RandolphGB Posted March 24, 2018 Share Posted March 24, 2018 I was just looking at some of the gold jewellery at a shop in Bangkok and noticed how cheap it was compared with the West. For example, a 7.5g bracelet of 23kt gold (96% fineness) was just over 11,000 baht (353 USD). The scrap value of that amount of gold is 9700 baht (311USD). That's a 1,300 premium for a piece of crafted jewellery. This seems way too low. In the west jewellery is double or triple the gold value. Why is this? Are all these gold stores around Thailand selling dodgy gold jewellery? Surely not. I wouldn't be able to test the gold first unless I had a laser machine. Is it actually solid gold? Any feedback from someone with experience of Thai gold would be much appreciated. Thanks Link to comment Share on other sites More sharing options...
Popular Post JOC Posted March 24, 2018 Popular Post Share Posted March 24, 2018 The explanation is very simple....Labor is cheap here.... 8 Link to comment Share on other sites More sharing options...
ChidlomDweller Posted March 24, 2018 Share Posted March 24, 2018 Is it trustworthy though? It would be so easy to pull the wool over most customers' eyes. 1 2 Link to comment Share on other sites More sharing options...
janclaes47 Posted March 24, 2018 Share Posted March 24, 2018 As said already, labour is cheap here, then also look at the finishing details compared to a western piece. Link to comment Share on other sites More sharing options...
Popular Post starky Posted March 24, 2018 Popular Post Share Posted March 24, 2018 23 minutes ago, JOC said: The explanation is very simple....Labor is cheap here.... It's even simpler than that you basically only pay for the Gold weight not the manufacture, not the shop rent and not the outrageous mark up that comes with jewellery stores outside of Asia. 5 Link to comment Share on other sites More sharing options...
janclaes47 Posted March 24, 2018 Share Posted March 24, 2018 1 minute ago, starky said: It's even simpler than that you basically only pay for the Gold weight not the manufacture, not the shop rent and not the outrageous mark up that comes with jewellery stores outside of Asia. No you're not, because the gold price for unfinished product and the price for jewellery are clearly displayed in the every shop. 1 Link to comment Share on other sites More sharing options...
Popular Post JOC Posted March 24, 2018 Popular Post Share Posted March 24, 2018 42 minutes ago, ChidlomDweller said: Is it trustworthy though? It would be so easy to pull the wool over most customers' eyes. Have you ever heard about a Thai gold shop refusing to buy back gold sold by them? No, I didn't think so... 5 Link to comment Share on other sites More sharing options...
tropo Posted March 24, 2018 Share Posted March 24, 2018 3 minutes ago, starky said: It's even simpler than that you basically only pay for the Gold weight not the manufacture, not the shop rent and not the outrageous mark up that comes with jewellery stores outside of Asia. You most certainly do pay for the manufacturing cost of the gold. It is usually somewhere between 750 baht to 1500 baht per 1/2 baht (1 baht is 15.16 grams) measure of gold jewelry. Some shops charge per baht while others charge per 1/2 baht. You can negotiate this cost and often you'll see it discounted. The manufacturing price depends upon the intricacy of the jewelry and often is higher these days because they use a lot of colour in the jewelry. It is actually 96.5% gold purity, not 23 karats. For example, at Aurora Gold Shop I recently paid 3200 baht for a 2 baht gold bracelet. That was discounted from their normal price of 1000 baht per 1/2 baht manufacturing cost. Yes, I know, you can get much cheaper, but my wife specifically liked the item they had in this gold shop. With jewelry and women, it's often about the item rather than the cost. The gold costs the same in every shop at any particular point in time. They check the spot price often throughout the day. You can also find 99.9% (24k) gold jewelry in Thailand. Prima Gold shop is one example. Here you'll pay MUCH higher manufacture costs than at the typical gold shops, but the standard of craftsmanship is much higher too. For anyone who wants pure gold jewelry and doesn't mind paying high manufacturing costs, this is the shop for you. It is magnificent jewelry. If you're after 18k gold jewelry you're probably better off ordering it online or in your own country. 1 Link to comment Share on other sites More sharing options...
tropo Posted March 24, 2018 Share Posted March 24, 2018 1 minute ago, JOC said: Have you ever heard about a Thai gold shop refusing to buy back gold sold by them? No, I didn't think so... I've never been refused buy back of gold sold by another shop either. At my favourite shop, they give me the same price as their own gold. Some shops will give you less. They will do a test on it. Some shops keep business in-house by offering an extra good rate when buying back their own jewelry. 1 Link to comment Share on other sites More sharing options...
