Best place to sell gold in Chiang Mai?

[M71]

 

Can anyone suggest where to get the best price for gold jewelry [Thai gold] in Chiang Mai or are the prices much the same in all of the gold shops?

 

 

Cheers

[beachproperty]

Your best off selling gold in the same place you bought it (each place stamps their gold with a special insignia). Barring that you will get burnt on the price of gold

[Paul Catton]

I believe your best price would be in one of the "gold trading" shops located in the Warorot Market area.

 

Price for buying / selling is usually displayed and in most cases has no bearing upon an origination.

 

Rule of thumb would be, whichever of these premises has the most clientele waiting to trade either up or down their holding of "gold security" would be the one to attend.

Patience has to be a virtue.

 

Any ornate jewellery that had an added significant cost involved through goldsmith craftsmanship when purchasing would revert back to weight base value.

 

Opal I am sure, would love to be adorned like "Mr T", so am keeping well away from Thai "gold shops" .

 

Best of luck in conversion.

[meechai]

Gold price is World spot linked so all better shops should be the same.

 

The only difference you see is due to the fact Thai Gold is only 96.5% 1 baht weight

World spot is based on 99.9% 1 Troy ounce weight

 

1 Thai baht gold = 15.244 grams x 0.965 = 14.71046 grams when converted to 99.9% troy ounce compare

 

 

[EricTh]

I found out that different shops in Chiang Mai sell their gold at different rates when I went to make a gold ring even on the same day.

 

Finally, after hunting around many shops, I found a shop that is relatively large (with around 7 employees), gold price and labor charge are reasonable and the manager is quite honest. He talks slowly in Thai.

 

It's situated in Warorot market just under the pedestrian bridge. I can't remember the name of the shop as it's written in Thai. 

 

Don't go for the very small gold shops (with one or two employees) as these shops usually sub-contract to the bigger shops and earn some commission.

 

Edited March 22, 2018 by EricTh

[Justfine]

5 hours ago, meechai said:

Gold price is World spot linked so all better shops should be the same.

 

The only difference you see is due to the fact Thai Gold is only 96.5% 1 baht weight

World spot is based on 99.9% 1 Troy ounce weight

 

1 Thai baht gold = 15.244 grams x 0.965 = 14.71046 grams when converted to 99.9% troy ounce compare

 

 

Thanks for that.

[meechai]

9 hours ago, EricTh said:

I found out that different shops in Chiang Mai sell their gold at different rates when I went to make a gold ring even on the same day.

Well it is of course a moving target just as the World Spot is

http://www.kitco.com/market/

 

In the time it takes to drive to another shop price can change too.

But that is because price at world level has changed

But unless it is a very volatile day you should not be seeing much

 

What you may also be seeing is fabrication charges for jewelry difference

because your making a ring not buying bullion

 

But again price of "Gold" is world spot priced

[EricTh]

9 hours ago, meechai said:

Well it is of course a moving target just as the World Spot is

http://www.kitco.com/market/

 

In the time it takes to drive to another shop price can change too.

But that is because price at world level has changed

But unless it is a very volatile day you should not be seeing much

 

What you may also be seeing is fabrication charges for jewelry difference

because your making a ring not buying bullion

 

But again price of "Gold" is world spot priced

Different shops mark up the gold price differently, they do want to make more profit if they can.

 

I have seen different gold price quoted just 5 minutes apart from different shops. Gold price is not that volatile. So do shop around.

 

Yes, I didn't buy bullion but a ring which included the gold price per gram excluding labor charge. 

 

Edited March 23, 2018 by EricTh

[meechai]

27 minutes ago, EricTh said:

Yes, I didn't buy bullion but a ring which included the gold price per gram excluding labor charge. 

 

 

This will make it easy for most to understand

Gold price is Spot period

https://www.goldbroker.com/charts/gold-price/thb

 

What messes folks up is converting 96.5 to 99.9  or oz to baht

Edited March 23, 2018 by meechai

[EricTh]

4 minutes ago, meechai said:

 

This will make it easy for most to understand

Gold price is Spot period

https://www.goldbroker.com/charts/gold-price/thb

 

You don't seem to understand, not every shop in Thailand mark up the same way.

 

It's just like exchanging money at the banks and money changers, each money changer sell it at different prices.

 

These spot prices and currency exchange prices are just guidelines and not absolute prices. Different shops mark up the prices differently to earn more profit. If competition is high, the markup is low etc.

 

http://www.xe.com/currencycharts/?from=THB&to=USD&view=1Y

Edited March 23, 2018 by EricTh

[meechai]

2 minutes ago, EricTh said:

 

You don't seem to understand, not every shop in Thailand mark up the same way.

Yes I have lived in Thailand & dealt gold for many many years I think I do understand

 

But you bought a ring & think it is some kind of variable due to your experience

If instead you were buying 100+ baht weight at a time you would know

 

Anyway, I posted info folks can read

 

[EricTh]

3 minutes ago, meechai said:

Yes I have lived in Thailand & dealt gold for many many years I think I do understand

 

But you bought a ring & think it is some kind of variable due to your experience

If instead you were buying 100+ baht weight at a time you would know

 

Anyway, I posted info folks can read

 

The starter of this thread said he wants to buy gold jewellery and not gold bullion of 100 baht weight.

