How gold is priced in India
Gold in India is quoted in rupees per 10 grams for 24K (999) and 22K (916) gold, and per gram at the jewellery counter. The figures at the top of this page are the international spot price converted to rupees — the value of the metal before Indian taxes. Prices in Indian shops sit above that because of import duty and GST.
Import duty and GST
India imports almost all of its gold. Since 13 May 2026 imports carry 15% customs duty (10% basic customs duty plus a 5% Agriculture Infrastructure and Development Cess), up from 6%. On top of that, 3% GST is charged on the full invoice when you buy — on the gold and on making charges alike.
That is why the Indian market rate shown above is roughly spot × 1.15, with 3% GST added at the till. In practice dealers trade at a discount or premium to that "landed" price depending on demand: discounts were large right after the duty rise, while festival buying can push prices to a premium.
Who sets the daily rate
The India Bullion and Jewellers Association (IBJA) publishes daily benchmark rates, and gold futures trade on MCX. Jewellers quote their own counter rate on top, plus making charges (often a percentage of the gold value or a fixed amount per gram).
Hallmarking and purity
BIS hallmarking with a six-digit HUID code is mandatory for gold jewellery in a growing list of districts (380+ after the sixth phase in March 2026). Hallmarked grades include 14K, 18K, 20K, 22K, 23K and 24K, and 9K was added in 2025. Always check the BIS logo, purity mark (e.g. 22K916) and HUID before buying.
When Indians buy gold
Demand peaks around Dhanteras and Diwali, Akshaya Tritiya and the wedding season. In South India gold is often counted in sovereigns (pavan) of 8 grams; elsewhere the tola (11.66 g) is still used, especially for bars.
Tax and duty information last reviewed October 2026. Rules change — confirm with your dealer or tax authority before a large purchase.