RandolphGB Posted March 24, 2018 Author Share Posted March 24, 2018 Thats interesting. The finish is definitely less polished that western jewellery. Thai seems very bright and rough.For me I would rather pay closer to the market price of gold. It also seems like better as an investment to buy Thai gold here, because places in the UK or even Thailand will still buy it back as scrap value, so a rise in the metal value would cover the cost of the jewellery premium.Is there anywhere in Thailand to buy scrap gold before it is sent to be melted?Sent from my iPhone using Thaivisa Connect Link to comment Share on other sites More sharing options...
Chrisdoc Posted March 24, 2018 Share Posted March 24, 2018 It is traditional for Thai's to invest spare money in gold. They don't trust the bank so they wear their savings around with them. That is why it is so pure and true gold colour. In western countries more money is spent in the craftsmanship so it is not as pure as thai or Indian gold. I believe you can easily check gold's purity with a magnet. If it is close to pure it is not magnetic. Sent from my SM-G900I using Thailand Forum - Thaivisa mobile app Link to comment Share on other sites More sharing options...
Popular Post tropo Posted March 24, 2018 Popular Post Share Posted March 24, 2018 10 minutes ago, RandolphGB said: Thats interesting. The finish is definitely less polished that western jewellery. Thai seems very bright and rough. For me I would rather pay closer to the market price of gold. It also seems like better as an investment to buy Thai gold here, because places in the UK or even Thailand will still buy it back as scrap value, so a rise in the metal value would cover the cost of the jewellery premium. Is there anywhere in Thailand to buy scrap gold before it is sent to be melted? Sent from my iPhone using Thaivisa Connect Gold is gold no matter scrapped or not. If you want to buy pure gold at a better price, buy the gold bars (bullion) they offer in ALL gold shops here. You don't understand the idea behind the Thai gold jewelry here. It's a way for ladies to enjoy wearing their gold rather than just leaving it in a safe, without forking out a lot of extra money to produce it. They often trade in their jewelry for new pieces, so durability is not really an issue. They can usually get a trade in for 1000 - 2000 baht. All they do is pay the manufacturing cost when they trade. 3 1 Link to comment Share on other sites More sharing options...
Popular Post tropo Posted March 24, 2018 Popular Post Share Posted March 24, 2018 5 minutes ago, Chrisdoc said: It is traditional for Thai's to invest spare money in gold. They don't trust the bank so they wear their savings around with them. That is why it is so pure and true gold colour. In western countries more money is spent in the craftsmanship so it is not as pure as thai or Indian gold. I believe you can easily check gold's purity with a magnet. If it is close to pure it is not magnetic. Sent from my SM-G900I using Thailand Forum - Thaivisa mobile app LOL> they don't use a magnet to test it when you bring it in to sell. They use a blow torch if it's from a different shop, as well as the scale, of course. They know their gold - you won't fool them. 2 1 Link to comment Share on other sites More sharing options...
Popular Post sirineou Posted March 24, 2018 Popular Post Share Posted March 24, 2018 (edited) I used to own a jewelry store in the US , and wholesale silver jewelry, Ex-wife still owns the store. My heart was never in it, (more of ex-wifes dream) that's why I am no longer in that line of work , but still know a bit about it. I met my present Thai wife while here at a Trade show. When purchasing jewelry at a trade show (such as Vicenzaoro) for general consumption ( jewelry that does not derive value from specialty such as designer name, historical value etc) There are two components to the price. Gold price and labor! You can not expect to pay just gold price, on a filigree piece of jewelry that weighs very litle but has hours of intricate work. and you can expect to pay less for machine made chain,but more for Italian chain, and less for Chinese chain because of technology differences (my info is dated,I remember chinese chain quality increasing and should be close or the same by now) There is a third component when it comes to Thai jewelry for domestic consumption. Most Thais buy jewelry more for its investment than it's ornamental value and as such concentrate on its gold content than they do on its labor component . Jewlers in Thailand make just as much from buying back jewelry as they do from selling it, For many Thais jewelry was the equivalent of a savings account. Edited March 24, 2018 by sirineou 5 2 Link to comment Share on other sites More sharing options...
