Prince Jewellery, Chennai — Buyback of gold jewellery

13 Reviews
Hi all,
I am here to share a very unprofessional experience I had with PRINCE JEWELLERY, CHENNAI.
My wife had some gold ornaments purchased from them in mid 2006 during our wedding. We decided to sell them to raise the funds for the new house and visited their showroom. Remember, all the ornaments are 916, BIS marked and these fellows had agreed at the time of purchase that they will buy it back anytime in future for the 'CURRENT MARKET PRICE'. But to my surprise they were not very interested in taking it back and we were not impressed with their way of treatment. Finally they offered me a price of Rs.1413/- per gram which was around Rs.60/- lesser than todays market rate. In addition to this they will reduce 4% of the total sale amount.

Having experience with many other standard jewellers in Bangalore, Chennai and Kerala I find it very reasonable if they reduce Rs.5 to Rs.15 per gram. But Rs.60 + 4% is too much. After some arguments I decided not to waste my time and left the place.

I walked into Saravana stores and they offered me a price of Rs.1432/- per gram for jewellery that was not even purchased from them! And there is no question of 4%!!. I sold it there and got hot cash.

All of you who consider gold as an investment, beware of PRINCE Jewellery. They have branches in Chennai, Bangalore and Trivandrum.

Complaint comments  12 Comments     Updated: Share0Tweet0Share0



We are place a order for ornaments and send a cheque to you but till date we are not received our ordered ornaments.
Our ch.No. 195084 Dt.05.10.08 Amount 3499.00
The same cheque is debited in our A/c on dt 04.01.09

Please look into the matter & send my orderd ornament


S Sharma
people fail to understand that gold in the form of jewelry is a bad investment, you do not get the value for the money invested, it is just like cars, once out of the showroom, its value drops, plus when u sell ur jewelry, u never get the amount you invested on making charges
Hi All,

Reduction of 4% from the original value for cash is common with every reputed jeweller's.Some jeweller's give rebate of Rs 50/=per gram from the current days gold rate and he purchases jewellery from others on his selling rate(Original rate - Rebate Rate).Being a customer with Prince Jewellery since 15 years i didn't find any difficulties.When i took new house two years before i sold couple of jewels which i have taken from various shops prominent in chennai they deducted 4% from the actual value.So i dont find any thing different with Prince Jewellers, Its common everywhere.
Buying gold from Tanishq makes sense, they have same rate for selling and buying,
and when you sell the jewel back to them they just reduce 5% of total cost.
and you get 95% of the current gold price.
Hey thanks for your comment, these erally do help since i am new in chennai so this should def help in deciding where to buy from and which places to avoid since in the ad everyone sounds promosing but an experience is what is needed to see the truth in the promise, thanks i shall try and avoid prince jewellery
I had a recent experience with prince jewellery, i would suggest people not to buy it from them because when during buy back they are not keeping up the word and upto 9% they are deducting if you want it as cash, you ask them while you buy they nod their head like anything may be you should get it in writing from them.

all richer, when ur buying jewelery from Prince, why u r all not asked about buy back policy of them? when ur buying a mobile ur asking a-z but on jewelery no y .
see people when ur buying a jewelery ask a-z about all that sales person they will say all then how u all people cheated from them.
Thank everybody for the comments. I actually had an idea to sell by old jewels which was originally bought from them few year back, Now I have decided not to go there. But could any friends give me suggestion as to which is best shop to sell old jewels and purchse new one pure gold.
hi, i want old glod jewelery contact[protected]
i want to sell some gold jewellery can anyone suggest any decent jeweller in chennai, with good price to offer

U r absolutely right. We experienced the same. Very rude behavior with customers. I went with a similar chain to chemmanur jewelers and sold for Rs. 80 less than the market rate and 0.07 gm less after heating . I got Rs. 79, 180 for 27.94 gm of gold chain (bought from chemmanur), which I feel comparatively better and the sales man was good and he was kind in his words.
In prince jewelers, I sold a 31.22 gm of gold chain( bought from prince jewelers) for Rs. 84, 349, which is Rs 116 less per gram and heating loss was 1.149 gm, so the gold they sell has lot of waste in it. They estimate the heating loss as 1.22 g m approximately before heating it, so they are aware that their gold has so much of heating loss priorly. the appraiser was very lethargic type and he behaves as if it is our problem and he can't help . Very very bad person.They give a name as dust in the ornament for heating loss. People should be aware of all these techniques of jewelers. So please select a good jeweler before investing your hard earned money.

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    Prince Jewellery, Chennai - Buyback of gold jewellery

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