Web Stories Thursday, May 23
The gold rate in India is changing, reflecting the dynamic character of the precious metal market. Gold prices are on rise on fears that the Middle East crisis will spread to other countries and increase demand for the safe-haven commodity.

In India, gold prices vary by city thanks to several factors such as taxes, shipping costs, purity standards, and local demand and supply.

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Taxation of gold

Different states imposed different value-added taxes (VAT) on gold. All states now impose the same tax on gold, though, as the Goods and Services Tax (GST) took the place of the VAT. Transportation, regional supply and demand, hallmarking, charging, etc. are the main causes of pricing variations in each city.

Gold used in jewellery

Indians invest in gold in a number of ways, including gold jewellery. The measurement of gold purity is known as karat (KT), and jewellery is offered in a variety of karats. The purest variety of gold, 24KT gold, is too brittle to be used in the production of jewellery. The 22K is the most common kind of gold used in jewellery, containing 91.6% gold. It is possible to buy 14Karat and 18Karat gold jewellery. 14- and 18-karat gold will cost less than 22-karat gold.

Let us take a look at the gold prices of a few famous jewellery brands in India as on April 20, 2024(11.30 AM IST).

Jeweller Gold rate
Tanishq 7004(14)
Malabar Gold 6,805.00
Joyallukas 6805
Kalyan Jewellers 6815*

*Gold rate as on April 19, 2024
Source: Jeweller websites

What is gold hallmarking?

Hallmarking is the accurate determination and official recording of the proportionate content of precious metal in precious metal articles. Hallmarks are thus official marks used in India as a guarantee of purity or fineness of precious metal articles, according to the Bureau of Indian Standards (BIS)

Which metals needs to be hallmarked in India

In India, at present two precious metals namely gold and silver have been brought under the purview of Hallmarking.

What should be looked in jewellery shop?

On the outside of the sales outlet, the registered jeweller shall display the logo of BIS with the wording “Hallmarked jewellery available for sale” .

The jeweller must display the certificate of registration granted by BIS in a jewellery store. A minimum 10X magnification magnifying glass must be available for the jeweller to display the customer the hallmark on the hallmarked jewellery. The jeweller must show how fineness and carat weight relate to one another.

It is not mandatory hallmark gold bullion and coins also. The order is applicable for gold jewellery and artefacts only. Gold bullion/coins of 999/995 fineness are permitted to be hallmarked by BIS approved Refinery/Mints.


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