New Delhi: The prices of precious metals like gold and silver vary significantly across different parts of India. While some cities see higher prices, others offer these metals at slightly cheaper rates. This disparity is largely due to the various taxes imposed by different states. However, a major change is on the horizon as the central government plans to introduce a ‘One Nation, One Rate’ policy for gold and silver.
Uniform Pricing Across India
The central government is reportedly set to implement the ‘One Nation, One Rate’ policy, which will standardize the prices of gold and silver across the country. This means that consumers will be able to purchase these metals at the same price, regardless of their location. This move is expected to simplify transactions for buyers, gold traders, and jewelers alike. Major jewelers across the country have already expressed their support for this policy.
Support from the Gem and Jewellery Council
The Gem and Jewellery Council has also backed this initiative, recognizing its potential to control the rising prices of gold nationwide. The primary goal of this policy is to ensure uniform pricing for gold and silver throughout India.
Upcoming Announcement
According to media reports, the central government is likely to announce the formal implementation of this policy after a meeting scheduled for September. The gold industry is also preparing to address any challenges that may arise from this new policy.
Benefits of the Policy
The ‘One Nation, One Rate’ policy is expected to bring several benefits:
- Increased Transparency: The policy will enhance market transparency by eliminating price disparities.
- Reduced Arbitrary Pricing: Jewelers will no longer be able to charge arbitrary rates, curbing profiteering.
- Potential Price Reduction: Standardizing prices could lead to a decrease in gold prices, which have been soaring in recent years.
As of today, the price of 10 grams of 24-carat pure gold is approximately ₹74,000. This policy aims to make the gold market more efficient and equitable for all stakeholders.
