Gold Jewelry

[cshehan]

I like gold jewelry. They sell it everywhere, but how do you shop for it. It's by weight, it's valued by 1,2 and so on baht, but what does that really mean? Last trip I bought a nice gold necklace and matching bracelet. Now I want to upgrade to a larger size and weight. Can someone explain if all the shops are equal in prices? How the trade in works and should you? How do you know if it's a reasonable price, and what cities are best to shop in? I thought a golden topic would dampen all the recent sad events. If you're a gold lover too... Thanks.

[john b good]

I like gold jewelry. They sell it everywhere, but how do you shop for it. It's by weight, it's valued by 1,2 and so on baht, but what does that really mean? Last trip I bought a nice gold necklace and matching bracelet. Now I want to upgrade to a larger size and weight. Can someone explain if all the shops are equal in prices? How the trade in works and should you? How do you know if it's a reasonable price, and what cities are best to shop in? I thought a golden topic would dampen all the recent sad events. If you're a gold lover too... Thanks.

I might say that most of the shops selling gold are honest and will give you a fair "trade in price" (which is pretty consistent around all the gold shops)

You can trade up so to speak for a surprisingly modest amount of money.

One baht (weight) is approximately 15 grammes.

All gold shops that I have been to have the gold price displayed which of course changes in line with the international gold prices and the Thai / US$ exchange rates. (i.e. often daily)

In concluding it is my opinion (for whatever that is worth) probably the most honest business that you are ever likely to come across in Thailand.

Perhaps that is because the majority of gold shops are operated (owned) by chinese people.

[KevinN]

I have always found the gold merchants to be honest,here and even in Viet Nam years ago,and also in the mid-east in saudi,bahrian and some real nice things in bahrain and dubai.

When we get ready for something new,we just go to the dealer and give him what we want to trade,either just want to trade or the piece is getting old and worn,he weighs it and then subtracts from the purchase we are making, I never worry about buying something my wife might not like,if she don't then no problem to go and get what she does like and never lose a satang.

[skycop51]

OK I think if you see many many Thai's buying and selling you are ok. I went last time to their China town, the shop was on the corner. They do a booming business. This is where my wife shops and where we will continue to shop.

Hope this helps..

skycop51

interested in offering ass. as a host in Thailand. Any one have any thoughts about the feaseability of this.

[Padkapow Guy]

My wife said you should never buy gold in Thailand , that it is mixed to much with impurities to add to the weight. If it is possible wait until you are in the states.

Chicago's gold stores are pretty decent. She also said that the Thai gold/pawn shops will give you more money for gold that was bought in the U.S. On the other hand the gold shops in Chicago do not really want gold that was bought in thailand. They will take it but the will not give you what you paid for it. If you have to buy gold in thailand stay away from the shops near beach road in Pattaya. They are famous for ripping off tourist with mixed gold and charging your credit card with excessive amounts.

[Ajarn]

My wife said you should never buy gold in Thailand , that it is mixed to much with impurities to add to the weight. If it is possible wait until you are in the states.

Chicago's gold stores are pretty decent. She also said that the Thai gold/pawn  shops will give you more money for gold that was bought in the U.S. On the other hand the gold shops in Chicago do not really want gold that was bought in thailand. They will take it but the will not give you what you paid for it. If you have to buy gold in thailand stay away from the shops near beach road in Pattaya. They are famous for ripping off tourist with mixed gold and charging your credit card with excessive amounts.

I must disagree....I've sold some US 18k to a Thai goldshop...they do NOT prefer American 18k gold, which is of a lower purity than Thai 22k gold....Not sure how the buying price compared, but it seemed reasonable at the time.

I also disagree with your wife's ideas about buying gold in Thailand...Maybe she thinks 'better safe than sorry'... All I can say is, I have never heard of anyone being ripped off in a gold shop...Also, most gold shops stamp their pieces. This is your best guarantee.

One caveat....There are plenty of street sellers and small shops selling gold plate, so buyer beware, but I seriously doubt you'll have such a problem with any established gold shop that stamps its pieces.

[Johpa]

In concluding it is my opinion (for whatever that is worth) probably the most honest business that you are ever likely to come across in Thailand.

Perhaps that is because the majority of gold shops are operated (owned) by chinese people.

