Gold Rate Chennai
Last updated on: 2nd Jun 2023 05:41 PM
The purity of gold in Chennai is certified by the Bureau of Indian Standards (BIS). The gold purity certification process followed by the BIS is known as hallmarking. Like any other part of the country, all Chennai-based jewellers must sell customers hallmarked gold only.
When you visit a jewellery store in Chennai, you can find the following hallmarks on the ornaments to determine their purity: - 22K916: It signifies 22-karat gold that contains 91.6% pure gold. - 18K750: It represents 18-karat gold that has 75% pure gold. - 14K585: It denotes 14-karat gold that comprises 58.5% pure gold.
When you are buying gold in Chennai, you should keep these four things in mind:
BIS Mark: You should check whether the BIS logo is present on your gold ornaments. The presence of this logo will confirm the authenticity of the gold item.
Karat and Fineness Purity: To confirm the fineness level or purity of the gold in your jewellery, you should check whether the fineness number is embossed. The six gold jewellery and artefact cartage values are 24-karat, 23-karat, 22-karat, 20-karat, 18-karat and 14-karat.
Mark or Number of the Centre Hallmarking or Assaying: The laboratory or centre that hallmarks your gold is required to put the logo on the assessed jewellery. Before buying a gold ornament in Chennai, you should check whether the gold hallmarking centre is BIS-certified.
Identification Mark of the Chennai Jeweller: Look for the identification mark of the jewellery manufacturer before buying gold jewellery from a store in Chennai.
|Day||24K Gold||22K Gold|
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|26 May 2023|
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Gold is valuable only when it is pure. There are instances where customers are duped with impure gold. Hence, confirming the purity of gold is crucial.
The Bureau of Indian Standards (BIS) is a government authority that certifies the purity of gold. According to BIS, the following factors are to be kept in mind when buying gold.
Jewellery hallmarked by BIS will have a BIS logo on it. Remember that since BIS is the only authorized laboratory in India for gold certification.
Karat is a scale to gauge gold's purity. While 24 karat gold is the purest, it is too soft for use. Hence, other metals are added and the gold available in the market is often 22 Karat.
The gold you buy should also carry an identification mark by an authorized jeweller. This helps ensure the gold is from a credible source. The mark can also be helpful in the case of disputes.
The implementation of GST has raised gold prices in Chennai.
Before GST was implemented, gold buyers had to pay 1.2% VAT (Value Added Tax) + 1% customs duty + 10% gold import duty, equating to a total of 12.2% in taxes and duties. On June 3rd, 2017, the government announced that the revised GST on gold tax slabs would be 3%. This means that all gold items, whether they are completed or unfinished, will have to pay a 3% fee.
On June 3rd, 2017, the government announced that the revised GST on gold tax slabs would be 3%. This means that all gold items, whether they are completed or unfinished, will have to pay a 3% fee.
The best gold jewellery shops in Chennai to buy your gold coins, bars, biscuits, and ornaments are - - Tanishq Jewellery (Usman Road) - Saravana Stores Elite Diamonds (Duraiswamy Road) - GRT Jewellers (Coats Road T. Nagar)
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