? Also are there any taxes included in the prices?
Gold cannot be taxed first of all.
Second, every jewelry store will vary in markups. Bigger populated 24k markets in New York, Chicago, LA, etc.. will have more competition thus driving prices lower.
I've seen them as low as 30% markup in Chicago, and as high as 40-50% markup in Atlanta. This is AFTER NEGOTIATING the price given to you on the set itself. They WILL ALWAYS NEGOTIATE if they are a true Indo/Pak jewelry store.
To get an idean of what you should be paying would be calculated depending on the GOLD SPOT price, which can be viewed by going to http://www.goldprice.org or http://www.kitco.com (harder to read, but it's the site all jewelers use).
If for example spot is $1,000- in a major market you should be paying around $1,300 for an ounce of gold jewelry. In a smaller market you should be paying around $1400-$1500.
Hope this helps! And ALWAYS NEGOTIATE- if you start walking out the door- TRUST ME THEY WILL CALL YOU IN. Desi people don't use buzzer locks for when you leave also for no reason! You know how sneaky we can be, 
ALL OTHER GOLD IS BY SPOT, THERE IS NO DIFFERENCE IN "INDIAN" "ITALIAN" "DUBAI" "US" GOLD, GOLD IS GOLD- IT'S ALL THE SAME- AND CONSTANTLY MIXED (MELTED TO CREATE NEW JEWELRY/BULLION). SO TO ACTUALLY TELL YOU WHERE ANY GOLD IS MINED WOULD BE A LIE.
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