<deleted>! Thai gold is fairly honest business only if you never take the gold out of Thailand. In country you can always trade up or trade down for a small handling fee and "baat gold" does serve as a legitimate hedge to currency flucuations. But once you take Thai "gold" out of the country to non-Thai gold shops, especially Chinese owned gold shops run not by Thai-Chinese, the value plummets, or more commonly, they just laugh at you. There is a reason that most of the Thai elite in Bangkok does not purchase their gold in Thailand, preferring to purchase in Hong Kong, and it is not the 22k vs 24k smoke screen. Yet baat chain is till a much better bargain when bought in Thailand than abroad and it is very attractive costume jewelery.

And to asscociate business honesty with the Teo Chieu in Thailand is an oxymoron. Caveat Emptor.

[Padkapow Guy]

My wife said you should never buy gold in Thailand , that it is mixed to much with impurities to add to the weight. If it is possible wait until you are in the states.

Chicago's gold stores are pretty decent. She also said that the Thai gold/pawn  shops will give you more money for gold that was bought in the U.S. On the other hand the gold shops in Chicago do not really want gold that was bought in thailand. They will take it but the will not give you what you paid for it. If you have to buy gold in thailand stay away from the shops near beach road in Pattaya. They are famous for ripping off tourist with mixed gold and charging your credit card with excessive amounts.

I must disagree....I've sold some US 18k to a Thai goldshop...they do NOT prefer American 18k gold, which is of a lower purity than Thai 22k gold....Not sure how the buying price compared, but it seemed reasonable at the time.

I also disagree with your wife's ideas about buying gold in Thailand...Maybe she thinks 'better safe than sorry'... All I can say is, I have never heard of anyone being ripped off in a gold shop...Also, most gold shops stamp their pieces. This is your best guarantee.

One caveat....There are plenty of street sellers and small shops selling gold plate, so buyer beware, but I seriously doubt you'll have such a problem with any established gold shop that stamps its pieces.

We will have to agree to disagree.

1. I am not talking about 18k. I am talking about 24k thai gold.

2. I have been ripped off and know of 3 other individuals who have been ripped off in Pattaya. The place was not a street seller as you put it but an establish gold shop on south pattaya road about 2 blocks from the walking street. I am not sure of the place where the other people have been ripped off.

I have not bought any gold in Thailand in about 10 years but I have never heard of the gold shops stamping their pieces.

I am sure there are safe places in Thailand to buy gold but

personally I would not recommend buying gold in Thailand to anyone I know.

once bitten twice shy.

[Ajarn]

1. I am not talking about 18k. I am talking about 24k thai gold.

I have not bought any gold in Thailand in about 10 years but I have never heard of the gold shops stamping their pieces.

Yes, I would agree that maybe you should not buy gold in Thailand....The safest customer is an informed customer.

No such thing as 24K Thai gold, in my experience. About 22K is the standard, as far as I know.

Almost every shop has their own stamp, and that's the way it's done here. It's protection for the shop and for you. Not all pieces are automatically stamped, so one needs to inquire....Some shops will only buy back pieces with a stamp, preferably their own...

(This is the stamp from the oldest gold shop in Worwarot market. Located in the main out-of-town Songthaew parking area, behind the police booth)

[cutethaigirl]

2. I have been ripped off and know of 3 other individuals who have been ripped off in Pattaya. The place was not a street seller as you put it but an establish gold shop on south pattaya road about 2 blocks from the walking street. I am not sure of the place where the other people have been ripped off.

Are we talking about the same thing here??

Was the place in PTY a GOLD shop selling NOTHING but the 'pure' gold. Usually all red and has the buy and sell price on display or a jewellery store?

The jewellery store for sure it is a good chance .

THe Gold shops that Thais use almost like cash . Never have i come across any problems.

CAN NOT agree with the Chicago scenario either.

Go say to London and buy some gold. Take it back a year later and say you want to sell it. Think the loss will be higher.

Purchased 10 baht in BKK 10 years back at 4350. a baht. Take it to ANY shop in Thailand to sell it now and it is 7450 a baht. Really can not see any problem.

As to whether Hong Kong is better ??

From my experience gold is currency here. Try pawning the 'chicago' gold:-)

CT

[dr_Pat_Pong]

2. I have been ripped off and know of 3 other individuals who have been ripped off in Pattaya. The place was not a street seller as you put it but an establish gold shop on south pattaya road about 2 blocks from the walking street. I am not sure of the place where the other people have been ripped off.

