Gold Rates Before Dhanteras and Diwali: As Diwali approaches, this article explores the latest 22-karat gold rates from top jewellers in India, highlighting price variations and the significance of hallmarking for authenticity.
Around Diwali in India, many people traditionally buy gold for auspicious reasons. In fact, they often hold off on their purchasing decisions for months leading up to Diwali, primarily due to the 15-day period of Shraddh, which occurs before Navratri and is considered inauspicious for buying assets in most parts of India. Thus, from the beginning of Shraddh (Pitra Paksha) until Dhanteras, many people typically delay their purchases. With sudden spikes in demand each year around Diwali, gold prices tend to rise slightly during this period.
Gold Rates Before Dhanteras and Diwali
As of October 11, 2024, the Indian Bullion and Jewellers Association (IBJA) published retail selling rates for gold jewellery as follows: Fine Gold (999) 24-karat at Rs 75,620 per 10 grams, 22-karat gold at Rs 73,810 per 10 grams. For those looking at lower purities, 20-karat gold is priced at Rs 67,300 per 10 grams, 18-karat gold at Rs 61,250 per 10 grams, and 14-karat gold at Rs 48,780 per 10 grams.
In this article, however, we will explore the 22-karat gold rates at some of the top jewellers in the country ahead of the Dhanteras and Diwali festivals, as prices can vary from outlet to outlet and city to city. We will focus on 22-karat gold rates because most jewellery is primarily made from this purity level. Additionally, there are 18-karat and 14-karat options available. Specifically, 22-karat gold has a purity of 91.6%, while 18-karat gold has 75% purity and 14-karat gold has 58.33% purity.
Let’s examine the cheapest and costliest gold (22-karat) rates per 10 grams from leading jewellers. The names of the jewellers mentioned in this article are not ranked; they are included based on brand popularity. Due to space constraints, we have chosen to feature only five major jewellery brands. The prices are taken from the stores as well as official websites of these jewellers on October 12.
PC Jewellers
Gold Rates (22-karat) – Rs 71,700 per 10 grams
Malabar Gold and Diamonds
Gold Rates (22-karat) – Rs 71,200 per 10 grams
Joyalukkas
Gold Rates (22-karat) – Rs 71,200 per 10 grams
Kalyan Jewellers
Gold Rates (22-karat) – Rs 70,950 per 10 grams
Reliance Jewels
Gold Rates (22-karat) – 70,730 per 10 grams
How jewellers fix gold jewellery price
The final price of any gold jewellery has several other charges added to it including GST and making charges. Making charges can be anywhere between 10% to 40% depending on the jewellery items.
Formula used by jewellers to fix the final price of gold jewellery:
Final price of the jewellery = {Price of gold X (Weight in grams)} + Making charges + GST at 3%.
Some jewellers also impose hallmarking charges on jewellery items. This charge is fixed at Rs 45 per piece, plus GST.
What is hallmarking?
Hallmarking is a system designed to protect customers from being cheated when purchasing gold or silver jewellery. Each piece of hallmarked jewellery features a unique six-digit alphanumeric code known as the Hallmark Unique Identification (HUID) number. This HUID number can be used to verify the authenticity of the jewellery through the “Verify HUID” feature in the BIS Care app.
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