Buying Gold jewellery in Thailand

[Negita43]

Absolutely no idea where to post this - maybe some kind moderator😀 wil redirect if necessary

My gf wants to buy some gold - why I have no idea - being a cautious person I just want to understand how it works over here:

In Europe/US gold is priced per oz or gram - over here it seems to be priced in some weired way she calls Baht (the same as the money BUT not the price - the weight)

If anyone can tell me about this much appreciated.

Also is buying gold in Thailand a risk of being scammed or are there established routes for legitimate purchase?

[Upnotover]

It's not weird, it's just a weight.  1 Baht = 15.244 grams.  The shops in the malls and in the streets are legitimate and will all display their sell and buy rates.  You pay a small premium on top for decorative work.  Make sure she keeps the shop receipt for when she wants to sell it.

[couchpotato]

15 minutes ago, Negita43 said:

Absolutely no idea where to post this - maybe some kind moderator😀 wil redirect if necessary

My gf wants to buy some gold - why I have no idea - being a cautious person I just want to understand how it works over here:

In Europe/US gold is priced per oz or gram - over here it seems to be priced in some weired way she calls Baht (the same as the money BUT not the price - the weight)

If anyone can tell me about this much appreciated.

Also is buying gold in Thailand a risk of being scammed or are there established routes for legitimate purchase?

You have been a member for 14 years and are asking questions about thai gold..that seems weird.

Anyway buy at any gold shop, usually bracelets or chains.  There is a small difference between buy and sell price. There is no risk of being scammed when buying from the Gold shops (there are thousands of them around Thailand). 

[Kinnock]

Also remember the 'Thai gold' bought in the shops in the malls is not the same purity as 24k gold.  It's 23k.

 

No issue if you sell it in Thailand in the future, as it's a set price based on the current gold price per Baht, but if you want to sell it in another country, 24k gold is better.

 

If you buy the little gold bars in the malls, you often have to buy the dinky plastic box, as that's the profit for the shop.  If you buy jewellery you pay for making on top of the current price.  Making can be negotiable, or even free if you pay for "membership' at chains like Aurora.

 

If you want 24k gold, try Chinatown.  If you want official gold coins like a UK Crown, Singapore is good.  But Thai girls like Thai gold jewellery, so they can sell it after they dump you.  

 

Long term Thai wives want Thai gold to sell after their husbands take a Gik.

[Keeps]

Am I correct in thinking that the price per baht shown on the digital boards inside/outside shops is the 'bullion/ingot' price? It can often fluctuate by a few hundred, even thousand(s) baht from time to time. There is a premium applied to buying necklaces/bracelets/rings etc due to the workmanship involved?

 

When selling/upgrading an item of jewellery I assume you get the bullion/ingot price minus the 'spread' (usually around 100 baht).

 

Also, in response to one of the OP questions - Thais love a bit of gold. They view it as money in the bank. When times are hard, very easy to pawn/sell an item. Tends to hold it's value very well and most likely increase over time.

[OneMoreFarang]

3 hours ago, Upnotover said:

The shops in the malls and in the streets are legitimate and will all display their sell and buy rates.

Some shops, maybe many shops, but for sure not all of them.

 

Look for a shop which looks from the outside similar to this. You see the buy and sell price written on the glass. In this case 18,700 and 18,800, which indicates that the picture is old. But the principle is now the same.

 

 

Inside they have groups of gold chains, etc. All sorted by weight.

So maybe you tell them you want to buy a chain with 2 baht gold weigh and they show you a part of the wall with many chains with that weight and basically all the same price.

 

 

 

 

 

 

 

[Keeps]

22 minutes ago, OneMoreFarang said:

Some shops, maybe many shops, but for sure not all of them.

 

Look for a shop which looks from the outside similar to this. You see the buy and sell price written on the glass. In this case 18,700 and 18,800, which indicates that the picture is old. But the principle is now the same.

 

 

Inside they have groups of gold chains, etc. All sorted by weight.

So maybe you tell them you want to buy a chain with 2 baht gold weigh and they show you a part of the wall with many chains with that weight and basically all the same price.

 

 

 

 

 

 

 

As per my question above yours, isn't the price higher for jewellery than the advertised price which I assume is the ingot rate?

 

I'm not being facetious, I would appreciate a clarification that this is the case.

[Upnotover]

50 minutes ago, OneMoreFarang said:

Some shops, maybe many shops, but for sure not all of them.

 

Look for a shop which looks from the outside similar to this. You see the buy and sell price written on the glass. In this case 18,700 and 18,800, which indicates that the picture is old. But the principle is now the same.

 

 

Inside they have groups of gold chains, etc. All sorted by weight.

So maybe you tell them you want to buy a chain with 2 baht gold weigh and they show you a part of the wall with many chains with that weight and basically all the same price.

