Did I Pay Too Much for a Gold Bracelet?

[SeaMike01]

It was my girlfriend's birthday yesterday. She's been wanting a gold bracelet for a couple of years. I tried to plan ahead for her birthday, and I knew the malls were closed, so I decided to go to a local gold shop and get the bracelet. This one was in the Tha Din Daeng area. A nice old man helped me and he seemed honest, but I ended up paying over 17,000 for the bracelet. I looked at three different ones and their tags all said '2' and I'm thinking that it was 1/2 satang gold. He weighed it and showed it to me carefully, but now I'm unsure about what he meant. I was expecting the price to be nearer to 10,000 - 14,000 baht, but the price was like 17,400 baht. It seemed like he was being honest with me, but now I can't help feeling like I was overcharged. Does anyone have any expertise in this area? I think it probably should have been around 14,000 plus the small fee. What do you think?

[cornishcarlos]

Did your girlfriend like it ??

If yes, it was a good price.

[ThailandRyan]

26,957 Baht per 1 Baht of Gold as of this morning... figure it out

 

http://goldpricez.com/th/baht

[Lacessit]

One baht of gold is 15.2 grams. Weigh it, if it is 7.6 grams you got what was advertised. All bets are off if it was plated.

Bear in mind you get charged a premium for the gold conversion to jewellery, and what you get back if you sell it will be discounted as well.

I was a Cheap Charlie, gave my GF the gold watch I got when I retired. She thinks it's the bee's knees.

[SeaMike01]

Yeah, I know how to find the 1 baht price. I'm just trying to figure out what other nuances might cause the price to be more than 1/2 the 1 baht price. For instance the shop 'fee'.

[stouricks]

54 minutes ago, SeaMike01 said:

and I'm thinking that it was 1/2 satang gold.

Isn't gold measured in BAHT not SATANG?

[Susco]

8 minutes ago, SeaMike01 said:

Yeah, I know how to find the 1 baht price. I'm just trying to figure out what other nuances might cause the price to be more than 1/2 the 1 baht price. For instance the shop 'fee'.

Obviously the price for a 1 Baht gold bar is not the same as for a 1 Baht gold ornament.

 

Prices for both are normally displayed on the window or inside the shop.

 

The design of the ornament will also determine the price. where the more complicated design will demand a higher price over a simple design

 

 

[2 is 1]

Who buy now gold it's most exbensive in decade!

Maybe after few years your GF have to sell that and get 7000 bth and be really angry to you lol

Edited May 14, 2020 by 2 is 1

[Swiss1960]

Yes, you paid too much, if you paid over 17K for 1/2 Baht gold ornament.  The surcharge on ornaments is few hundred Baht per Baht Gold, but never what you paid. 

 

Did you pay too much? Depends...

 

Was the GF happy with the tiny bracelet? Were you happy with the way she thanked you? 

[Lacessit]

52 minutes ago, SeaMike01 said:

Yeah, I know how to find the 1 baht price. I'm just trying to figure out what other nuances might cause the price to be more than 1/2 the 1 baht price. For instance the shop 'fee'.

The gold has been converted to jewellery. You expect a jeweller to work for nothing?

[SeaMike01]

Thanks for the replies. Yes, I know the gold price is very high now, but the malls are closed and I was just looking for something that I knew she wanted that is available during this partial lockdown. (Other than food!) The girlfriend already has a gold necklace from me and was wanting something to complement it, hence the idea of a bracelet as a gift. No, I don't think the jeweler should 'work for nothing', but an old guy sitting on his rear in a gold shop wasn't doing much work anyway. People often refer newcomers to gold shops rather than the 'mall gold stores', but I think is is a cautionary tale about that. At the mall stores (or perhaps the well-known shops in Chinatown) you're more likely to get the real price, not some Thai guy who thinks his got a 'sucker' to a take advantage of. The Thai cultural mentality of of overcharging farangs is puzzling to me, because it guarantees that they won't get return business. That might be no problem for a taxi driver or tuk-tuk driver, but local food cards, laundries, and jewelry stores like this still overcharge -- evidently never thinking that the customer might not return to their shop in the future. Not a good way to do business, but they are oblivious. Somehow they still think we're all tourists who are just in Thailand for a few days.

[chuang]

Price of gold plus workmanship..

[cleopatra2]

3 hours ago, SeaMike01 said:

Thanks for the replies. Yes, I know the gold price is very high now, but the malls are closed and I was just looking for something that I knew she wanted that is available during this partial lockdown. (Other than food!) The girlfriend already has a gold necklace from me and was wanting something to complement it, hence the idea of a bracelet as a gift. No, I don't think the jeweler should 'work for nothing', but an old guy sitting on his rear in a gold shop wasn't doing much work anyway. People often refer newcomers to gold shops rather than the 'mall gold stores', but I think is is a cautionary tale about that. At the mall stores (or perhaps the well-known shops in Chinatown) you're more likely to get the real price, not some Thai guy who thinks his got a 'sucker' to a take advantage of. The Thai cultural mentality of of overcharging farangs is puzzling to me, because it guarantees that they won't get return business. That might be no problem for a taxi driver or tuk-tuk driver, but local food cards, laundries, and jewelry stores like this still overcharge -- evidently never thinking that the customer might not return to their shop in the future. Not a good way to do business, but they are oblivious. Somehow they still think we're all tourists who are just in Thailand for a few days.

