Gold rate in Rajnandgaon

Rajnandgaon is a city located in the state of Chhattisgarh in central India. It is the administrative headquarters of the Rajnandgaon district. It offers a perfect blend of cultural and natural attractions. Its rich heritage, natural beauty, and economic growth make it a popular destination for both tourists and residents.

Gold is a popular investment and jewellery item in Rajnandgaon, and there is likely a demand for gold in the city. Factors that may impact demand include cultural and religious traditions, economic conditions, and the price of gold.

Comparison Between 24K and 22K Gold

The choice between 24K and 22K gold will depend on the intended use and the individual's personal preferences and budget.

24K gold is pure gold, while 22K gold is an alloy that contains approximately 91.6% gold and 8.4% other metals, usually copper or silver.

24K gold is the most expensive and valuable type of gold due to its high gold content. It is also the softest and most prone to scratches and damage.

22K gold, on the other hand, is more durable and less expensive due to the inclusion of other metals. It is also more popular in jewellery making due to its ability to hold its shape and resist wear and tear better than pure gold.

In terms of appearance, 24K gold has a bright yellow colour, while 22K gold may have a slightly deeper or more orange-toned hue due to the other metals present in the alloy.

Gold vs Diamond

Gold and diamonds are two popular investment options that offer a range of benefits and drawbacks. Here are some key differences between the two:

Value: Gold is a precious metal that has a long history of being used as a store of value. It is also widely accepted and traded internationally, which makes it easy to sell. Diamonds, on the other hand, are rare gems that are prized for their beauty and rarity. While they can be valuable, the value of a diamond depends on its quality and size.

Liquidity: Gold is more liquid than diamonds, meaning it is easier to sell and convert into cash. This is because gold has a large number of buyers and sellers. Diamonds, on the other hand, can be more difficult to sell as you can only sell them to the store where you bought them.

Price stability: Gold prices tend to be more stable than diamond prices, which can be more volatile. Gold prices are affected by a range of factors such as economic conditions, geopolitical events, and the demand for jewellery, but they tend to be more consistent over time. Diamond prices, on the other hand, can be affected by fashion trends and changes in consumer preferences.

Returns: Both gold and diamonds can provide returns on investment, but the potential for returns varies widely. Gold has traditionally been seen as a safe haven investment and has provided solid returns over time, although it can be affected by market conditions. Diamonds can also provide returns, but this is largely dependent on the individual diamond and the market conditions at the time of sale.

Risks: Both gold and diamonds come with their own set of risks. Gold prices can be affected by market conditions and geopolitical events, while diamonds can be affected by changes in consumer preferences and the overall market for diamonds. Additionally, both gold and diamonds can be subject to fraud or counterfeiting, which can impact their value.

It may be advisable to diversify your investment portfolio to include a mix of both, rather than relying on a single asset.

How is the Purity of Gold Evaluated in Rajnandgaon?

The Bureau of Indian Standards (BIS) is an independent government body that regulates the purchase of precious metals. They have made it mandatory to sell hallmarked gold from June 16, 2021. Hallmarking certifies the metal content of a specific product.

To ensure the purity of gold, you should look at these symbols. These are

BIS Mark

This certifies that the specific product is verified in licensed laboratories.

Purity Grade or Fineness

It declares the percentage of gold content in any gold product. There are three purity grades i.e. 22K 916 meaning 22K gold and 91.6 per cent gold content

• 18K750 means 18K gold and 75 per cent gold content.
• 14K585 means 14K gold and 58.5 per cent gold content.
• 24K999 means 25K gold and 99.9 per cent gold.

Manufacturer or Jeweller symbol

It verifies where the jewellery is bought from.

Hallmarking Centre Identification Number

It states the laboratories where gold jewellery has been assessed.

Impact of GST on Gold Rate in Rajnandgaon

The government of India has revised its tax rate with the implementation of GST. While other taxes are changed, Import duty remained unchanged at 10 per cent. Have a look at the chart below describing the change in the tax rate.

Pre-GST

• VAT: 1%
• Excise Duty: 1%
• GST: Nil
• Making Charges: Nil

Post-GST

• GST: 3%
• Making Charges: 5%