Today's Gold Rate in Chennai

Gold Rate History in Chennai

Hallmarking Rule: Impact on Chennai Gold Price

The Ministry of Consumer Affairs, Food and Public Distribution has made hallmarking of gold jewellery mandatory from today. Certain guidelines have been issued by the ministry in this regard after consultations with stakeholders. It has come into effect initially in 256 districts which have assaying marking centres.

As per the new guidelines, jewellers with annual turnover up to Rs.40 lakh will be exempted from mandatory hallmarking. For export and re-import of jewellery as per the trade policy of the government, watches, fountain pens and special types of jewellery are also exempted from hallmarking. Gold of additional karats 20, 23, and 24 will also be allowed for hallmarking going forward. The ministry added that old jewellery can be hallmarked as it is by the jeweller if feasible or after melting and making new jewellery. It added that a committee constituting of representatives of all stakeholders, revenue officials, and legal experts will be formed to look into the issues that may emerge during the implementation of the scheme.

The move to hallmark gold jewellery will enable consumers and jewellery buyers to make a right choice and save them from any unnecessary confusion while buying gold. It will also help develop the country as a leading global gold market centre.

It needs to be mentioned here that in order to give adequate time to the manufacturers, wholesalers and retailers of gold jewellery, no penalties will be imposed till August end.

Where to Buy Gold in Chennai Today?

There are various certified stores in Chennai from where gold can be purchased. However, some of the popular gold jewellers in Chennai are NAC Jewellers, Lalitha Jewellery, Bapalal & Co. Jewellery, Nathella Sampathu Chetty Jewellery, Prince Jewellery, G R Thanga Maligai, Mehta Jewellery, Vummidi Bangaru Srihari Sons, and so on.

Gold as an investment in Chennai

The following are the different types of investment options for gold:

1. Bullion - Buyers of bullions typically purchase them in the shape of bars. The amount of precious metals included in bullion, which is determined by its purity and mass, determines its market worth.
2. Jewellery - People choose to purchase gold jewellery since Chennai is known for its collections of bridal jewellery.
3. Coins - As part of their investment, investors purchase gold coins. In Chennai, gold coins come in a variety of weights, as well as karats.

Impact of GST on Gold Price in Chennai  

The largest tax reform passed since independence, the Goods and Services Tax (GST), was warmly received in India on July 1. Since then, the topic has received a lot of attention, especially in relation to how the GST would ultimately impact the Indian economy. The GST council arrived at the final rates for products and significant services by merging the indirect taxes for all Indian states. The finalised GST tax rates for a range of products and services are 0%, 5%, 12%, 18%, and 28%, with the 18% tax rate being applied to approximately 50% of all goods and services.   

Due to the GST, the price of gold in India has climbed somewhat from the 2% it was in most states prior to the tax to 3% for gold and 5% for manufacturing charges. All households have always needed gold jewellery, according to the head of the Chennai Gold and Diamond Jewellery Traders Association. The GST has also had an impact on gold prices in Chennai. Gold taxes in Chennai were 1% before the introduction of the GST; they are currently 3%. Buyers of gold would be required to pay a GST tax of Rs. 400 per sovereign. Therefore, buyers will be liable for both the GST tax and Chennai's exorbitant gold price.