To answer your question would have to know the actual weight of the gold you bought.

Saying it is 1/2 Baht gold is insufficient , not every piece labelled as 1/2 Baht will weigh exactly the same.

[HashBrownHarry]

4 hours ago, chuang said:

Price of gold plus workmanship..

We have a winner!

[worgeordie]

6 hours ago, SeaMike01 said:

Thanks for the replies. Yes, I know the gold price is very high now, but the malls are closed and I was just looking for something that I knew she wanted that is available during this partial lockdown. (Other than food!) The girlfriend already has a gold necklace from me and was wanting something to complement it, hence the idea of a bracelet as a gift. No, I don't think the jeweler should 'work for nothing', but an old guy sitting on his rear in a gold shop wasn't doing much work anyway. People often refer newcomers to gold shops rather than the 'mall gold stores', but I think is is a cautionary tale about that. At the mall stores (or perhaps the well-known shops in Chinatown) you're more likely to get the real price, not some Thai guy who thinks his got a 'sucker' to a take advantage of. The Thai cultural mentality of of overcharging farangs is puzzling to me, because it guarantees that they won't get return business. That might be no problem for a taxi driver or tuk-tuk driver, but local food cards, laundries, and jewelry stores like this still overcharge -- evidently never thinking that the customer might not return to their shop in the future. Not a good way to do business, but they are oblivious. Somehow they still think we're all tourists who are just in Thailand for a few days.

Just thank your lucky stars,she did not demand,yes demand a 2 Baht bracelet, you got off cheap.

regards worgeordie

[whiteman]

When an old thai man smiles at you all the time be aware he smells a sucker

[Neeranam]

Why didn't look at a couple of shops to compare prices?

 

 

[Susco]

9 hours ago, 2 is 1 said:

Who buy now gold it's most exbensive in decade!

Maybe after few years your GF have to sell that and get 7000 bth and be really angry to you lol

Or maybe she can sell it at 20.000 at that time.

 

My crystal ball has a crack, maybe yours is better condition?

[Susco]

7 hours ago, SeaMike01 said:

The Thai cultural mentality of of overcharging farangs is puzzling to me, because it guarantees that they won't get return business.

 

If you overcharge them enough you don't need their return business, because a sucker is born every minute

[pineapple01]

I bought a Chain, its gone up to 66k from 53 in 6 months The price of gold is allways displayed outside the Shops. This overcharging Ferang nonsense wares a bit thin.

[Colabamumbai]

19 hours ago, stouricks said:

Isn't gold measured in BAHT not SATANG?

Baht, 2 Bhat is a troy ounce 30 + grams. Add 700 Bhat for that in jewelry, based on the work, could be more. 

[Dazinoz]

Yesterdays (14th) Thai gold prices close. Price is baht per baht weight. 

 

Bullion -     buy 26100          sell 25900

 

Jewellery - buy 26600          sell  25438

 

Plus any commission the shop chargers. Small spread on bars which has recently increased from 100 to 200 baht/baht. 

[1FinickyOne]

18 hours ago, SeaMike01 said:

an old guy sitting on his rear in a gold shop wasn't doing much work anyway.

If he was the owner, he has to pay for the rent of premises, the electric, and make a suitable profit to survive... but let me ask you this... did you try and negotiate the price down? My wife always seems to get a little off in this type of situation.. 

[stouricks]

45 minutes ago, Colabamumbai said:

Baht, 2 Bhat is a troy ounce 30 + grams. Add 700 Bhat for that in jewelry, based on the work, could be more. 

It's BAHT not BHAT.

[brokenbone]

9 minutes ago, stouricks said:

It's BAHT not BHAT.

bhut, y ?

[tonray]

20 hours ago, Swiss1960 said:

Yes, you paid too much, if you paid over 17K for 1/2 Baht gold ornament.  The surcharge on ornaments is few hundred Baht per Baht Gold, but never what you paid. 

 

Did you pay too much? Depends...

 

Was the GF happy with the tiny bracelet? Were you happy with the way she thanked you? 

She'll be less happy when she goes to cash it in for baht and sees how much she'll take home

[pineapple01]

35 minutes ago, Dazinoz said:

Yesterdays (14th) Thai gold prices close. Price is baht per baht weight. 

 

Bullion -     buy 26100          sell 25900

 

Jewellery - buy 26600          sell  25438

 

Plus any commission the shop chargers. Small spread on bars which has recently increased from 100 to 200 baht/baht. 

And that says it all.So easy.

[Ventenio]

IF you feel ripped off, you were.

 

it's really simple

 

if you want me to say, "blah blah blah" and you feel better, OK.  

[PatOngo]

    1 Baht Gold Price = ฿27,202 THB

[Dazinoz]

4 minutes ago, PatOngo said:

    1 Baht Gold Price = ฿27,202 THB

That price is the spot price for pure gold or .9999. Thai gold is only 96.5% and is NOT that price you quote.

Edited May 15, 2020 by Dazinoz