Chrisdoc Posted March 24, 2018 Share Posted March 24, 2018 LOL> they don't use a magnet to test it when you bring it in to sell. They use a blow torch if it's from a different shop, as well as the scale, of course. They know their gold - you won't fool them.I understood the OP is interested in buying gold not selling it. I have sold gold in pawn shops and they used a magnet to do a quick check before they analysed it further. The ones that failed the magnet test they gave back, the ones that passed they tested further to gauge purity. I don't understand how you thought I was sugesting any illegal behaviour in Thai gold shops?Sent from my SM-G900I using Thailand Forum - Thaivisa mobile app 1 Link to comment Share on other sites More sharing options...
keithpa Posted March 25, 2018 Share Posted March 25, 2018 (edited) Bought a gold ,diamond cut, ring, 1/2 oz 22ct Thailand cost $850. ( scrap value $550) Same ring in Oz, last week, $1300. I think one reason you pay more than in LOS is for a hallmark. Edited March 25, 2018 by keithpa add 1 Link to comment Share on other sites More sharing options...
simoh1490 Posted March 25, 2018 Share Posted March 25, 2018 Thai gold is 96.1% gold so it's harder and more durable than western gold which is 99.9% pure, that's why it's cheaper. 3 Link to comment Share on other sites More sharing options...
Popular Post keithpa Posted March 25, 2018 Popular Post Share Posted March 25, 2018 45 minutes ago, simoh1490 said: Thai gold is 96.1% gold so it's harder and more durable than western gold which is 99.9% pure, that's why it's cheaper. Rubbish, no such thing as thai and western gold. Pure gold is the same the world over,100% gold. Alloy it lowers it purity and makes it harder. 22ct is the same the world over, 9ct is the same the world over. 4 Link to comment Share on other sites More sharing options...
simoh1490 Posted March 25, 2018 Share Posted March 25, 2018 4 minutes ago, keithpa said: Rubbish, no such thing as thai and western gold. Pure gold is the same the world over,100% gold. Alloy it lowers it purity and makes it harder. 22ct is the same the world over, 9ct is the same the world over. I kinda took it for granted that everyone understood we are talking about gold jewellery here, especially since that what the OP refers to! With that small inconvenient fact in mind: Thai gold jewellery is predominantly made from 96.2% pure gold or 22-carat gold rather than anything else and is typically referred to as Thai gold. That compares to western gold jewellery where most gold jewellery is made from 24 carat or 99.9% pure gold, in Thailand, this is referred to western or farang gold. Now, do you still have a problem with that or do you need more help! 1 1 Link to comment Share on other sites More sharing options...
