New Delhi, Oct. 5 -- The best way to discover new wines is at restaurants and wine bars in the company of a friendly sommelier, but it is hard on the pocket. An essential understanding of what determines the price of wine by the glass and by the bottle-beyond profits and excise duties-is needed for transparency.

In the premium dining space where wines thrive, there is a vague statement: "You're paying for the experience". What does it mean? Is it the leather bar stools, vintage lamps and teakwood tables? Actually, it's a combination of technical factors, including the procurement price (the cost at which a bottle is bought from a wine grower or importer), perishability, glassware, storage, salaries as well as years of training of the som...