 

 

 

 

 

 

 

Well yes of course but I was working on the assumption his gf knows what a gold shop looks like.

[Dolf]

51 minutes ago, OneMoreFarang said:

Some shops, maybe many shops, but for sure not all of them.

 

Look for a shop which looks from the outside similar to this. You see the buy and sell price written on the glass. In this case 18,700 and 18,800, which indicates that the picture is old. But the principle is now the same.

 

 

Inside they have groups of gold chains, etc. All sorted by weight.

So maybe you tell them you want to buy a chain with 2 baht gold weigh and they show you a part of the wall with many chains with that weight and basically all the same price.

 

 

 

 

 

 

 

Then buy some and walk around Pattaya at 3am.

[Dolf]

23 minutes ago, Keeps said:

As per my question above yours, isn't the price higher for jewellery than the advertised price which I assume is the ingot rate?

 

I'm not being facetious, I would appreciate a clarification that this is the case.

Of course it is due to workmanship.

[NativeBob]

Yowarat is a good place to buy, but I think any gold shop has very similar designs and price per weight. 

Talking about real jewelry is different story - you'll pay premium for work (many works)

and finally gold with stones - I mean EmRuSa - most exciting part but you or your Gf won't be able to sell it even with 15% discount. 

[soi3eddie]

4 hours ago, Kinnock said:

If you want 24k gold, try Chinatown.

 

When I bought Gold last year in Chinatown, I wanted 99.99%. After trying many shops, I found only one small boutique that sold it. Their buy/sell spread was ridiculous like 500 Baht IIRC. All the other shops selling 99.99 pure only had 1 kilo bars (not the quantity I wanted 🙂). In the end I queued up far an hour at one of the Hua Seng Heng stores watching huge amounts of mostly gold jewelry being bought and sold. I bought smaller minted bars at 96.5% pure. The buy/sell spread is only 50 Baht. It has turned out to be a satisfying purchase. Hopefully, if the OP @Keeps buys Gold for his GF, he can say same. Consider it a gift (along with other advice he might get on this thread).

 

 

Edited March 16 by soi3eddie

[OneMoreFarang]

42 minutes ago, Keeps said:

As per my question above yours, isn't the price higher for jewellery than the advertised price which I assume is the ingot rate?

 

I'm not being facetious, I would appreciate a clarification that this is the case.

It is a little bit higher.

I think last time I bought gold the extra charge was something like 300B per baht gold.

[OneMoreFarang]

20 minutes ago, Upnotover said:

Well yes of course but I was working on the assumption his gf knows what a gold shop looks like.

I think i.e. in Robinson there are gold shops. And they don't work according to above principle.

And yes, his gf should know that. But it's even better if he knows it as well. 

 

[Keeps]

Thank you OneMoreFarang and soi3Eddie for the responses I was looking for. Much appreciated. Still don't know how to copy your @monikers without quoting your posts.

[Negita43]

8 hours ago, couchpotato said:

You have been a member for 14 years and are asking questions about thai gold..that seems weird.

Yes I have and I also have never picked up a bar girl - I lived in the UK for more years I care to remember and buying gold there would be just as big a mystery.

My philosophy - if you want to do something you haven't done before, first seek opinions, advice from others who might know more about the subject. (and that would include info on the first sentence if it ever came to that).

PS she wants to buy bullion not jewellery

Edited March 16 by Negita43

[couchpotato]

1 minute ago, Negita43 said:

Yes I have and I also have never picked up a bar girl - I lived in the UK for more years I care to remember and buying gold there would be just as big a mystery.

My philosophy - if you want to do something you haven't done before, first seek opinions, advice from others who might know more about the subject. (and that would include info on the first sentence if it ever came to that).

PS she wants to buy bullion not jewellery

Gold bars (bullion to you) usually comes in 1 baht, 5 baht, 10 baht. These usually need to be ordered through whatever Gold shop you choose (maybe 1-2 weeks to receive them). As someone else suggested, always keep the receipts/paperwork on the purchase. At todays prices you are going to pay about 390,000 baht (money) for a 5 baht 9weight) bar.

This is the way I buy Gold..2 x 5 baht bars every year since 1993, and will continue to do so. Now worth nearly 12m at todays price.

Just something for my daughter.

[Negita43]

6 minutes ago, couchpotato said:

Gold bars (bullion to you) usually comes in 1 baht, 5 baht, 10 baht. These usually need to be ordered through whatever Gold shop you choose (maybe 1-2 weeks to receive them)

Thank you - just two questions - price fixed on order or delivery (2 weeks is a long time) - the price is linked to the actual internationally quoted gold price or something else?

[couchpotato]

1 minute ago, Negita43 said:

Thank you - just two questions - price fixed on order or delivery (2 weeks is a long time) - the price is linked to the actual internationally quoted gold price or something else?

