One Nation One Rate: Uniform Gold Prices Across India Coming Soon
One Nation One Rate: Uniform Gold Prices Across India Coming Soon
By Pune Pulse
July 15, 2024
Major jewellers across India have agreed to implement a “One Nation One Rate (ONOR)” policy for gold, aiming to standardize prices nationwide. According to ET Now, this initiative, supported by the Gem and Jewellery Council (GJC), seeks to unify gold pricing across the country.
The GJC has consulted with leading jewellers, who unanimously support the move towards a single gold rate. An official announcement is expected in the September meeting.
The ONOR policy promises significant benefits for consumers, ensuring equal treatment and uniform pricing for gold, regardless of location. This standardization will streamline the gold market, potentially lowering prices and eliminating arbitrage opportunities. It also aims to foster fair competition among jewellers.
Currently, the price of 24-carat gold in India is Rs 73,750 for 10 grams, while 22-carat gold is Rs 67,600 for 10 grams. In Delhi, the prices are slightly higher at Rs 73,900 for 24-carat gold and Rs 67,750 for 22-carat gold.
