The organised jewellery retail sector in India has grown significantly over the past decade, with chains like Tanishq, Malabar Gold & Diamonds, Kalyan Jewellers, and PNG Jewellers expanding their footprint nationally. Choosing the right retailer for a significant jewellery purchase involves comparing more than just the displayed price.
Gold Rate Transparency
All major organised retailers display their daily gold rate on their website and in stores, typically within ₹100–₹200 of the daily MCX-based rate. Tanishq and Malabar Gold tend to have the most transparent pricing, with detailed breakdowns available. Always compare the published gold rate with the independent daily rate published on sites like GoldRateToday before entering a store.
Making Charges
This is where the significant differences emerge. Tanishq charges making charges ranging from 8% to 25% depending on the collection, with their Zoya luxury line at the higher end. Malabar Gold's making charges are typically 8% to 18% for standard collections. PNG Jewellers, particularly strong in Maharashtra, tends to offer competitive making charges of 6% to 15% on traditional Maharashtrian styles. Kalyan Jewellers offers some of the lowest making charges at 4% to 12% on its mass-market lines.
Buyback Policies
Tanishq's CaratMeter-based buyback at 100% of the assessed gold value (minus making charges) is among the most transparent in the industry. Malabar Gold offers a similar policy. When buying jewellery with a view to future exchange or resale, understanding the buyback policy upfront is as important as the initial purchase price.