 

Yes, I have not bought any 100 baht weight bullion before so I didn't comment on those prices.

Edited March 23, 2018 by EricTh

[meechai]

38 minutes ago, EricTh said:

The starter of this thread said he wants to buy gold jewellery and not gold bullion of 100 baht weight.

 

Yes, I have not bought any 100 baht weight bullion before so I didn't comment on those prices.

555 sorry I give up

 

For everyone else....Gold price is gold price period

1baht -100 baht weight does not matter

 

Yes jewelry has a small up charge of sellers choice but usually 500-1000 THB per

You pay up when buying ornament/jewelry & lose some when selling it

Again-Against Spot Price as always

 

Like this

http://thaigoldprice.plazagold.com/

 

Edited March 23, 2018 by meechai

[Dante99]

10 minutes ago, meechai said:

555 sorry I give up

Understandable, he is a tough one, not just about gold. Others have tried also.

[scottiejohn]

2 hours ago, EricTh said:

The starter of this thread said he wants to buy

I do not think so!  Look at the title "Best place to sell gold in Chiangmai".  I think the OP wants to sell!

PS maybe the text implies the opposite.  See next post.

Edited March 23, 2018 by scottiejohn
Added PS

[scottiejohn]

On ‎22‎/‎03‎/‎2018 at 6:43 AM, M71 said:

Can anyone suggest where to get the best price for gold jewelry [Thai gold] in Chiang Mai or are the prices much the same in all of the gold shops?

There seems to be some confusion by some posters,

are you;

1. Selling gold

2. Pawning gold for short/mid term loan

3. Buying gold (bullion)

4. Buying gold items (rings etc)

 

[Wandr]

1 hour ago, meechai said:

555 sorry I give up

 

For everyone else....Gold price is gold price period

1baht -100 baht weight does not matter

 

Yes jewelry has a small up charge of sellers choice but usually 500-1000 THB per

You pay up when buying ornament/jewelry & lose some when selling it

Again-Against Spot Price as always

 

Like this

http://thaigoldprice.plazagold.com/

 

Unfortunately, no.

The Thai gold association (not exact name) publishes the changing gold price on its website, but shops can mark it up.

I have bought and sold bullion in Chonburi and Bangkok. In Bangkok's Chinatown shops will sell at the published price.

In Pattaya no shop will sell at the published price. Some want as much as 1000 baht per baht weight MORE than the current published price. This is for bullion, not jewelry.

I don't know about Chiang Mai, but it could be that a Pattaya type situation exists there also. I am planning on checking in the coming days and I won't be surprised if I run into a mark up situation.

[EricTh]

3 hours ago, scottiejohn said:

I do not think so!  Look at the title "Best place to sell gold in Chiangmai".  I think the OP wants to sell!

PS maybe the text implies the opposite.  See next post.

 

Whether you're buying or selling, that's no fixed price.

 

There's usually a markdown price below the published gold price for SELLING. Different shops will mark down at different percentage. 

 

It's still best to shop around for the best price, Warorot has the most gold shops within walking distance. It's best to bring along a Thai friend to bargain, foreigners usually get the worst price quotation.

 

 

Edited March 23, 2018 by EricTh

[EricTh]

3 hours ago, Wandr said:

 

I don't know about Chiang Mai, but it could be that a Pattaya type situation exists there also.

 

I have asked around several shops in Chiang Mai's Chinatown ie. Warorot where I bought my gold ring.

 

Different shops within walking distance quoted at different prices.

Edited March 23, 2018 by EricTh

[M71]

Thanks everyone for your thoughts - we sold about 0.5 kg of gold jewelry and the store buying price was around 800 baht less than the daily selling price.

 

Checked all the Worowat market stores and ended up selling to one of the gold shops in Lotus department store - same price as Worowat would give us.

 

Interesting that one place told us they would give 1800 baht less per baht weight than the selling price as it was 'old gold' :-)

 

Seller beware.

[EricTh]

3 hours ago, M71 said:

Thanks everyone for your thoughts - we sold about 0.5 kg of gold jewelry and the store buying price was around 800 baht less than the daily selling price.

 

Checked all the Worowat market stores and ended up selling to one of the gold shops in Lotus department store - same price as Worowat would give us.

 

Interesting that one place told us they would give 1800 baht less per baht weight than the selling price as it was 'old gold' :-)

 

Seller beware.

 

I presume it is 800 baht per baht weight less than selling price? 

 

There's no such thing as old gold and new gold just the purity/percentage of gold.

 

Gold price has gone up due to the trade war between USA and China reported these few days.

 

 

 

[since2003]

7 hours ago, M71 said:

Thanks everyone for your thoughts - we sold about 0.5 kg of gold jewelry and the store buying price was around 800 baht less than the daily selling price.

 

Checked all the Worowat market stores and ended up selling to one of the gold shops in Lotus department store - same price as Worowat would give us.

 

Interesting that one place told us they would give 1800 baht less per baht weight than the selling price as it was 'old gold' :-)

 

Seller beware.

0.5 kg gold = 500 grams = ca 33 baht-weight = ca 640,000 baht (19,400 baht pr baht weight)

 

So your wife looked a little bit like Mr. T -- with 640,000 baht with of gold around her neck, before you sold it all. LOL!

[since2003]

[Sandy Freckle]

Just hypothetically..., what about nuggets ?