Gold Rate Today in Visakhapatnam

Vishakhapatnam, also known as Vizag, is one of the oldest port cities and industrial centres in Andhra Pradesh. The place is known for its serene landscape and picturesque beaches.

Like many Indian cities, Visakhapatnam places significant emphasis on gold. The yellow metal is often associated with auspicious festivals and weddings as a symbol of prosperity.

The gold rate in Visakhapatnam and other parts of India may fluctuate due to international trends, inflation, currency rates, etc. So, read on to discover the ongoing gold rates in the city and more.

Import Duties and Taxes on Gold in Visakhapatnam

India is mainly dependent on imports to meet its gold demand. Therefore, gold is subject to import duties, fees, and surcharges, contributing to its landing cost. On top of landing costs, gold attracts 3% GST, with 5% GST on making charges.

Here is a summary of the import duties and taxes on gold in Visakhapatnam, as of July 1, 2022:

• The basic customs duty (BCD) on gold imports is 12.5% of the assessable value (the value of the gold being imported).
• The agriculture and infrastructure cess (AIDC) is an additional 2.5% of the assessable value.
• The social welfare surcharge (SWS) does not apply to gold imports.
• The total landed cost, which is the sum of the BCD, AIDC, and the assessable value, is subject to a goods and services tax (GST) of 3%.

Therefore, the total import duties and taxes on gold in Visakhapatnam is 18.45% of the assessable value, which consists of the BCD, AIDC, and GST. This means that if the value of the gold being imported is INR 100,000, the total import duties and taxes would be INR 18,450, bringing the total cost to INR 118,450. Please note that these rates and rules are subject to change, and it is always recommended to consult with a customs broker or a local customs office for the most up-to-date information.

How to Check the Purity of Gold in Visakhapatnam?

Checking gold purity in Visakhapatnam or elsewhere in India is as simple as checking the hallmark.

A hallmark certifies the purity of gold and is issued by the Bureau of Indian Standards (BIS).

As of June 16, 2021, hallmarking of gold is mandatory in India, meaning any gold jewellery sold by a jeweller must be stamped with the BIS hallmark to ensure purity.

However, this rule only applies to jewellers with an annual turnover of more than ₹40 lakh. In this regard, some jewellers can sell gold without a hallmark. However, as a buyer, you must go for hallmarked gold to ensure authenticity.

As of July 1, 2021, hallmarking signs have been revised. Now, BIS hallmarks must include the following:

• BIS Standard mark
• Purity/Fineness Grade and
• 6-digit alpha-numeric code (Jeweller's Identification mark/number)

The Bureau of Indian Standards (BIS) is the national standards body of India and is responsible for issuing hallmarks for gold jewelry sold in the country. A hallmark is a quality assurance mark that indicates that a product meets certain standards of purity and quality.

The BIS issues the following hallmarks for different karatages (purities) of gold jewelry:

• 14-karat gold: The hallmark for 14-karat gold is "585", which indicates that the gold is 58.5% pure.
• 18-karat gold: The hallmark for 18-karat gold is "750", which indicates that the gold is 75% pure.
• 20-karat gold: The hallmark for 20-karat gold is "833", which indicates that the gold is 83.3% pure.
• 22-karat gold: The hallmark for 22-karat gold is "916", which indicates that the gold is 91.6% pure.
• 23-karat gold: The hallmark for 23-karat gold is "958", which indicates that the gold is 95.8% pure.
• 24-karat gold: The hallmark for 24-karat gold is "999", which indicates that the gold is 99.9% pure.

It is important to note that these hallmarks are only applicable to gold jewelry sold in India. Other countries may have different hallmarks or use different systems for certifying the purity of gold jewelry.

Understanding 916 Gold Price Today in Visakhapatnam

916 gold refers to 22-karat gold which contains 91.67% pure gold. The numeric 916 is an ode to the percentage of pure gold in the 22-karat variant. Hence, 916 hallmarked gold is nothing but 22-karat gold, bearing the Bureau of Indian Standards mark of purity.

Comparison Between 24-karat and 22-karat Gold

24-karat gold is pure gold, meaning it is made up of only gold and contains no other metals or alloys. It is the softest and most pliable form of gold, which makes it easy to work with but also more prone to scratching and damage. It is not commonly used in jewelry because it is too soft to hold up to everyday wear.

22-karat gold is an alloy, meaning it is made up of gold mixed with other metals. The gold content in 22-karat gold is 91.6%, with the remaining 8.4% made up of other metals such as copper, silver, or zinc. These other metals give the gold greater strength and durability, making it more suitable for use in jewelry. 22-karat gold is also more resistant to tarnishing than pure gold.

Overall, the main difference between 24-karat and 22-karat gold is the purity and durability. 24-karat gold is purer but softer and more prone to damage, while 22-karat gold is less pure but stronger and more durable. The choice between the two will depend on the intended use and personal preference.