Gold Prices- Kerala Becomes the First State to Implement Uniform Gold Prices

Kerala becomes the First
State in India to Launch Uniform Gold Prices based on Bank Rates. The Decision
to introduce uniform Prices in 916 Purity 22-carat Gold has been taken at a
meeting between officials of Malabar Gold and Diamond, One of the Largest Gold
and Diamond Retail change in the Country, and Staff Members of all Kerala Gold
and Silver Merchant Association which set the board Rate of Gold.

 

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One India One Gold Rate Policy

Implementation of our,
“One India One Gold Rate” Policy, Malabar gold and Diamond has covered the way
by Establishment Standard Gold Pricing throughout all our locations in the
Nation. Kerala can Provide the Ground for consistent Gold Pricing to be
Implemented in the Entire Nation. Additionally, MP Ahmad urged that the selling
price of gold be Uniform across the Nation.

Ahmad believes that there
should be A System to be Established a Price of Gold based on the Country and the
Bank Rate on a Particular day. The Gold Rate GST and other taxes such as Import
duty are Uniform throughout India, on Nov. 4, 2022, the Banks support Prices for
916 (22-carat) gold was Rs. 1640 per ounce, Rs 350 for Bank Premium, Rs.
6,67,467 for each Kg. Of import Charge and Rs. 5008 for each gram of Gold. When
all these factors are considered, the Bank Rate for 916 grams of Gold on Nov. 4,
2022, comes to Rs. 4610. Jewelers of Kerala, Now charge for Gold at the Bank
Rate as a result of Price Standardization

 

Kerala becomes the First
State in India to Launch uniform Gold Prices based on Bank Rates. Commenting on
the Development, MP Ahammad, Chairman, of Malabar Group said: We are Extremely
happy to be a part of this Momentous Occasion. We would like to thank whole Members
of the Jewellery Trade in Kerala for Coming Together and Launches a
Standardized Gold Rates across the State to Safeguard the interest of the
Consumer in Price Transparency to the Trade at Malabar Gold and Diamonds, We
have shown the way by uniform gold price launching all over in the
a country with a “One India One Gold Rate” policy. Kerala is a top gold-consuming
state in the country. MP Ahammad also demanded that the selling price of gold
should be unified every year in the country.