Set gold rates and making charges

Enter today's gold rate per karat yourself, choose grams or tola, set making charges, and recalculate weight-priced tags. Includes a worked example.

This article shows how to enter today’s gold rate for each karat, choose your weight unit, set making charges, and recalculate the price of every weight-priced piece. GetJewelryPOS does not fetch or quote a live rate: you enter the rate you are trading at, from your own source, each morning.

Before you start

Today’s rate from your usual source (bullion dealer, sarafa association, wholesaler), per gram or per tola.
Products imported with Net weight and Karat filled in. See Import products from CSV.
A permission to edit prices. Associates usually do not have it; see Add locations, registers and staff.

How is a weight-based price worked out?

The price of a weight-priced piece is: net weight × today’s rate for its karat + making charge + stone value. Tax is then added or included according to your tax settings.

Karat purity used by the software:

Karat	Purity
24K	99.9%
22K	91.6%
21K	87.5%
18K	75%
14K	58.5%

Step 1: Choose your unit

Go to Products → Units.
Make sure Gram exists. If you trade in tola, add Tola as a unit with Gram as its base unit and a multiplier of 11.664 (1 tola = 11.664 g).
Masha and ratti can be added the same way: 1 tola = 12 masha, 1 masha = 8 ratti.
Troy ounce, if you buy bullion: 1 troy oz = 31.104 g.

Weights are stored in grams. The secondary unit is for display and entry at the counter.

Step 2: Enter today’s rate per karat

Go to Products → Gold rates.
Pick the Date (today is preselected).
Enter a Rate per gram for each karat you sell: 24K, 22K, 21K, 18K, 14K. If you only have the 24K rate, you can enter it and let the other karats fill from the purity table, then adjust any you trade differently.
If you quote in tola, switch Rate unit to Tola; the per-gram figure is calculated for you.
Click Save. The rate is stamped with the time and the user who entered it.

Old rates are kept, so a past invoice always shows the rate it was sold at.

Step 3: Set the making charge

Making charge covers labour and design. Each product can use one of three types:

Per gram: an amount × net weight. Common for chains and bangles.
Flat: a fixed amount per piece. Common for small studs and pendants.
Percent: a percentage of the gold value. Common in Gulf showrooms.

Go to Products → List products and open a piece, or select several and choose Bulk edit.
Set Making charge type and Making charge value.
Enter Stone value for set pieces, if it is not already in the price.
Click Save.

Step 4: Recalculate tagged prices

Changing the rate does not silently change prices on the counter. You decide when.

Go to Products → Gold rates and click Recalculate prices.
Choose the Location(s) and Karat(s) to update.
Review the preview list: old price, new price, difference.
Click Apply. Every weight-priced item in that selection is repriced and the online store updates with it.
Reprint tags only if your tags carry a price; see Print jewelry tags. Many shops print weight and karat only and price at the counter.

Example

Example only. These are example rates, not today’s gold price.

A 22K bangle, net weight 23.328 g, no tax.

Example 24K rate: $120.00 per gram.
22K rate = $120.00 × 0.916 = $109.92 per gram.
Gold value = 23.328 g × $109.92 = $2,564.21.
Making charge, per gram, example $18.00: 23.328 g × $18.00 = $419.90.
Stone value, example: $240.00.
Price = $2,564.21 + $419.90 + $240.00 = $3,224.11 (each line is rounded to the cent before adding).

The same piece in tola: 23.328 g ÷ 11.664 = 2 tola. The example 22K rate per tola is $109.92 × 11.664 = $1,282.11, and 2 × $1,282.11 = $2,564.22. The one-cent difference from the gram figure is rounding; the software calculates from the gram rate, so the invoice shows $2,564.21.

Common questions

Can the software pull the rate automatically? No. You enter the rate you are trading at. This is deliberate: your rate depends on your supplier, your market and the time of day, and you stay in control of what the customer pays.

What if I forget to enter today’s rate? Yesterday’s rate stays in use, and the Gold rates screen shows the date it was last updated. Make entering the rate part of opening the register.

Can a customer see making charge separately on the invoice? Yes. The invoice layout can list gold value, making charge, stone value and tax on separate lines. See Gold pricing by weight.