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The price of gold and silver is also different in different cities of the country. Apart from the different taxes of each state, many other things are also added to the price of gold and silver. Due to this, the prices of gold in the states also vary. Now a big change is coming to the country. The Gem and Jewellery Council is all set to implement the One Nation, One Tariff policy.
After this, if you buy gold anywhere in the country, you will get the same exchange rate. If this happens, the general public will get gold at the same rate in their own city. In fact, efforts to adopt One Nation One Rate were going on across the country for a long time. Now jewellers across the country are willing to implement this policy. Its official announcement is expected to be made next month i.e. in September.
What is a nation’s policy, a tariff?
The ‘One Nation, One Tariff Policy’ is a plan proposed by the Government of India. The aim of the government is to ensure that gold prices remain the same across the country. To implement this plan, the government will create a nationally labeled bullion exchange. The National Bullion Exchange will decide the price of gold across the country. You can understand it in easier language like this. For example, in the stock market, the share price of a company is the same across the country and the same price is quoted on the Bombay Stock Exchange or the National Stock Exchange. Currently, the buying and selling of gold and silver is done on MCX. But now an exchange will be created for the bullion market as well. There was a demand for building this exchange for a long time.
You will get benefits like this
The bullion exchange created at the national level will decide the price of gold and jewellers across the country will have to sell gold at the same price. The price which will be decided by the exchange. If this happens, transparency will definitely increase in this industry. At the same time, the general public will also get gold at the same price across the country. Suppose you live in Lucknow and gold is expensive there. In such a situation, if there is a wedding at your home, then for buying gold you go to that city where gold is cheaper than Lucknow. This problem will end after the implementation of this scheme.
How is the price determined?
Currently, gold prices are decided by the bullion market association. So it is different for each city. Generally, each bullion market publishes the prices for their respective cities in the evening. Just like petrol and diesel, gold and silver prices are also decided every day. Global sentiments also play a major role in gold and silver prices. Prices from international markets also affect the domestic market.
Will prices be reduced?
With the introduction of this policy, transparency in the industry will increase, which will benefit the common man as well. With the closing of the price gap, gold prices may also come down. At the same time, the arbitrariness of jewellers will be checked. At the same time, with the introduction of this scheme, competition among entrepreneurs will also increase, so this scheme may prove to be a milestone in terms of business as well. To implement this policy, the jewellers’ organisation GJC has consulted the opinion of jewellers across the country. In which the jewellers have agreed to implement it.
