Insurance

Jewellery Insurance is Essential for Protecting Your Precious Valuables

Why Jewellery Insurance is Essential for Protecting Your Valuables

What is Jewellery Insurance?

Jewellery insurance is a specialized form of coverage that provides financial protection for your valuable jewellery. It safeguards against loss or damage caused by theft, natural calamities, or accidental damage. This type of insurance is especially important in India, where jewellery holds significant cultural and financial value.

Key Benefits of Jewellery Insurance

The advantages of jewellery insurance include:

  • Protection Against Theft and Loss: Covers incidents such as snatching, theft, or robbery.
  • Coverage for Natural Calamities: Protects your jewellery from damage caused by events like floods and earthquakes.
  • Peace of Mind: Allows you to wear your jewellery confidently without worry.
  • Extended Coverage: Includes protection while travelling domestically or internationally.

Learn more about jewellery insurance coverage.

Why Jewellery Insurance is Important in India

India’s immense gold reserves, worth an estimated Rs. 1,87,50000 Crores, highlight the importance of protecting these valuable assets. Rising gold prices and increased risks of theft and natural disasters make jewellery insurance essential. Protecting these assets ensures financial and sentimental security.

Types of Jewellery Insurance Coverage (Gold, Diamond, and More)
Jewellery insurance typically covers:

  • Gold Jewellery Insurance: Protects against theft, loss, or damage.
  • Diamond Insurance: Ensures financial security for high-value diamond pieces.
  • Coverage for Precious Stones: Includes silver, platinum, and gemstones.

Find out how to choose the right jewellery insurance policy.

How to Choose the Right Jewellery Insurance Policy

Consider these factors:

  • Coverage Needs: Opt for standalone policies for comprehensive protection.
  • Ease of Purchase: Many jewellery stores offer insurance at the point of sale.
  • Extent of Coverage: Ensure protection against all common risks.

Understanding the Growing Need for Jewellery Insurance in India

With gold prices exceeding Rs. 8000 per gram, the financial implications of theft or loss are enormous. Jewellery insurance addresses these risks by offering robust coverage. Whether travelling, attending events, or storing jewellery at home, insurance ensures you’re prepared for unforeseen events.

Jewellery Insurance in India - Olocker

Comprehensive Jewellery Insurance: Coverage Details

Jewellery insurance policies in India typically include:

  • Value of Precious Metals: Covers gold, silver, and platinum.
  • Diamonds and Precious Stones: Protects high-value items.
  • Making Charges: Some policies cover a portion of the making charges.
  • Home Insurance Rider: Offers limited jewellery coverage as part of a home policy.
  • Standalone Jewellery Insurance: Provides comprehensive protection at home and while travelling.

Explore rising trends in jewellery insurance in India.

Jewellery Insurance in India: A Rising Trend

Retailers now partner with insurtech companies like Olocker to provide seamless jewellery insurance. This collaboration ensures quick and efficient policy issuance, empowering customers to wear their jewellery worry-free.

Instead of locking jewellery in bank lockers, insurance allows you to enjoy your pieces while staying protected. By investing in jewellery insurance, you safeguard both financial and sentimental investments.

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Gold and world’s economy

Why Warren Buffet and Indian Govt dont like Gold???

Every time a finance minister rises in Parliament to present annual Indian Budget, the investors in both the GOLD and CIGARETTES wait with bated breath. Reason, as far back as memory goes, every budget India has raised duties on both of them. While we understand the case of Cigarettes ( it kills, right?) , but what is this almost hate-hate relationship of Indian Govt. with GOLD!!!  Haven’t we Indians loved gold since centuries and isn’t gold the ultimate store of wealth? Then why?

Warren buffet doesnt like Gold!!!

World’s most legnedary investor doesnt like to invest in gold. Counter intutive, right ….after all, in last 20 years alone Gold has risen almost 30 times!!!

Gold is considered an unproductive assets- unlike other commodities like copper, zinc or even silver- gold doesnt produce anything.

Gold is considered an unproductive assets- unlike other financial assets, it neither pays interest nor dividend.

Buffet once said- its dug out from one hole in earth and deposited back in another hole ( apparently underground vaults of Central bank in Newyork holds major part of world’s gold!!!)

