New Delhi: Gold rate in India has increased twice in last couple of says and on Saturday it rose by 120 Rs. and ended up at 27,120/- INR for 10 grams of 24 carat gold. The prices are increase throughout India because Jewellers are buying gold in large number to be able to deliver gold jewellery in high business wedding season. It is expected that rates will go up by 4-5% in coming few weeks as the wedding festival season will pick up in India. On the other hand silver metal has also gained significantly and it is currently selling at 37,400/- INR per kilogram. The reason why silver rates have gone high is because industrial units and coin making companies are buying to meet the market demand.
Market specialist and traders claimed that this buoyed sentiments is caused by jewellers buying gold in huge numbers to be able to make gold jewelries for this year’s wedding season and to be able to meet market demand as well. On the other side gold price in New York that generally sets the spot price worldwide is also increasing as it was hiked up by 1.9 percent last week. It is selling at $1,199 per ounce of 24 carat gold. International price of silver also increased by 3 percent.
As we speak both 99.9 and 99.5 percent pure gold in New Delhi is selling at 27120 Rs. which is a significant change in terms of market price we have seen in last couple of months. On the other hand silver price has also strengthened due to industrial market’s high demand to create silver coins. As an investors you must wait and watch the market movement in India and then only plan ahead to put your money in either gold or silver.
As we speak gold price in the city continues to take a major hit as it closed at 26,700/- INR mark on Friday. Because the gold rates are lower at the moment, jewellery stores are seeing higher number of customers turn out. On the other hand, gold import duty has been reduced by the government which is definitely going to have its effect on rates and it is expected to come down significantly in coming few months. At the moment, gold commodity is not not doing good in the market and because of that there is oversupply of gold that has also contributed to lowering rates of gold in Chennai for both 24 carat and 22 carat. Before doing my research for current prices i doubled checked the rate and at the moment it is at 2400/- per gram for 22 carat which is 3 percent lower to what it was last week. For people living in the city it has turned out to be a great surprise because it is a wedding season and the plummeting gold rate has helped them save quite a lot of money.
We spoke to lot of locals and they seems to be overjoyed for the fact that gold rate in recent past has touched new height every passing week, and after such a long time, rates are declining and this is best time for them to purchase jewellery, bars and coins. We also discussed with some of the industry’s seasoned gold traders, retailers and investors, and they claimed that rates will comes down more in coming months and because of that this is the perfect opportunity to invest in gold for long term, because it is going to increase sooner or later. The rate of gold all over india has been constantly fluctuating over the past few weeks and this is the lowest of all time in recent past. If we compare the data of last month, on 5th December it was close to 27,800/- for 10 grams of 24C gold, but today 24 Carat gold rate in Chennai per gram is 2600/- which is a major difference and that is why government is worried about this trend and now planning to impose more import duty to control gold prices.
One of the top jewellers in the city claimed that the steady decline in price is based on global economic downfall and international costs of gold mining. If you see, gold producing countries like Australia, South Africa and Switzerland, gold prices in those countries are at all time low and touching new lows every day. International rate has come down by 14% in just 2 months. They also said that if the value of indian rupee would not have depreciated to value of dollar, gold rates would have come down a lot more. Jewellers in the city are worried about this ongoing trend and now have decided to discontinue sell of gold coins and bullion in their stores to support government’s decision tor reduce gold imports.
In Chennai gold coins are sold for more than 21% of total amount of gold sold which is quite a significant number and shows the demand for investment grade gold in the city. However, small scale gold investors are disappointed with the fact that gold coins are not sold on local pawnshops anymore. On the other hand cost of silver is also on declining mode as price dipped from 44 Rr. per gram to 42 Rs. Given the uncertainty of gold price, customers are now looking for less pure 18 carat gold for jewellery purposes.
When you were kid, did you enjoy making hairstyles, trying different makeups or perhaps you loved watching your elder sister getting her hair styled, right? Well, that’s the stylist in you that always wanted you to become a hairstylist, makeup artists or may be a salon owner. People who are good at doing their own hairstyles and makeups always have this dream of starting their own beauty salon in future, but they have no idea where to start and thinking about how challenging it would, most of them give up on their dreams. Well, if you are one of those this article is definitely going to show you step by step process of opening a salon, but you must be prepared to put you dedication and passion on the line to make it as successful as it could be.
To begin with, analyse the amount of money you need to invest in your salon business. Starting a business is obviously going to cost you money, and it undoubtedly going to be difficult to raise funds for your salon setup. Majority of salon owners do not even aim to earn profit for the first 1-2 years and they are happy even if they are in no profit no loss equation. Here’s what you should do:
Ask yourself that can you manage your month expenditures while you work you way through to setup the salon because it is going to take efforts, money and time. First, calculate how much is your expenses every month, how much savings you have and what is the deadline amount you must make to survive every month. Once you have that figured out, make an opening budget for your business that includes employees salary, shop rent, business insurance, products supplies, emergency funds, and other monthly bills such as electricity, internet and phone.
Once you are done with your operation budget to run the salon business, it is time to analyse price structure of services you will be offering in your salon. Make sure you price the services or products so that you end up with profit at the end of the month. At the start of the business you can keep the prices low and gradually increase them as you establish your business. Also, create a menu of services and figure of what all services such as hairstyling, colouring, makeup, facials, etc you will be offering. This is important because you will have to hire specialists who can do these services for your clients and for them you will have to plan for their payrolls as well. For example you can learn from success story of Beaucage Skin Care Salon in Boston, MA. It was similarly planned and started by a stylist and then scaled it to reach great heights in the industry. It is now a successful business with over 30+ stylists working in the salon.
Amateur salon owners gets excited with initial response they get to their salon business because it’s new, and in excitement they hike their services prices and that is when the downfall of the business starts. Therefore always make sure that you do not charge too much to your customers in order to make more profits, otherwise soon you will send your customers away to your competitor. To solve pricing issue, do a bit of research about the prices offered by other salons in your area and accordingly set your prices in a similar range. That will help you to be competitive in the market and win more customers.
In case you have no money to start your salon business you can always apply for a small business loan from a local bank. Before you apply for it you will have to discuss about your business plan with the loan officer and for that make sure you have a presentation ready, because that will increase the chances of approval significantly.