Last updated on: 3th Feb 2023 10:00 AM
Jalgaon, historically known as East Khandesh, is often referred to as the "Banana City of India" since this region is the largest producer of bananas in Maharashtra, accounting for two-thirds of the state's banana production.
Agriculture is the primary livelihood source for most of Jalgaon's residents. However, Jalgaon is home to several prominent industries, including pipe manufacturing, fruit processing, pulse milling, bio fertiliser, and mattress manufacturing. These industries generate a large amount of revenue every year.
With the boom in construction, the city boasts excellent educational and healthcare institutions along with rapidly growing residential neighbourhoods. The city's growth and development have resulted in residents viewing gold differently than previous generations, recognising it as an investment and a piece of jewellery.
Since the Goods and Services Tax (GST) regime came into effect, there have been fluctuations in the gold rate. The GST on the value of gold is 3%, and the GST on the making charges of gold jewellery is 5%.
The most common use of gold in Jalgaon and throughout India is for jewellery and investment, as India has the world's second-highest gold consumption rate after China.
As a result of its traditional value and historical appreciation, gold is often purchased for weddings and auspicious festivals in Jalgaon and throughout India. The value of gold goes beyond cultural significance; it is also regarded as one of the most reliable investment options.
The gold rate in Jalgaon, as well as in other parts of India, may change periodically as a result of international trends, inflation, currency rates, etc.
Today, there are numerous alternatives to physical gold. You do not have to go to a local jeweller and buy gold coins to invest in gold. A physical gold purchase involves costs, such as making and storing, which can be avoided through investing in alternatives. Some of these are
To invest in gold ETFs, you'll need a Demat account. Gold units can be held in dematerialised form as mutual fund units. In gold ETFs, one team is equivalent to 1 gram of gold, backed by 99.5% pure physical gold. Gold ETFs are open-ended funds, which means they have no lock-in period.
SGBs government securities are issued by the Reserve Bank of India (RBI) and offered in multiples of gram(s) with a minimum investment of one gram.
With SGBs, your gold quantity will be protected since you get the current market price when you redeem them. The SGB offers an assured interest rate of 2.5% per year, paid semi-annually.
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A hallmark is an assurance of gold's purity issued by the Bureau of Indian Standards (BIS).
From June 16, 2021, only hallmarked and certified jewellers could sell gold. Nevertheless, it only applies to jewellers with an annual turnover of more than ₹40 lakh. Therefore, some jewellers will be able to sell gold without a hallmark, but it is best to buy hallmarked gold to ensure authenticity.
Per the ministry of consumer affairs, to ensure the purity of hallmarked gold jewellery, these components need to be verified:
The purity of gold determines its price. According to the World Gold Council, the following are the purity levels of gold.
As a result of the nickel, silver, and zinc composition in 22K gold, it is more durable compared to 24K gold. 24K gold is too soft for jewellery but is ideal for coins and bars.
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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.
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