Silver jwelery price issue?

Question

I m from delhi india. I purchased a silver mens chain of 39.70 gm from m block market.gk1
I buyed it for 4400/- yesterday. I tot tht it is 92.5 pure silver but discovered it was 80 written over it. I know its my mistake tht i didnt saw it but while choosing i kept aside many for the final decision n jst this 1 was 80 which i dint realised. Now i want an exchange, n how is the jwelry priced , the silver cost of the peice is 39*51=1850 ₹ sumthing. So y is it sold for 4400. ₹
I more stupidity i dnt hv d bill. So what do u think will i get an exchange if i go tomorro. Thks

cornflake#1 · Accepted Answer

Jewellery is difficult to price and is a fairly poor choice for investment, since you are most unlikely to recover the amount paid for the item.

It's not like bullion or coinage which have very specific attributes (such as fineness and purity) that allow a relationship with the current spot price of silver to be formed.

With jewellery - you pay for the silver content, PLUS the time taken by a craftsman in creating your necklace PLUS the profit and overheads of the shop.  These may exceed the actual value of the silver itself. So jewellery isn't priced in the same way a piece of bullion or a coin is.

In your case, take your necklace back and hope to get an exchange.  I'm not sure how this will go, since you don't have your receipt, but if you can remember the time you bought it and can describe or otherwise pick-out who sold you the necklace, they may do this..

As scrap, the value of your 80% silver chain is:
weight * 80% * Local silver-spot value 
so (in the UK)
 39.7g * 80/100 * 0.6512 = £20.68

Traders generally buy silver at a discount - perhaps between 5%-10% - so you may get only £18 for your necklace in total

Checking the current conversion rate between the pound (GBP) and the Indian Rupee (INR)
18.00 GBP 	= 	1,588.03 INR

Silver jwelery price issue?

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