starky Posted March 25, 2018 Share Posted March 25, 2018 (edited) 14 hours ago, tropo said: You most certainly do pay for the manufacturing cost of the gold. It is usually somewhere between 750 baht to 1500 baht per 1/2 baht (1 baht is 15.16 grams) measure of gold jewelry. Some shops charge per baht while others charge per 1/2 baht. You can negotiate this cost and often you'll see it discounted. The manufacturing price depends upon the intricacy of the jewelry and often is higher these days because they use a lot of colour in the jewelry. It is actually 96.5% gold purity, not 23 karats. For example, at Aurora Gold Shop I recently paid 3200 baht for a 2 baht gold bracelet. That was discounted from their normal price of 1000 baht per 1/2 baht manufacturing cost. Yes, I know, you can get much cheaper, but my wife specifically liked the item they had in this gold shop. With jewelry and women, it's often about the item rather than the cost. The gold costs the same in every shop at any particular point in time. They check the spot price often throughout the day. You can also find 99.9% (24k) gold jewelry in Thailand. Prima Gold shop is one example. Here you'll pay MUCH higher manufacture costs than at the typical gold shops, but the standard of craftsmanship is much higher too. For anyone who wants pure gold jewelry and doesn't mind paying high manufacturing costs, this is the shop for you. It is magnificent jewelry. If you're after 18k gold jewelry you're probably better off ordering it online or in your own country. Without going into depth on your whole reply and, for me, unnecessary explanation of gold in Thailand, which I have been buying since 1998, that is not my experience and individual results may vary. If you just walk in off the street and pick something you pay baht weight at the Gold price of that day give or take. Custom jewellery on the other hand is a different beast. I have had many rings, bracelets and necklaces custom made over the years and the most intricate only cost 800 baht per baht weight which was 3200 for a 4 baht bracelet I had made. So I'll agree to disagree. Compare gold prices here to a shitty dental floss 9k or 18k gold chain from a Prouds or Michael Hills in Australia and you will get my drift. Edited March 25, 2018 by starky 2 Link to comment Share on other sites More sharing options...
starky Posted March 25, 2018 Share Posted March 25, 2018 15 hours ago, janclaes47 said: No you're not, because the gold price for unfinished product and the price for jewellery are clearly displayed in the every shop. Yeah whats that about 1 or 2 hundred baht... Link to comment Share on other sites More sharing options...
Popular Post janclaes47 Posted March 25, 2018 Popular Post Share Posted March 25, 2018 6 minutes ago, simoh1490 said: That compares to western gold jewellery where most gold jewellery is made from 24 carat or 99.9% pure gold, Really? Never seen 24K gold jewellery in the west 4 1 Link to comment Share on other sites More sharing options...
metisdead Posted March 25, 2018 Share Posted March 25, 2018 Some posts have been removed: 26) The Bangkok Post and Phuketwan do not allow quotes from their news articles or other material to appear on Thaivisa.com. Neither do they allow links to their publications. Posts from members containing quotes from or links to Bangkok Post or Phuketwan publications will be deleted from the forum.These restrictions are put in place by the above publications, not Thaivisa.comIn rare cases, forum Administrators or the news team may use these sources under special permission. Link to comment Share on other sites More sharing options...
Popular Post keithpa Posted March 25, 2018 Popular Post Share Posted March 25, 2018 50 minutes ago, simoh1490 said: I kinda took it for granted that everyone understood we are talking about gold jewellery here, especially since that what the OP refers to! With that small inconvenient fact in mind: Thai gold jewellery is predominantly made from 96.2% pure gold or 22-carat gold rather than anything else and is typically referred to as Thai gold. That compares to western gold jewellery where most gold jewellery is made from 24 carat or 99.9% pure gold, in Thailand, this is referred to western or farang gold. Now, do you still have a problem with that or do you need more help! To compare prices in Oz to my gold ring purchased in LOS, i had to go to 5 different jewelers to find one that sold 22 ct gold. Simho, you are making things up, you have no knowledge whatsoever about gold. Westerners detest , what they call "yellow" gold. (22 24). 3 1 Link to comment Share on other sites More sharing options...
simoh1490 Posted March 25, 2018 Share Posted March 25, 2018 1 hour ago, keithpa said: To compare prices in Oz to my gold ring purchased in LOS, i had to go to 5 different jewelers to find one that sold 22 ct gold. Simho, you are making things up, you have no knowledge whatsoever about gold. Westerners detest , what they call "yellow" gold. (22 24). 4 "Westerners detest , what they call "yellow" gold. (22 24)". Really, all westerners you say, I never knew that! For the poster who has never seen 24 carat gold before: I don't know what type of gold jewellery you've bought for your wife/partner in the past but personally, I have never bought anything less than 22 carat, based on the item and its purpose and 24 carat is readily available, very common. Link to comment Share on other sites More sharing options...
