Buying Selling Gold Ornaments

[Mali1964]

Today me an the Misses went around to a few Gold Shops, i tried to get to grips with this Selling say 1 baht to Buy 2 baht trade up like most Thais seem to enjoy doing.

I pointed out to Her that money is lost that way, but most are of the mind its only a few baht so i tested this out today & this appears to be the norm in Roi Et Province area.

To keep it simple i asked each shop there selling buying prices which i know are on display.

The buying price was 14750 plus from 500 to 1500 baht for the craftmans ship or whatever the term is, they appear to have 3 types to choose from per baht ,there's standard workmanship, average workmanship & stunning workmanship as it was a well earned gift it was obviously the 3rd option we were looking at.

So a price was given of 16,200 baht for 1 baht piece 1450 baht being the charge for the ornament,then i asked what would you give me back if i was trading another 1 baht piece of the same standard .

Her Calculator worked some overtime & out pops this figure of 13,300 losing 2900 baht on like for like i saw some of the moves she made on the calculator so with very little Thai i demonstrated what i think she just did the figures were 14750 Gold rate today less 1450 baht which was the same as the new pieces workmanship fee i was gob smacked.

So even if you take away this ornament charge its a straight 1 baht piece why then do they still insist on removing that fee? As melted down at today's price the piece is still one Baht = 14750 baht right?

Hope you understand my point & yes we never traded is this the norm with ornaments or was it a Falang paying trick.

Note! we had a very similar thing happen in 3 different shops at 3 different Amphoe, beats me.

Any one with good info on the costs of the workmanship on ornament gold would love to hear from you, it certainly makes them some good profits as against buying Gold bars which i did mention they showed no interest to go further with that one as there's little money in that for them

I did read a report About going to one of the 4 original Gold Shops in China town, there the best in Thailand but such a long way 2 go for 2/3 baht of Gold

[HYENA]

Today me an the Misses went around to a few Gold Shops, i tried to get to grips with this Selling say 1 baht to Buy 2 baht trade up like most Thais seem to enjoy doing.

I pointed out to Her that money is lost that way, but most are of the mind its only a few baht so i tested this out today & this appears to be the norm in Roi Et Province area.

To keep it simple i asked each shop there selling buying prices which i know are on display.

The buying price was 14750 plus from 500 to 1500 baht for the craftmans ship or whatever the term is, they appear to have 3 types to choose from per baht ,there's standard workmanship, average workmanship & stunning workmanship as it was a well earned gift it was obviously the 3rd option we were looking at.

So a price was given of 16,200 baht for 1 baht piece 1450 baht being the charge for the ornament,then i asked what would you give me back if i was trading another 1 baht piece of the same standard .

Her Calculator worked some overtime & out pops this figure of 13,300 losing 2900 baht on like for like i saw some of the moves she made on the calculator so with very little Thai i demonstrated what i think she just did the figures were 14750 Gold rate today less 1450 baht which was the same as the new pieces workmanship fee i was gob smacked.

So even if you take away this ornament charge its a straight 1 baht piece why then do they still insist on removing that fee? As melted down at today's price the piece is still one Baht = 14750 baht right?

Hope you understand my point & yes we never traded is this the norm with ornaments or was it a Falang paying trick.

Note! we had a very similar thing happen in 3 different shops at 3 different Amphoe, beats me.

Any one with good info on the costs of the workmanship on ornament gold would love to hear from you, it certainly makes them some good profits as against buying Gold bars which i did mention they showed no interest to go further with that one as there's little money in that for them

I did read a report About going to one of the 4 original Gold Shops in China town, there the best in Thailand but such a long way 2 go for 2/3 baht of Gold

take a pic of i and sell to me! I'm going to Roi Et for Dang Nan in a month. I bought a bunch already (from India where workmanship is over the top and labor is cheap). Depending on the piece..she says she wants only gold (not a wristwatch) for B-day/Valentines day present (since we can sell it when she comes here later...that's her only focus-things we can sell if we need to regarding any gifts). She said "you buy me a watch I throw it in trash...watch cannot help us if we need money later).

Gotta hand it to her; she's always thinking ahead.

I would have send the lady to go alone and come back around the corner to report to you. Never go shopping for anything pricey (always send a Thai)...that's my experience anyway. I've learned for my business of buying/selling to stop shopping and educate one of them what I want and trust me; they get far lower prices than I could imagine every time.

[Mali1964]

Today me an the Misses went around to a few Gold Shops, i tried to get to grips with this Selling say 1 baht to Buy 2 baht trade up like most Thais seem to enjoy doing.

I pointed out to Her that money is lost that way, but most are of the mind its only a few baht so i tested this out today & this appears to be the norm in Roi Et Province area.

To keep it simple i asked each shop there selling buying prices which i know are on display.

The buying price was 14750 plus from 500 to 1500 baht for the craftmans ship or whatever the term is, they appear to have 3 types to choose from per baht ,there's standard workmanship, average workmanship & stunning workmanship as it was a well earned gift it was obviously the 3rd option we were looking at.

So a price was given of 16,200 baht for 1 baht piece 1450 baht being the charge for the ornament,then i asked what would you give me back if i was trading another 1 baht piece of the same standard .

Her Calculator worked some overtime & out pops this figure of 13,300 losing 2900 baht on like for like i saw some of the moves she made on the calculator so with very little Thai i demonstrated what i think she just did the figures were 14750 Gold rate today less 1450 baht which was the same as the new pieces workmanship fee i was gob smacked.

So even if you take away this ornament charge its a straight 1 baht piece why then do they still insist on removing that fee? As melted down at today's price the piece is still one Baht = 14750 baht right?

