Today's Live Gold Price in India

Today Gold Rate in India

Gold is an auspicious and precious metal in India. Gold was used as a commodity of trade in India. Gold is purchased in the form of jewelry, coins, and gold bars and for paper gold, you can use gold exchange-traded funds (ETFs) and sovereign gold bonds (SGBs). We have given gold rates for our readers. We hope the updated gold rates provide you with useful information for your gold purchases. The latest 24K 10 gram gold rate in India today is today-gold-rate INR. 

Gold Price in India

In India, gold rate are determined in an informal way. However, Indian Bullion Jewellers association plays an important role in determining the day to day gold price. Gold is imported by the banks and supplied to bullion dealers in India. Gold prices are different in different cities in India. There is no kingmaker in determining gold prices in India. Jewelry associations in different cities determine the price of gold, there will be a slight margin difference in the prices from city to city.  

How is buying gold in UAE beneficial for Indian expats?

UAE is known for its tourist attractions and also its city of gold. There is an entire market place dedicated just for buying gold. Buying gold in UAE has been very popular especially among Indian Expats for its various reasons. The traditional love for gold and importance of gold in Indian weddings makes gold purchases even more significant. There are many reasons as to why purchasing gold is such a popular choice. Below we list out a few of the reasons why buying gold is beneficial for Indian expats. 

• Pure Gold - Gold that you purchase in UAE is pure. All the gold trade is regulated by the government. The government ensures the authenticity of gold sold in the UAE. It is mandatory for the jewellery shops in UAE to display gold purity hallmarks on the gold items. Gold purity hallmark certificate ensures the purity of stones, gold, weight and karats are according to the standards. The gold purchased in the UAE is so pure that it has value anywhere in the world.  
• Affordability - There is tax exemption on gold in the UAE and this is the reason that it is affordable to buy. Though there is a 5% VAT on the gold items purchased still the prices are less compared to other countries.
  In UAE, there is only 5% VAT levied on gold items purchased but in India there are various other forms of taxes such as Goods and Services Tax and excise duty and this makes gold purchases higher in India. 

• Variety - UAE is known as Shopper’s paradise. A row of jewellery shops are available in Dubai where you can find a wide variety of jewellery ornaments. These ornaments range from simple jewellery to luxury jewellery. Jewellery stores are across the city and also in the malls. Deira gold Souk is one of the oldest traditional souks in Dubai. No matter where you travel across the UAE, you will find a wide variety of jewellery designs and ornaments. 
• Stable prices - There is a uniform price across all the stores in the UAE. Gold prices in the UAE, follow international gold standard prices which ensures that stable prices are followed in the UAE. 
• Bargaining is possible - Prices of gold can fluctuate but the making charges on the gold ornaments do not fluctuate. Hence there is a possibility of bargaining on making charges in the UAE. The customers can bargain on the making charges, negotiate the best prices and then decide to purchase the ornaments.

What you should know while carrying gold into India?

People want to invest in gold and carry to their home country. There is no restriction on the volume of gold you carry out of UAE provided you declare the gold to the authorities.  But there are restrictions on the gold that you carry into India. The Indian government has put restrictions on the gold that passengers carry into the country. Male Passengers coming back to India from the UAE are allowed to bring gold jewellery upto 20 grams but not costing more than 50,000 INR as duty free allowance.

Female passengers can carry up to 40 grams of gold jewellery and the cost of the gold should not be more than 1,00,000 INR as duty free allowance. 

However, there are no restrictions on passengers who declare their gold to the customs officials and pay import duty of 36 percent.  

Gold quality available in UAE vs India

In a spirit of consumer protection, the UAE law mandates jewellers to sell gold jewellery carrying the Hallmark of Gold purity. Hallmark ensures the gold purity in the UAE. Hallmark is the producer's stamp on the jewellery. The gold standard in the UAE is monitored by the government. Gold purity is checked through the laboratories. Dubai Central Laboratories Department (DCLD) ensures that gold is pure and tested. It issues Bareeq certification. There is an assessment done by checking the retailers compliance, labelling on jewellery and issuing product quality assurance. The quality checking inspectors monitor the gold stores and make sure that outlets follow the rules. There is a mandatory inspection of the quality of stores and purity of the gold jewellery that is sold. Minimum three times in a year authorities inspect the retailers stores. Gold jewellery shops who are having Bareeq certification display on the stores. 

In India, the Bureau of Indian Standards (BIS) is a hallmarking system for gold in India. The gold purity is certified by the hallmark. The piece of gold you purchase in India has to be certified by the BIS hallmark. 

BIS hallmark consists of several components such as the BIS logo, 22k916 for 22 carats, 18k750 for 18 carats and 14k585 for 14 carats. BIS hallmark can also be in the form of an assaying centre and code of the jeweller or logo of the jeweller. Jewellery testing and marking are done by Hallmarking centres throughout the country. These are private undertakings who are monitored by the BIS. The mandatory hallmarking is yet to be implemented throughout the country. It is instructed from January 15, 2021, to implement hallmarking compulsory throughout the country. 

Tax rates on Gold in UAE vs India

UAE was a tax-free country until 2018. In the year 2018, 5% VAT was levied on the gold ornaments. There is no import duty on gold such as gold bars and TT bars. Jewellery imports are taxed at 5%. Tourists visiting UAE can reclaim VAT of 85% on the purchases equal to or above AED 250. Taxation on gold in the UAE is very less compared to the other countries and especially India. Taxation has increased transparency across the country. 

In India, tax on gold ornaments is applied multiple times and at different rates. GST on gold is three percent. GST on gold jewellery is an additional 5% is applicable on making charges of gold ornaments.

GST is applied from the supplier and the manufacturer (jeweler). 

Gold is imported and GST is applied on gold import between one state and another state. IGST at 3%. International imports of gold are not eligible for GST. If gold is imported there are other additional charges associated with it. Hence compared to UAE, buying gold in India is more taxable. 

Tips while purchasing gold in India

Below are the tips that you can follow if you are purchasing gold in India.  

• Check 1 gram gold rate in India today. 
• Check the prevailing rate of Gold in your city
• Negotiate a reasonable price and purchase at the best price. 
• Check prices at different shops and purchase where you get the best deal.  
• Collect your invoice and proof of payment for future reference

Best place to buy gold in India

There are many places to buy best gold in india, few are listed below

• Kalyan Jewellers
• Tanishq Jewellers
• Jos Allukas
• Bhima Jewellers
• Joyallukas
• Malabar Gold and Diamonds
• Tribhovandas Bhimji Zaveri
• PC Chandra Jewellers