Today’s Gold Rate in Jaipur

With the introduction of the GST (Good and services tax), excise duty and VAT has been replaced with the GST of 3% on the total price of gold including making charges.

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Our country majorly depends on gold imports to meet its existing gold demand. Thus, we take the base price decided by the London Bullion Market Association (LBMA). IBA (ICE Benchmark Administration) publishes the LBMA gold price in US dollars twice daily at 10:30 AM and 3:00 PM UK Time which serves as a benchmark price for gold producers, investors and central banks worldwide.

In India, the Indian Bullion Jewellers Association (IBJA) takes the international price of the gold as a base and adds applicable taxes. Afterwards, an organization of bullion dealers across India decides at which rate the gold will be sold to retailers.

You can invest in gold in various forms- Gold ETF, Sovereign gold bonds or physical gold. Here is the comparison

To ensure you are not cheated when purchasing gold, BIS (the governing body which certifies purity) has listed down the components which one should look at when examining gold jewellery. All these components can be found in the laser engraving of a hallmark seal.

For Gold Jewellery

1. BIS Hallmark
2. Purity in carat and fineness (corresponding to given caratage KT)

3. Hallmarking Centre’s mark
4. Jeweller’s mark

For Gold Coins

• BIS Mark
• Karat
• Fineness

Note:

• If you have bought gold jewellery on or before 31st December 2016, apart from the above mentioned components, there was an additional component that was hallmarked on the gold and that was the year of hallmarking of jewellery denoted by a code letter. For e.g, code letter ‘A’ for year 2000, B for the year 2001, etc.
• Earlier hallmarking was optional, but from 15th January, 2021, BIS has mandated all Jewellers across the nation to sell only hallmark gold Jewellery

 Important Aspects

Consumer should know the following aspects before buying gold in Jaipur:

• Whenever you buy physical gold, always keep the tax invoice issued by the jeweller
• Price of gold jewellery primarily depends on its purity then on how intricate the design is.
• Always buy the hallmark jewellery as it helps you to get the better resale value at the time of selling
• If you are buying gold coins for the investment purpose, make sure you go for 24K purity and 999 fineness.

In case of financial emergency, one can use their gold jewellery/coins to get instant cash from either banks or NBFCs such as Muthoot, Manappuram, etc. All one needs to do is take the gold you are ready to pledge and the executive over there will let you know the loan amount you are eligible to get. In return, you need to pay the interest on your loan amount and until then your gold will be kept safe with the bank.