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| Gold In Thailand |
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| We are frequently asked about gold, it's importance and pricing as nearly all people who marry a Thai lady will have to buy gold in some form or another even if it is just two wedding rings. Therefore we would like to take this opportunity to expain briefly about gold and how the market works. As with all countries Thailand historically has accepted gold as a medium of exchange, a store of wealth and as a show of wealth for over 1000 years.Gold is used today for these purposes, in addition it is used to make merit by offering gold leaf to Buddhist statues. Throughout Thailand gold is seen in every temple and there are solid gold Buddha images and chedis throughout the country. Gold is an important part of any Thai engagement ceremony or marriage. Please see ourTraditional Thai Weddings page for more information on this aspect. Gold was historically weighed in units called a tical but in the 19th century the Baht was introduced as the official currency and the tical was renamed as a baht. This is the same name as the current currency and leads to some misunderstandings. For example a father may say he wants 6 baht in order for you to marry his daughter, he means gold of course! Gold is weighed in Troy ounces and 14 troy ounces equal one pound avoirdupois or 16 avoirdupois ounces. A baht weight is 15.2 grams or approximately 1/2 a troy ounce (16.2 grams). 453.6 grams equal one pound. In Thailand gold is sold by the baht weight. This is subdivided into 100 satangs but it is normally found in most shops in the weight denominations of 25, 50 and 75 satangs. International standards apply to gold and they are followed in Thailand. Pure gold is defined as 24 carat gold. This is virtually never used as it is a very soft metal and just not practical for commercial applications in it's pure form. Another metal, frequently copper, is added to the gold to provide some hardness. 22 carat gold is 91.7% pure gold. 18 carat gold is 75% pure gold. 14 carat gold is 58.3% pure gold. 9 carat gold is 37.5% pure gold. The carat of the gold must be officially stamped or hallmarked on the object. The price of 100% pure gold is "fixed" every working day in both the morning and the afternoon in London by the merchant banks and that becomes the official price for settlement between the banks. It is normally also the trading price used at that time by commercial gold dealers. This price is set in US$ at the prevailing "cable" rate of exchange. Therefore to calculate the value of a gold object you use the following formula: Weight X %gold X US$ = value. One troy ounce equals 32.4 grams. For example a two baht (30.4 grams) necklace of 22 carat gold given today's gold fix price of US$258.8 per ounce: To calculate gold value you just follow these three easy steps: 1. Find the value for gold in pure form per gram $258.8 divided by 32.4 grams = $7.99 per gram for 24 carat gold. 2. Find the value for the quality of gold you are considering $7.99 X 0.917=$7.33 per gram for 22 carat gold. 3. Find the value for the piece you are considering 30.4 grams X $7.33 = $222.83 being the value of the actual gold content of this particular necklace. Compare this with the price being asked and see if it represents a fair margin. On to this value of the intrinsic value of the metal you need to add an amount for the manufacturing of the article depending on it's complexity and any relevant taxes such as VAT or sales tax. By following this simple formula you will save yourself from being cheated. Most gold shops in Thailand are very reputable and they clearly show their buying and selling prices of gold per baht on their premises. In all cases get a receipt. In Thailand the government has controls over gold prices and a seperate "fix" is made each working day that gold dealers follow. On the date this page was set up the Thailand price of gold was set at 5,500 Baht per baht (15.2 grams) and the US$ to Thai Baht exchange rate was 45.76 Baht to 1 US$. 5,500 divided by 45.76 = US$121.29 for one baht weight. However be aware of unscrupulous dealers who will charge you the official rate for pure gold for 9 carat or sub-standard gold. GEMSTONES Many people get tricked into buying well over-priced gemstones and jewellery in Thailand. There are daily tales of tourists who thought they could make a quick profit by buying gems in Thailand and selling them back home. The gems may well be genuine but the prices are exorbitant. We would advise you against purchasing any gemstones or encrusted jewellery unless you happen to know exactly what you are doing. There are many seemingly reputable shops who offer fancy guarantees and receipts but refuse to refund money or buy back their goods. The Tourism Authority of Thailand is trying to take action against these many unscrupulous firms but it has met with little success so far. As for anyone even considering buying gems from someone who approaches you whilst you are sunning yourself on the beach, Well................... So in answer to the old riddle "Which is heavier an ounce of gold or an ounce of sugar?" The answer is, of course, an ounce of gold.  Orchid of Siam are authorised to provide immigration advice and services by the Immigration Services Commissioner Ref. No. F200500016. Members of the Immigration Law Practitioners' Association. |
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