Okay. We get it. It’s not productive but then why everyone wants a piece of it? Lets uncover the very interesting tid-bids on gold and its role play in global financial systems. Read on…

Ancient times till 1944- Chapter 1

From the longest known times, Gold has been the ultimate store of wealth- the shiny, golden piece of metal with literally no productive use has been known to be the most powerful thing on earth. One who holds the Gold is KING. World and kingdoms didnt have paper notes like we have today, instead it had coins, medallions made up of gold, silver and other metals. Since gold was rarest and shiniest, it commanded highest value. When the paper currencies were not in trend they used Gold as medium of exchange and hence Gold was the only money available before the present system of paper currencies came into being. When world shifted to paper currency or Notes ( presumbly because it offered ease of carrying large quantities), then also it linked back to the gold. 

What changed in 1944 and then in 1971?

Till 1944, countries were on a currency system which needed sufficient gold reserves for a country to print currencies- meaning if you came to RBI with 100 Rs note, RBI would have paid you gold worth 100Rs against it and if RBI had 5000 Gms of Gold every piece of currency printed by it would have been linked with this in effect creating a celing on the currency a country could have printed. Means AGAR GOLD NAHI TO CURRENCY BHI NAHI.

Post world war II, this system collapsed and countries needed to print more currencies to help themselvs out of depths and destruction caused by 2 massive world wars. Hence the world annointed US dollar to be the ultimate currency of the world and pegged their respective currency to USD and USD in term was convertible into Gold ( priced at 35$ per ounce!!!). Net effect of this was that it freed that country from maintaining equivalent gold reserve and it started measuring its currency relative to USD instead of Gold.

But this system too didnt last long and collapsed by 1970 giving rise to current system of currencies in 1971. US was embriled in an economic crisis and vietnam war making it diffciult for it to manage the linkage of USD to 35$ value peg to Gold. When the world saw its reserve currency struggle, it panicked and that panic gave birth to present system of currency which is called FIAT CURRENCY system. The period between 1944-71 is known famously as BRETTON WOODS era which was joined by 44 countries and where every country pegged its currency to USD at a fixed rate and USD in turn to Gold at 35$ per ounce ( today 2400$ oer ounce, 1 ounce~ 31 gms of Gold).

What changed after 1971?

USD freed itself from free convertibility in Gold and rest currencies too freed themselves from fixed peg to USD. They became floating exchange rates, meaning a currency’s value dependent upon its demand and supply. 

So we see Gold’s dominant role came to a halt in 1971 with Gold backed currencies regime totally replaced by regulation/policy based currency regime. 

But Gold is not going anywhere…

Recent few years have seen almost all countries increasing their gold reserves. What happens is that central bank of the countries invest their surplus reserves into financial assets like Bonds and Gold. iIn 3 months of April-June 2024 various central banks across the world bought a huge 183 metric tonne of Gold for their reserves with Turkey, India and China being 3 major buyers. 

As per an estimate Indian household has approximately 25000 tonne of Gold in their homes and at today’s price of Rs. 7000 per gram, its a huge huge liquid wealth that we all sit upon as a country. With prominent central banks like RESERVE BANK OF INDIA too continue to shore up their reserves, we know that we are on right path by trusting in Gold. 

 

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International Jewellery Brands In India

India has always been known for its love for jewellery, with a rich history of traditional jewellery-making that dates back centuries. However, in recent years, international jewellery brands have entered the Indian market and made a mark with their unique designs and high-quality craftsmanship.

Leading Brands

One of the most successful international jewellery brands in India is Tiffany & Co., the iconic American brand known for its signature blue box. Tiffany & Co. entered the Indian market in 2019 with a store in New Delhi and has since expanded to Mumbai. The brand’ is known for its unique designs and high-end craftsmanship. Tiffany & Co. has been successful in capturing the attention of the Indian consumer, despite its higher price point.

Another international brand that has made a successful entry into the Indian market is Cartier, the French luxury brand. With stores in Mumbai, New Delhi, and Hyderabad, Cartier has established a strong presence in India. The brand’s timeless designs and exquisite craftsmanship have been well-received by Indian consumers, with many opting for the brand’s high-end jewellery and watches.

Italian luxury brand Bvlgari is another brand that has made its presence felt in the Indian market. Bvlgari opened its first store in India in 2014 in New Delhi and has since expanded to Mumbai and Bangalore. The brand’s intricate designs and use of colourful gemstones have been popular among Indian consumers, who value unique and vibrant jewellery pieces.

