Gold Rate Gandhidham
Last updated on: 8th Mar 2023 06:30 AM
Gandhidham is the largest city in the Kutch district and a major financial hub situated on the Gulf of Kutch in Gujarat, India. Gandhidham was created in the 1950s as a new settlement for refugees from Sindh in present-day Pakistan. The city is now home to several temples, mosques, and churches.
Gold shops in Gandhidham are plentiful. The city is quite renowned for its goldsmiths and gem cutters. For those looking to pick up some quality gold and silver jewellery, Gandhidham is the ideal place to start shopping. The most popular hotspots for gold buying in Gandhidham are Zaveri Bazar, Tagore Road, and Soni Bazar.
The IBJA (The Indian Bullion Jewellers Association) plays a vital role in determining the daily gold rates in Gandhidham. IBJA consists of the country's most prominent gold dealers. They account for the lion’s share of gold that is sold and bought in the country and hence, has the power to determine the gold price across the country.
Banks are the largest importers of gold in the country. However, they add a fee to the imported gold before selling it to a supplier, increasing the purchase price at the source. By the time it reaches you, the price you pay for gold includes various charges. For instance, when you buy gold jewellery, you may also need to pay a making price.
Both gold and fixed deposits are popular investment instruments. However, both share some differences, too. To begin with, returns from FD are guaranteed and fixed. Market fluctuations or economic conditions don’t affect your interest income.
On the other hand, gold rates can fluctuate. This is because gold rates get decided daily. They could go up or down based on economic conditions. But per historical trends, gold rates have always gone up in the longer term.
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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.
GST, or the Goods and Services Tax, is a uniform tax applied to both goods and services in India. The country first began using this system in 2017.
The GST rate for gold and jewellery is 3%. In India, buyers of gold are currently taxed 10% for the import duty, 3% GST, and an additional 5% on the price of gold.
If you're considering buying gold jewellery in Gandhidham, keep in mind that there is a GST rate on these purchases.
Here are a few things that one should consider before buying gold from Gandhidham:
Gold rates in Gandhidham may not be consistent every day. This is because global economic trends are vital in determining gold rates in Gandhidham. So, it is better to pay close attention to gold rates in the city and buy gold at a reasonable time when the prices are lesser.
The purity of gold is determined in karats. There are different levels of gold purity, and gold rates may differ depending on the purity level.
24-karat gold is the purest form, containing 99.9% pure gold. 22-karat gold is 91.67% pure. 14 karat is 58.33% pure, while 18 karat contains 75% pure gold.
Always remember that 24-karat gold is not suitable for jewellery and ornaments as it is too soft to hold a jewellery design. Jewellers mostly sell 14, 18 or 22-karat gold jewellery.
Gold is very precious and symbolises the wealth and prosperity of a person. Many fraudulent practices are associated with the gold business, including selling adulterated gold at very inflated prices.
Always buy gold certified by the Bureau of Indian Standards (BIS). BIS is responsible for maintaining standards of gold purity in the country. BIS does this by certifying goldsmiths and jewellery stores. BIS also provides a gold purity stamp, which is a guarantee of the purity of the gold.
Making charges are levied by jewellers on ornaments and coins over and above the gold cost. Gold jewellery design is a difficult and laborious activity, and making charges can depend upon the design complications of gold jewellery.
Making charges can inflate gold’s price by adding 8-10% extra cost to the actual value of gold. The best way to avoid making charges is to invest in digital gold, Gold Exchange Traded Funds, and Gold Mutual Funds.
Gold in India is weighted on a per-gram basis. The heavier the jewellery or article, the more expensive it is.
Make sure you only pay for the weight of gold in the articles. Precious gemstones like diamonds and emeralds must be billed separately as they can inflate the weight of the gold jewellery, making it weigh more.
Complexly designed jewellery ornaments may contain the weight of a lot of non-gold metals and articles. Be careful to exclude them from the weight of the gold in your article.
Gold has tremendous social appeal across the globe. India’s love for gold is not hidden either, and we love to shop for it on special occasions. Gold buying on Diwali, Dhanteras, and Raksha Bandhan is considered auspicious, and the festive season can create a lot of demand for the yellow metal. This is the time when prices may shoot up during the festive season. So plan your gold purchase at a suitable time.
Which precious metals are covered under BIS hallmarking to determine purity?
Currently, gold and silver are covered. BIS hallmarks only to ascertain the purity of gold and silver. Other precious metals are not hallmarked by BIS.
Can I ask the jeweller to provide me with 24-karat gold jewellery?
Where can I find a list of BIS-registered jewellers?
Can I get my old jewellery item hallmarked?
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