keithpa Posted March 25, 2018 Share Posted March 25, 2018 18 minutes ago, simoh1490 said: "Westerners detest , what they call "yellow" gold. (22 24)". Really, all westerners you say, I never knew that! For the poster who has never seen 24 carat gold before: I don't know what type of gold jewellery you've bought for your wife/partner in the past but personally, I have never bought anything less than 22 carat, based on the item and its purpose and 24 carat is readily available, very common. The most popular gold jewelry today in the American market is 14kt gold ." 24 carat is readily available, very common" In LOS . 1 Link to comment Share on other sites More sharing options...
simoh1490 Posted March 25, 2018 Share Posted March 25, 2018 5 minutes ago, keithpa said: The most popular gold jewelry today in the American market is 14kt gold ." 24 carat is readily available, very common" In LOS . I did try, years ago, before I knew better, to buy a 24 carat ring for someone - at the time it was almost impossible to find in Bangkok, around 2002/2004. And I suspect 24 carat jewellery is absolutely not in demand in Thailand because it is so soft - times may have changed however but I doubt it, not to that degree. The US, who knows and who cares, by overseas I was referring to the UK and Europe. 1 Link to comment Share on other sites More sharing options...
janclaes47 Posted March 25, 2018 Share Posted March 25, 2018 (edited) 1 hour ago, simoh1490 said: For the poster who has never seen 24 carat gold before: I don't know what type of gold jewellery you've bought for your wife/partner in the past but personally, I have never bought anything less than 22 carat, based on the item and its purpose and 24 carat is readily available, very common. I never said I never had seen 24K gold, I said in the west there is no 24K gold jewelery, even not 22K which is available in Asia. I know you consider yourself a self proclaimed financial expert, but I would never had thought you dared to claim you know more about gold than the World Gold Council. https://www.gold.org/about-gold/gold-jewellery Edited March 25, 2018 by janclaes47 1 1 Link to comment Share on other sites More sharing options...
simoh1490 Posted March 25, 2018 Share Posted March 25, 2018 (edited) 14 minutes ago, janclaes47 said: I know you consider yourself a self proclaimed financial expert, but I would never had thought you dared to claim you know more about gold than the World Gold Council. https://www.gold.org/about-gold/gold-jewellery What point are you trying to make or don't you have one, again! FWIW my uncle ran a gold shop in Hatton Garden for over forty years, he got into the business after he came out of the army after the second world war. His first job was to clean the workshops, he had to sweep the floor and collect what was known as "sweep" which is a sawdust like mixture designed to catch any small pieces of molten metal. He got to keep the sweep, he took it home every day and put it in a huge drum and when it was full he took it to a smelters up in Sheffield where they separated the sweep from the other things in it. The smelters opened an account for him and after a few years it read like a who's who of the precious metals industry, periodically he'd get a gold ingot cast and that went into his friends gold business in the Clerkenwell Workshops, VAT free! Over the years he progressed through the business and eventually ran it for the elderly Jewish gentleman who had befriended him, every time he came back from Antwerp he always had a "present" in his pocket. I do know a little bit about the jewellery business in the UK. Edited March 25, 2018 by simoh1490 1 Link to comment Share on other sites More sharing options...
Popular Post janclaes47 Posted March 25, 2018 Popular Post Share Posted March 25, 2018 Just now, simoh1490 said: What point are you trying to make or don't you have one, again! The point that as another poster said already, that you are making things up. In Europe 18K gold jewellery is the standard, not 22K, and certainly not 24K http://www.4facets.com/jagold.html Look for the quality mark. Pure gold, or 24-karat, is generally considered too soft for use in jewelry, so it is alloyed with other metals to increase its strength. Eighteen-karat gold is 18/24ths, or three-quarters pure gold. Jewelry of this fineness is marked "18k" or "750," the European designation meaning 75 percent gold. In the United States, 14-karat gold is used most commonly for jewelry. Fourteen-karat gold is 14/24ths, or slightly more than one-half pure gold. Jewelry of this fineness is marked "14k" or "585," the European designation meaning 58.5 percent gold. 2 1 Link to comment Share on other sites More sharing options...
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