Kerala becomes the first state in India to launch uniform gold price based on the . The decision to introduce uniform price on 916 purity 22 carat gold has been taken at a meeting between officials of Malabar Gold and Diamonds, one of the largest gold and diamond retail chains in the country and key members of All Kerala Gold and Silver Merchants Association which sets the board rate for gold.
The gold rate should be uniform across the country based on bank rate. However, in most states, gold is priced Rs.150-300 per gram extra over the bank rate. In Kerala, gold used to be sold at different prices on a particular day. Uniform gold price based on bank rate offers an opportunity to the consumers to purchase gold at a reasonable and transparent price.
According to Mr.Ahammed, there should be a system to determine the price of gold based on the bank rate on a specific day in the country. Bank rate on gold, GST and other taxes including import duty are the same across India. For example, on November 4, 2022, the bank spot rate of 916 (22 carat) gold was Rs. 1,640 per
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