Are we talking about the same thing here??

Was the place in PTY a GOLD shop selling NOTHING but the 'pure' gold. Usually all red and has the buy and sell price on display or a jewellery store?

The jewellery store for sure it is a good chance .

THe Gold shops that Thais use almost like cash . Never have i come across any problems.

CAN NOT agree with the Chicago scenario either.

Go say to London and buy some gold. Take it back a year later and say you want to sell it. Think the loss will be higher.

Purchased 10 baht in BKK 10 years back at 4350. a baht. Take it to ANY shop in Thailand to sell it now and it is 7450 a baht. Really can not see any problem.

As to whether Hong Kong is better ??

From my experience gold is currency here. Try pawning the 'chicago' gold:-)

CT

I agree with Cute. No problems with gold merchants here in my experience.

[lopburi3]

The gold sold in "gold shops" here in Thailand is called 100% but that does not mean it is 24k as 100% is understood to mean highest jewelry percentage. It will be about 22k, much better than most any you will buy in the USA but not what we would think of when we speak of 100%.

There is a new process for what is very, very close to 24k gold being used here under several brand names but this is sold is department stores or special shops (not the red gold shops).

Among the Thai the most trustworthy shops (main office) are located in Chinatown along Yaowarat Road. Our personal favorite is located on corner across from White Orchard Hotel but there are several other also considered among the best and any shop with waiting customers would probably be good.

All sell at about the same price although 'work' fee can be adjusted a bit. All pieces are stamped with maker and this is important when upgrading as the marks from Yaowarat will always get top trade in price anywhere in country.

All items are sold and traded based on weight. You can expect a trade in to be a bit less weight then when bought so you are unlikely to get full buy price for what you think weight was. When buying there will be a work charge added.

This is defiantly NOT costume jewelery.

[KevinN]

The gold sold in "gold shops" here in Thailand is called 100% but that does not mean it is 24k as 100% is understood to mean highest jewelry percentage.  It will be about 22k, much better than most any you will buy in the USA but not what we would think of when we speak of 100%. 

There is a new process for what is very, very close to 24k gold being used here under several brand names but this is sold is department stores or special shops (not the red gold shops).

Among the Thai the most trustworthy shops (main office) are located in Chinatown along Yaowarat Road.  Our personal favorite is located on corner across from White Orchard Hotel but there are several other also considered among the best and any shop with waiting customers would probably be good. 

All sell at about the same price although 'work' fee can be adjusted a bit.  All pieces are stamped with maker and this is important when upgrading as the marks from Yaowarat will always get top trade in price anywhere in country.

All items are sold and traded based on weight.  You can expect a trade in to be a bit less weight then when bought so you are unlikely to get full buy price for what you think weight was.  When buying there will be a work charge added.

This is defiantly NOT costume jewelery.

When talking of gold as pure,what do they mean,pure as it comes from the ground,or pure as it comes from the smelters.

Pure gold is actually .999 fine=24C,that is what you usually get in ingot form.

I have seen gold come from the ground that was very little above .600 fine as with Alaskan gold and some from a mine that I was a partner in that came from the mine as .958 fine. When selling in large quantities ,it has to be assayed and you are paid per gram for its fine, not by its weight per SE.

You would never want to own jewelery made from .999 fine as it would be so soft that it would wear out very quick and would lose weight to fast. so therefore most rings are only 10C and chains can be more pure as they do not receive the wear that rings do.

Thai gold must be a more pure form as when we trade,they always weigh a little less than when we bought them.

In my estimation,if you buy gold for a lot less from one place than another,you are getting a lower quality as gold is traded on the world market and the price fluctuates daily and a person that sells for less is either giving less or is a fool.

The main advantage buying in Thailand is the cheaper labor costs in the mfg. of the product,not that you are paying less per gram of the gold.

[Padkapow Guy]

2. I have been ripped off and know of 3 other individuals who have been ripped off in Pattaya. The place was not a street seller as you put it but an establish gold shop on south pattaya road about 2 blocks from the walking street. I am not sure of the place where the other people have been ripped off.

Are we talking about the same thing here??

Was the place in PTY a GOLD shop selling NOTHING but the 'pure' gold. Usually all red and has the buy and sell price on display or a jewellery store?

The jewellery store for sure it is a good chance .

THe Gold shops that Thais use almost like cash . Never have i come across any problems.

CAN NOT agree with the Chicago scenario either.

