I need to buy my daughter-in-law a gold wedding jewelry set. What pieces do I need to buy? What is the guide price cost? When negotiating with an indian jeweler based in a London Suburb what scope is there for negotation? Thank you for your help in advance.
First of all, congratulations on the upcoming wedding of your son. Gold jewelry is traditionally given to the bride from both the groom’s family and the bride’s family. It is appropriate to buy the bride-to-be a necklace and earrings set. You can also add gold bangles or a gold wrist bracelet. Of course you need to decide how much you would like to spend and decide from there. I advise you to take your daughter-in-law with you when you buy the set so she can choose something she will wear, rather than her being given something that she does not like and then running the risk of it sitting in a safety deposit box in her bank. You should let her know your budget and the number of items you are planning to give based on that budget prior to going so there is a clear understanding of the price range and what she can to choose.
As for the price of a gold set, gold prices fluctuate and jewelers will refer to the current rate and add a premium to that price to make their profit. Negotiation is acceptable and expected in the Indian marketplace so I advise you to shop around prior to buying the set. It is best to price out a few jewellers for sets of similar design intricacies that weigh the same. Then if you find they are giving you relatively similar prices you will at least know the market value for your area. If prices from jeweller the jeweller vary, this knowledge should help in knowing roughly how much you can negotiate. Gold prices have fallen quite a bit in the last year so it is a good time to buy.