Price fixed at order time--when you pay probably 50%.

The prices shown on the wall of every Gold shop is the price at that time (can change many times a day).

As others have told you..Thai gold is not 24k, and the price is derived from the world gold price.

For Gold bars you will pay that price.  

 

I think people have answered all your questions. If you still have questions then you are being naive and shouldn't be delving into gold.

It's not rocket science. Go to a shop and order a bar or a bracelet/necklace, pay and go. If its a bar, go back when they tell you and pick it up...easy.

[Negita43]

1 hour ago, couchpotato said:

 

I think people have answered all your questions. If you still have questions then you are being naive and shouldn't be delving into gold.

It's not rocket science. Go to a shop and order a bar or a bracelet/necklace, pay and go. If its a bar, go back when they tell you and pick it up...easy

Thank you for your help -  this is for my gf - have advised her that gold is peaking at the moment and not a good time to buy I usually delve into currency and stocks and shares - that I know about and I don't believe I am naive and I always have questions that's how we learn - but you have the right to think what you want.

[Upnotover]

14 hours ago, Keeps said:

Still don't know how to copy your @monikers without quoting your posts.

You just type it..... @Keeps

[brianthainess]

20 hours ago, Negita43 said:

My gf wants to buy some gold - why I have no idea

           

[rwill]

Basically 2 baht of gold equals 1 ounce of gold.  Most of the gold jewelry is 96.5% pure.  But there are lower grades sold too.

[sikishrory]

Don't be surprised if she chucks it in a drawer and never wears it. 

My ex wife hassled me about gold for years. When I finally got her something that she chose herself it was straight into the drawer.

They view gold as an investment in a lot of cases.

[khunPer]

On 3/16/2024 at 6:22 AM, Negita43 said:

Absolutely no idea where to post this - maybe some kind moderator😀 wil redirect if necessary

My gf wants to buy some gold - why I have no idea - being a cautious person I just want to understand how it works over here:

In Europe/US gold is priced per oz or gram - over here it seems to be priced in some weired way she calls Baht (the same as the money BUT not the price - the weight)

If anyone can tell me about this much appreciated.

Also is buying gold in Thailand a risk of being scammed or are there established routes for legitimate purchase?

Gold is very important for Thais, especially Thai ladies.
 

It's safe to buy gold from the many gold stores that normally have red front and lots of shining gold on display. The gold is 23.9 carat and sold per weight. It's also used for investment/savings, where you can show your savings at the same time; more serious physical gold investment would be in gold bars, which some of the gold shops also sells, but they are not as good to make face with.

 

The weight measure is "baht", which is 15.244 gram or the original weight of 768 rice grains. It's the same weight as money-baht originally was, but the money has been devalued, so you today needs more than 30,000 money-baht to get one "real" baht...

[Will B Good]

On 3/16/2024 at 12:22 PM, Negita43 said:

Absolutely no idea where to post this - maybe some kind moderator😀 wil redirect if necessary

My gf wants to buy some gold - why I have no idea - being a cautious person I just want to understand how it works over here:

In Europe/US gold is priced per oz or gram - over here it seems to be priced in some weired way she calls Baht (the same as the money BUT not the price - the weight)

If anyone can tell me about this much appreciated.

Also is buying gold in Thailand a risk of being scammed or are there established routes for legitimate purchase?

Wife has just been scammed out of B40,000 .....take someone with you who knows what they are looking at......and keep all the paperwork.

Edited March 18 by Will B Good

[mrwebb8825]

OP - keep an eye on this and be ready to run out and buy when it dips.

 

https://ycharts.com/indicators/gold_price_in_thai_baht

[cowellandrew]

I bought my wife a couple of baht for my wife when I was first in Thailand, about 4800 a baht 35 years ago, she says she keeps it in the wardrobe I cant find it!

🤔🤔🤔🤔

[Chelseafan]

On 3/16/2024 at 5:22 AM, Negita43 said:

In Europe/US gold is priced per oz or gram - over here it seems to be priced in some weired way she calls Baht (the same as the money BUT not the price - the weight)

 

 

If you think about it, it's not weird. In the UK (and if you are a certain age), you weigh things in pounds and you buy things in pounds.

As I see it, it's the same principal as Baht. Someone will probably correct me

 

Buying gold from a reputable shop is generally seen as an insurance for Thai people. When they have some money, they will buy gold and when their luck is down, they will sell often at a profit providing the price go's up.

 

 

[Chelseafan]

1 hour ago, cowellandrew said:

I bought my wife a couple of baht for my wife when I was first in Thailand, about 4800 a baht 35 years ago, she says she keeps it in the wardrobe I cant find it!

🤔🤔🤔🤔

 

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