Why gold is special in India
Most Indians believe that buying gold during festivals is lucky and can bring wealth and good fortune to individuals and families.
Festivals are a great time to buy gold because jewellers offer many special deals and discounts during these times.
Buying gold on Akshaya Tritiya
Akshaya Tritiya is considered an auspicious day to purchase gold for prosperity. This year Akshaya Tritya is on Friday, May 10, 2024. Since gold buying normally goes up on Akshaya Tritya, we are tracking the gold rates at major jewellers in the country, ahead of the auspicious day.
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Gold prices today
As of May 6, 2024 (2:58 PM), the gold prices at some of India’s most popular jewellers, including Kalyan Jewellers, Tanishq, and Malabar Gold, are as follows:
| Jeweller |
Gold rate (22k) |
| Kalyan Jewellers | Rs 6,585 |
| Tanishq | Rs 6,785 |
| Malabar Gold | Rs 6,605 |
Gold Making charges
According to an ET report, it is important to note that the price of gold varies based on location and quality. Gold comes in different grades, from 9K to 24K, with the higher grades costing more. Additionally, jewellers add fees, called making charges, which can be between 6% and 14% or more, depending on the design.
Hallmarking in India
In India, hallmarking is a certification of the purity of precious metals like gold and silver. It’s important to check for hallmarks when buying jewellery to ensure its quality.
Cost of Hallmarking for silver
The hallmarking charges in India are as follows:
– Rs 25 per item.
– A minimum charge of Rs 150 per consignment.
– Hallmark charges do not cover making charges or wastage fees.
Additional taxes and levies may apply.
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Invoicing and billing
Always get an official bill or invoice for any hallmarked item from the jeweller or retailer. This documentation is crucial if you need to address disputes, misuse, or complaints. Make sure the invoice includes specific details about the hallmarked item.
Jewellery shop checklist
A registered jeweller must display the BIS logo with the text “Hallmarked jewellery available for sale” on the outside of their store. Inside the store, the jeweller must have the BIS registration certificate clearly visible, the ET report says. Additionally, the jeweller should provide a magnifying glass with at least 10X magnification to help customers examine the hallmark on their jewellery. The jeweller must also explain the relationship between fineness and caratage.