Upcoming brands:

Other international brands that have been successful in the Indian market include Van Cleef & Arpels, Chopard, Graff, Harry Winston, and Mikimoto. These brands have all found a niche in the Indian market, with unique designs that appeal to the discerning Indian consumer.

India: following international market trends

The success of international jewellery brands in India can be attributed to several factors. Firstly, the increasing affluence of the Indian consumer has created a demand for high-end luxury products. Additionally, the Indian consumer has become more fashion-conscious and willing to experiment with new designs and styles. International brands have been successful in meeting this demand by offering unique designs that cater to the diverse tastes of Indian consumers.

Another reason for the success of international brands in India is the rise of e-commerce. Many international brands have leveraged the growing trend of online shopping in India to reach a wider audience. This has allowed them to expand their reach beyond the traditional brick-and-mortar stores.

With near vertical rise in Gold prices, one more trend from international markets is now slowly catching up in India. Smart jewellery buyers have started preferring the jewellery retailers who are providing jewellery insurance along with jewellery. 

In conclusion, the presence of international jewellery brands in India has added a new dimension to the Indian jewellery market, offering consumers unique and exquisite designs that cater to their evolving tastes and preferences. With the increasing demand for luxury products and the rise of e-commerce, the future looks bright for international jewellery brands in India.

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Jewellery Buying Guide

Buying jewellery in India is a common tradition, whether it’s for weddings, festivals, or special occasions. However, it’s important to be cautious and informed when making such purchases to ensure you get the best value for your money. Here are some things to take care of while buying jewellery in India:

  1. Buy from a reputable jeweller: It’s essential to buy from a jeweller with a good reputation, as they are more likely to offer genuine products and transparent pricing. Look for jewellers who have been in business for a long time, have positive customer reviews, and offer certifications or guarantees for their products.
  2. Look for hallmarks: Hallmarks are symbols stamped onto gold, silver, and other precious metal jewellery to indicate the purity and quality of the metal. Look for hallmarks that are recognized by the Bureau of Indian Standards (BIS), which ensures that the jewellery meets the prescribed standards of purity and quality. This can provide you with peace of mind that you’re buying genuine and high-quality jewellery.
  3. Ask for diamond certificates: If you’re buying diamond jewellery, ask the jeweller for a diamond certificate issued by a reputable grading organization such as the Gemological Institute of America (GIA) or the International Gemological Institute (IGI). These certificates provide detailed information about the quality, characteristics, and value of the diamond, which can help you make an informed decision.
  4. Consider jewellery insurance: Jewellery is a valuable investment, and it’s essential to protect it from theft, loss, or damage. Fortunately, there are services available now which let you buy insured jewellery. Insuretech players like Olocker have been offering insurance on newly bought jewellery at the point of purchase in partnership with a large number of jewellery retailers. You must ask about this option while making your purchase.
  5. Compare prices: Don’t settle for the first jeweller you visit or the first price you’re quoted. Do your research and compare prices from multiple jewellers to ensure you’re getting a fair price. However, be wary of excessively low prices, as they could indicate poor quality or even fake products.
  6. Understand the making charges: Making charges are fees charged by jewellers for the labour and skill involved in making the jewellery. These charges can vary depending on the intricacy of the design and the type of metal used. Make sure you understand the making charges and negotiate with the jeweller if necessary.
  7. Consider the resale value: While jewellery is often bought for sentimental value or as an investment, it’s important to consider its resale value as well. Gold and other precious metals tend to retain their value over time, but intricate designs and gemstones may not hold their value as well. Consider the long-term value of the jewellery before making a purchase.
  8. Inspect the jewellery: Always inspect the jewellery carefully before making a purchase, especially for any defects or damage. Check for loose gemstones, weak clasps, or any other flaws that could affect the durability or appearance of the jewellery.

In conclusion, buying jewellery in India can be a fulfilling experience, but it’s essential to take care and be informed to ensure you’re getting the best value for your money. With these tips in mind, you can confidently make your next jewellery purchase and enjoy it for years to come.

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Know Your Diamond-The 4C’s And More!!!

Have you ever wondered how jewellers and appraisers evaluate the quality and value of diamonds? It wasn’t always an easy or standardized process. In fact, prior to the introduction of the 4Cs, there was a lot of confusion and inconsistency in the diamond industry.

Thankfully, the Gemological Institute of America (GIA) recognized this issue and developed the 4Cs in the 1950s. The 4Cs are a comprehensive set of criteria that evaluate the cut, clarity, carat weight, and colour of a diamond.