Hope you understand my point & yes we never traded is this the norm with ornaments or was it a Falang paying trick.

Note! we had a very similar thing happen in 3 different shops at 3 different Amphoe, beats me.

Any one with good info on the costs of the workmanship on ornament gold would love to hear from you, it certainly makes them some good profits as against buying Gold bars which i did mention they showed no interest to go further with that one as there's little money in that for them

I did read a report About going to one of the 4 original Gold Shops in China town, there the best in Thailand but such a long way 2 go for 2/3 baht of Gold

take a pic of i and sell to me! I'm going to Roi Et for Dang Nan in a month. I bought a bunch already (from India where workmanship is over the top and labor is cheap). Depending on the piece..she says she wants only gold (not a wristwatch) for B-day/Valentines day present (since we can sell it when she comes here later...that's her only focus-things we can sell if we need to regarding any gifts). She said "you buy me a watch I throw it in trash...watch cannot help us if we need money later).

Gotta hand it to her; she's always thinking ahead.

I would have send the lady to go alone and come back around the corner to report to you. Never go shopping for anything pricey (always send a Thai)...that's my experience anyway. I've learned for my business of buying/selling to stop shopping and educate one of them what I want and trust me; they get far lower prices than I could imagine every time.

There's nothing for sale here mate read the post.

Yes i send my lady alone so many time's for certain purchaser's, but the point is that it was i that needed educating, so then i can educate her which as worked to an extent, she agrees never to trade the gold just buy new when feel we have the money & as your lady points out yes it is great in an emergency like the ATM card swallows your card etc, you can get cash loans short term at any good gold shop.

Also my good lady is a very shy reserved Girl & these gold shop owners would take advantage of her when alone anyway i know this as already happened, the point is i need some knowledge myself on how these prices for labour are made up & to get in to the know so i can better negotiate buying prices next time, forget the selling/trading bit your always going to get stung one way or another.

[Mali1964]

Do we have a Thai Gold Expert on TV would love to here from you many thanks.

Shaun

[DaveYang]

Do we have a Thai Gold Expert on TV would love to here from you many thanks.

Shaun

There is lots of speculation going on regarding gold.

It can crash at anytime.

[eggomaniac]

I pointed out to Her that money is lost that way, but most are of the mind its only a few baht so i tested this out today & this appears to be the norm in Roi Et Province area.

The buying price was 14750 plus from 500 to 1500 baht for the craftmans ship or whatever the term is, they appear to have 3 types to choose from per baht ,there's standard workmanship, average workmanship & stunning workmanship as it was a well earned gift it was obviously the 3rd option we were looking at.

Hope you understand my point & yes we never traded is this the norm with ornaments or was it a Falang paying trick.

Farangness is likely one part of it, but what are you asking? Every business, the world over buys at wholesale and sells at retail. Currency traders, is an example of what you are describing? Why would they buy at Retail from you, when they have wholesale suppliers?

[jetpilot123]

Glad i found this thread,i was going to post today in regards to gold.

My question is:

I purchased a small amount of gold about 4 years back in Yaowarat,not as a keep sake or to gift to anyone but purly just as an investment for myself.

I would now like to sell as i feel the yield for this investment would give a healthy return.

Upon selling as i am a Foreigner here in Thailand,i would like to know,,am i expected to pay any form of tax?when i sell do i have to produce I.D?

Any help from the people on this site would be appreciated..thanks in advance.

[astral]

Shops may be reluctant to buy gold that they do not recognise.......

Shops do mark their products, but there is no universal hall mark system

to ensure quality.

This is where the poster who has bought in India will have a problem,

later, if his other half wants to sell.

Basically no id needed or tax to pay, if they will buy.

[pattaya_girl]

I have never been asked for ID when i sold some of my gold recently. Not sure if the Thai's do though.

[Mali1964]

I pointed out to Her that money is lost that way, but most are of the mind its only a few baht so i tested this out today & this appears to be the norm in Roi Et Province area.

The buying price was 14750 plus from 500 to 1500 baht for the craftmans ship or whatever the term is, they appear to have 3 types to choose from per baht ,there's standard workmanship, average workmanship & stunning workmanship as it was a well earned gift it was obviously the 3rd option we were looking at.

Hope you understand my point & yes we never traded is this the norm with ornaments or was it a Falang paying trick.

Farangness is likely one part of it, but what are you asking? Every business, the world over buys at wholesale and sells at retail. Currency traders, is an example of what you are describing? Why would they buy at Retail from you, when they have wholesale suppliers?

So you Agree that 18% is the normal mark up in the currency markets, what I'm talking about as little or nothing to do with Gold/Currency markets I'm talking about the Labour that's charged & how its Used to Rip the Thais off.

Forgetting the Labour side of it for a minute, how do you buy a 1 baht piece at 14750 & sell it at the same gold price/shop IE no movement in the trade/markets & be offered 13,300 for the same weight in Gold, if I melted the same piece into an ingot from what i understand I would have lost 100 baht if I traded it back at the same time.

I have used an example to make a point of how the Rich Thai/Chinese are getting richer on the back of the poor by fooling them just take a look at the S type Merc's parked outside their shops for instance, losing the labour charge Twice is a ripe off, they then resell the same piece at 1 the baht price + 1450 baht mark up again for the labour, so they are selling the same labour over & over surely it's not just me seeing this.

I understand more now why its best to buy the ingots but she says she can't wear that around her neck

[Mali1964]

Never ever asked for ID, just crispy new note's they like to see & your old piece for the trade up, you can see the shop owners eyes rolling around like a Vegas slot machine