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Selling Gold in India

Most old gold in India is sold to jewellers, for cash or in exchange for new jewellery (about 65% of Joy Alukkas' sales now come from old-gold exchange). You are paid for the gold content at the day's rate, less any deductions for melting and refining, stones and unhallmarked pieces; making charges are never refunded. Banks sell coins but are not allowed by the RBI to buy them back. No one may receive ₹2 lakh or more in cash for one transaction, so larger sales are paid by bank transfer, and PAN is needed above ₹2 lakh.

Facts checked 26 October 2026

24K gold, ₹ per 10 g
₹1,22,947
International price; with 15% import duty about ₹1,41,389

Where to sell

  • Jewellers buy old gold for cash or take it in exchange. Tanishq, for example, accepts jewellery bought from any jeweller from 9K up, even without bills, and says its buying and exchange rates are the same.
  • MMTC-PAMP buyback: the gold is weighed, melted and tested by XRF while you watch (recorded on CCTV), and paid by bank transfer, usually in 45–60 minutes. It charges a fee if you pull out after the evaluation.
  • Banks don't buy back the coins they sell: the RBI doesn't allow it, and we found nothing that has changed this.
  • Need money but want to keep the gold? A gold loan is the alternative to selling.

What you'll be paid

  • The starting point is the gold content (weight × purity) at the day's rate, which includes import duty but not GST.
  • Making charges and GST paid when you bought are not recovered.
  • In an exchange, jewellers deduct stones and refining, and take a bit more if the piece isn't hallmarked; "100% value" offers still don't pay the full price.
  • One lender puts typical melting and refining deductions at 2–5% of the gold content (indicative only). Promotions vary: Tanishq ran a 0% deduction offer on exchange of 18K and above in September 2026.

ID, cash and paperwork

  • Cash limit: no one may receive ₹2 lakh or more in cash from one person in a day, for one transaction or for one event (section 186 of the Income-tax Act, 2025, formerly 269ST). Above that, insist on a bank transfer or account-payee cheque.
  • PAN: the 2026 rules require PAN for sales or purchases of goods over ₹2 lakh per transaction; MMTC-PAMP asks for PAN or Aadhaar and a cancelled cheque.
  • Dealers' anti-money-laundering duties: jewellers must keep KYC records for cash transactions of ₹10 lakh or more (PMLA, since December 2020).
  • Receipts: ask for a written receipt showing purity, gold content and the final amount, and keep your purchase invoice: it proves cost for tax.

Before you sell

  1. Check today's rate for your karat and work out the gold value with the gold sell-back calculator.
  2. If the piece is hallmarked, verify its HUID in the BIS CARE app; if not, you can have it tested at a BIS-recognised hallmarking centre for a fee (see checking purity).
  3. Watch the weighing, testing and any melting; MMTC-PAMP and Tanishq melt in front of the customer.
  4. Compare a cash offer with an exchange offer, remembering the new jewellery carries making charges and 3% GST.
  5. Take payment by bank transfer for ₹2 lakh or more, and keep the receipt for your tax return: see tax on selling gold in India.
Selling gold in other countries: UAE · Pakistan · Saudi Arabia · United States · United Kingdom · Canada · Australia · all countries
See also: Gold sell-back calculator · Tax on selling gold in India · Gold price in India · How to check gold purity

Selling Gold in India: FAQ

How much do jewellers deduct when you sell old gold in India?

There is no fixed figure. Jewellers pay for the gold content at the day's rate and deduct for melting and refining, stones and unhallmarked pieces; one lender puts the usual deduction at 2–5% of the gold content. Making charges and GST are never refunded. Ask for the deductions in writing and compare two or three jewellers.

Do banks buy back gold coins in India?

No. Banks sell gold coins but the RBI does not allow them to buy them back. Jewellers and refiners such as MMTC-PAMP buy coins.

Can a jeweller pay me cash for old gold?

Only below ₹2 lakh. No one may receive ₹2 lakh or more in cash from one person for a single transaction or in a day, so larger amounts must be paid by bank transfer or account-payee cheque.

Is PAN needed to sell gold?

For transactions above ₹2 lakh, yes. Below that, many buyers still ask for ID; MMTC-PAMP asks for PAN or Aadhaar.

Sources (11)

General information, checked October 2026. Rules, limits and terms change; check with the provider, insurer or authority before you rely on them. Not financial, legal or tax advice.