Go say to London and buy some gold. Take it back a year later and say you want to sell it. Think the loss will be higher.

Purchased 10 baht in BKK 10 years back at 4350. a baht. Take it to ANY shop in Thailand to sell it now and it is 7450 a baht. Really can not see any problem.

As to whether Hong Kong is better ??

From my experience gold is currency here. Try pawning the 'chicago' gold:-)

CT

I am pretty sure I know what a gold shop is, and yes I was ripped of by a gold shop owner. Not only did he sell me sh1t mixed gold but he also charged my credit card a 2nd times about a month after I was back in the states. I am not saying all gold shops are like this but I have heard of this happening to several people.

I also was told by a gold shop owner in Chachengsao that the thai gold from Chicago was better than the gold in Thailand. He said gold in thailand was mixed to much. I also was told the same thing for gold shop owners in chicago and milwaukee.

I know that the thai gold is not 24k but that is what they refer to it as.

I am not saying that you are wrong but just have had a different experience than what I have had.

I still would not recommend to anyone I consider a friend to buy gold in thailand.

Padkapow Guy

[Johpa]

This is defiantly NOT costume jewelery.

You can be as defiant as you please

But once you take Thai "baat" gold outside of Thailand you will learn that it is indeed considered to be costume jewlery by other goldsmiths. Wear it proudly. Know that you paid less than you would have to pay for that same piece in a shop outside of Thailand. But like most things in Thailand, do not take things at face value.

Or just do the math. Even with low wages, and wages in Thailand are still high compared to many neighboring countries, do you think a Thai-Chinese business is going to operate profitably on 3% to 5% margins?

[snoophound]

why would you want to buy gold chains or braclets anyway?.

its so out for men.

unless you want to impress the girls or encourage the thieves.

[chanchao]

> why would you want to buy gold chains or braclets anyway?.

> ts so out for men.

Ah.. Thank you for touching on that.... 'twas on a trip to Pattaya, and seeing obviously local foreign residents there, that I wondered about the huge quanities of (Thai) gold they wear.. (And amulets too) I think it looks a bit rediculous.

Still if anyone wants to buy a 4-5 baht chain for me then I won't refuse.

Cheers,

Chanchao

[maitembot]

Still if anyone wants to buy a 4-5 baht chain for me then I won't refuse.

Cheers,

Chanchao

Tease....You're still not going put out, are you?

[lopburi3]

Even with low wages, and wages in Thailand are still high compared to many neighboring countries, do you think a Thai-Chinese business is going to operate profitably on 3% to 5% margins?

I am well aware of your views of Thai-Chinese.

But gold here is not costume jewelery and is almost all cases much better than what is available in US.

[cutethaigirl]

Thai-Chinese business is going to operate profitably on 3% to 5% margins?

Where does that figure come from?

THey get

A. Profit on a sale.

B. A spread between the buy and sell rate, like shares.

C. INCREASE in the gold price over the years.

D. ZERO theft.

E. Continual trade.

If it is such a bad business how come they all drive Merc's:-)

Stand outside one of those places in Yawaraat and try to estimate the value of the stock:-)

Stay an hour and calculate the turnover and profit.

Nice work if you can get it IMO.

Do take the point about the previous posters bad experience and can say each to their own

CT

[Johpa]

Even with low wages, and wages in Thailand are still high compared to many neighboring countries, do you think a Thai-Chinese business is going to operate profitably on 3% to 5% margins?

I am well aware of your views of Thai-Chinese.

But gold here is not costume jewelery and is almost all cases much better than what is available in US.

I thought that last post was complimenting the local Sino-Thai business community noting they would not be in business for such small margins.

As for gold jewelery in the US, it is what it is advertised as, usually 14k or so, it is a bit pricey, but it is what they say it is. Thai gold jewlery is not always what it is advertised which I found out when I tried to sell some in the US at the gold shops at a major "Chinatown" in a large city. Caveat Emptor, and your mileage may vary, but the gold my wife purchased that we took back to the US was stamped from Chiang Mai's most respected gold shop.

Thai gold should be kept in Thailand where it can be used for exchange and used as a currency hedge. But once you take it out of the country you are left with attractive costume jewelery.

[maitembot]

Even with low wages, and wages in Thailand are still high compared to many neighboring countries, do you think a Thai-Chinese business is going to operate profitably on 3% to 5% margins?

