Gold Rate Thiruvananthapuram
Last updated on: 2nd Jun 2023 05:41 PM
Thiruvananthapuram, or Trivandrum, is Kerala's capital and its largest city. It is called the evergreen city in an ode to the rolling green hills and natural beauty that adds to the city's allure. An information technology hotspot, Trivandrum boasts a high number of software exports.
Like the rest of India, the people of Trivandrum love gold. The jewellery market witnesses a boom during the festive seasons. No wonder the gold market in Thiruvananthapuram is the biggest in Kerala. Various factors impact the gold prices in the city. Read on to learn more about these.
Before the Goods and Services Tax (GST) introduction, the effective price of gold was lower. People had to pay a 1.2% Value-Added Tax (VAT) on the price of gold, along with a 1% excise duty.
After the implementation of GST in 2017, you have to pay 3% GST on all gold purchases. There is also a separate GST of 5%, which is imposed on the making charges of gold ornaments.
Three types of import duties are also applicable to gold imports to India -
Gold has always been a popular investment asset in India. In addition to buying physical gold in Trivandrum, you can also look at alternative investment avenues. The following are a few popular investment options -
Gold saving schemes are available at most local jewellery stores, but the terms differ for each. You have to pay small amounts of money to the jeweller each month, and once a substantial amount is accumulated, you can purchase gold jewellery against it. Bear in mind these schemes are not regulated by any government body.
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Gold is available in multiple purity levels. 24-karat is the purest form of gold, with a purity level of 99.9%. But since gold in its purest form is too soft to be converted into jewellery, it is mixed with other metals like zinc, copper and silver. 22-karat gold is 91.6% pure gold mixed with trace amounts of other metals to impart rigidity. Thus, it is the ideal choice for creating jewellery. Owing to its purity of 91.6%, 22-karat gold is also commonly referred to as 916 gold.
The Bureau of Indian Standards (BIS) authenticates and hallmarks all gold articles. Thus, Buying a piece of jewellery made from 22-karat gold will have 916 hallmarks.
How can I check the purity of gold in Thiruvananthapuram?
One method of checking the gold purity is the float test. Real gold has a higher density than water; thus, it sinks in a bowl of cold water. If the gold is fake, it will continue to float.
Which are the best places to buy gold in Thiruvananthapuram?
Should I invest in gold?
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