I am well aware of your views of Thai-Chinese.

Yes, ad nauseam, Jopha...

Thai gold is beautiful, bit still is lacking in designs I think. I prefer the larger selection of designs I find in Malaysia and Singapore. The quality of their gold is backed by the government also

[Johpa]

Yes, ad nauseam, Jopha...

ROTFLMAO!!!! "Yea Johpa.. ad nauseum dude."

I am honored. As a relative newcomer to the Thai Visa forum I just did not realize how many admirers I had here from other reaches of cyberspace. Perhaps I should call my good pal in the UK to drop by to rile things up a bit.

[snoophound]

Ahh yes pattaya

old men dripping in gold...they must be really wealthy NOT.

I think its just a way of trying to look cooler....after all when everyone wears 100 baht Big brand golf shirts and 200 baht shorts you do need something to say you are cool right??

just read the pattaya mail and see how many of these guys get their amulets ripped off their necks by passing motorcyclists!!

[wolf5370]

I wear a 5 Baht necklace with three Buddhist amulets and a small birthstone on it. My wife bought me the necklace and the central amulet about 5 years ago. My father-in-law gave me two small tablets which I have 'encased'. The birthstone was a later present from the Mrs. I wear it always - in the pool, the gym, in bed, wherever. It stays inside my shirt and I don't flaunt it (I also do not parade up and down Khao San, Soi Cowboy or any other '<deleted> hotspot') - no one bothers me, and no one tries to steal my necklace (it is out of site).

Why buy your gold in Pattaya? They are used to 'passing trade' and stupid farangs with no sense of Baht (monetary) value; if your are going to con someone, then this is this is the place you choose.

Don't know about the States, but I feel ripped off every time I buy gold in the UK. 9k light weight and hollow crap for extortionate prices and all off a conveyor belt (unless you really want to pay through the nose).

If you want to sell the gold when back in your home country, then sell it to a Thai rather than a jeweller.

Thais that I have met like Arabian gold as it is more yellow than Asian gold. White and red gold are not liked either.

Note: You can buy 24k gold in LOS too. You will have to pay for it though. I have some gold stamped (and certificated) at 99.9999% gold - it was to celebrate HRH's golden jubilee. I also have an 'almost pure' 23-ish k ring - it bends when I clench my fist! A chain would break easily I fear.

[eyespan]

Have anybody tried selling US jewellery in the US itself. What about in Singapore where 18K gold is bought but you recieve a reciept stating K18 and then find that you get only peanuts selling it back.

Fact is that Thailand accepts gold as a currency far more readily than most of the other countries we've talked about. So you will always get a better deal selling gold back to the retailers in Thailand as compared to say CHICAGO.

If I am gonna buy something from you for a bigger profit margin would I not devalue your goods "your jewellery is so tacky.""the gold is of lower quality" The last time I checked, gold is a stable element traded internationally with standard prices.

[walker]

In my experience Thai gold is value for cost, is what it claims to be, if you buy from a reputable dealer, whether Thai or Chinese (sorry, Johpa). Do insist on the "mark". The enormous cost difference between Thailand and, say the USor UK, has nothing to do with manufacturing costs....most are machine made. It has to do with the mark-up by US/UK retailers vs Thai/Malaysian retailers, typically 4% vs 80-120%. And, Jesus, how dumb do you have to be to buy gold in Pattaya (or Phuket)?

[eyespan]

Yeah, PaTaYA, "Pay Through Your A**". Nice place for a holiday though

[john b good]

From my experience (limited & not a gold dealer) my understanding is that the Thai gold shops generally claim their gold to be 22K (92.5%)

The missus often refers to Suisse gold which is again from my understanding 24K (99.9% or 0.999 % fine)

Gold is collateral here in the realm and if one has a crystal ball and can predict the ups & downs in the prices there is money to be made.

Me I am usually buying (anything) when the price is up.

[expatwannabe]

My experience with Thai gold is this..

The huge gold stores that you see everywhere that have the red walls and a gazillion chains hanging against them and at least modest patronage by local Thais -- those are the best deal. Further, they will buy back gold from anywhere that looks to be at least 22k and will give you a relatively decent price.

Those little shops that also sell gems, etc. I have found to be less of a good deal -- something which my boyfriend can now hold over my head as an "I told you so" because I went against his advice and probably paid about US$50 more than necessary for a custom ring. Well, at least he's happy