But why were the 4Cs necessary in the first place? Well, before the 4Cs, there was no standardized way to evaluate diamonds. This led to difficulties for both professionals in the industry and for consumers who were trying to understand the differences between diamonds.

The GIA recognized the need for a consistent and objective system for evaluating diamonds, which led to the development of the 4Cs. Since then, the 4Cs have become the industry standard and are widely recognized and used by professionals and consumers around the world.

The 4Cs have also been adapted for other gemstones, providing a universal language for evaluating the quality and value of all types of gems. So, whether you’re in the market for a diamond or another type of gemstone, understanding the 4Cs can help you make an informed decision and ensure you’re getting a quality piece of jewellery.

The 4C’s are the universally accepted standard for assessing and grading diamonds. They are a set of criteria that are used to determine a diamond’s value, rarity, and beauty. Here are the 4C’s that define a diamond:

  1. Carat weight– Carat weight is the most well-known of the 4C’s and is used to measure the weight of a diamond. One carat is equal to 0.2 grams, and the weight of a diamond is a significant factor in determining its value.
  2. Cut- The cut of a diamond refers to the angles and proportions of the diamond. The cut determines how well the diamond reflects and refracts light, which is what gives it its sparkle and brilliance. A well-cut diamond will have the maximum amount of light reflected out of the top, making it more valuable.
  3. Clarity– Clarity refers to the presence or absence of inclusions (internal flaws) and blemishes (external flaws) in a diamond. Inclusions and blemishes can affect a diamond’s overall appearance and value, and a diamond with fewer inclusions and blemishes will be more valuable.
  4. Colour– The colour of a diamond refers to the presence or absence of colour in the stone. The Gemological Institute of America (GIA) has a colour grading system that ranges from D (colourless) to Z (light yellow). A colourless diamond is the most valuable, while diamonds with a yellow or brown tint are less valuable.

In conclusion, the 4C’s are the most important factors in determining a diamond’s value, rarity, and beauty. Carat weight, cut, clarity, and colour are all taken into consideration when grading and pricing diamonds and each factor plays a significant role in a diamond’s overall worth. By understanding the 4C’s, consumers can make informed decisions when purchasing diamonds and ensure they are getting a high-quality stone.

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India’s Traditional Jewellery

India is known for its rich cultural heritage, and one of the most significant aspects of this heritage is its traditional jewellery. Jewellery has been an integral part of Indian culture and society for centuries, and each region has its unique style and design. Here are some of the traditional jewellery types of India:

  1. Kundan jewellery– Kundan jewellery is a traditional form of jewellery that originated in the royal courts of Rajasthan and Gujarat. It is made by setting uncut diamonds or other precious stones in a gold or silver base. The stones are held in place with a lacquer called “kundan,” which gives the jewellery its name.
  2. Meenakari jewellery– Meenakari jewellery is another traditional form of jewellery that originated in Rajasthan. It involves painting the surface of gold or silver jewellery with enamel in bright colours. The designs are usually intricate and depict traditional motifs and patterns.
  3. Temple Jewellery– Temple jewellery is a type of jewellery that is traditionally worn by classical dancers and brides in South India. It is made of gold and is characterized by intricate designs of deities, flowers, and other traditional motifs. The jewellery is often studded with precious and semi-precious stones and is known for its grandeur and beauty.
  4. Jadau Jewellery– Jadau jewellery is a type of jewellery that originated in the Mughal era and is still popular in Rajasthan and other parts of North India. It involves embedding uncut diamonds or other precious stones in a gold base using a technique called “kundan.” The jewellery is known for its intricate designs and use of vibrant colours.
  5. Polki jewellery– Polki jewellery is a type of jewellery that is similar to Kundan jewellery. However, instead of using uncut diamonds, it uses flat diamonds that have been mined from the earth. The diamonds are set in a gold base using the Kundan technique and are known for their natural and raw appearance.
  6. Thewa jewellery– Thewa jewellery is a type of jewellery that originated in Rajasthan and involves fusing a thin layer of 23k gold on glass. The designs are intricate and depict traditional motifs and patterns. The jewellery is known for its vibrant colours and unique style.

This is just a small list of traditional jewellery in India. India is way too vast and diverse to be covered in one blog or article.

In conclusion, traditional Indian jewellery is a reflection of the country’s rich cultural heritage and is known for its intricate designs, use of precious and semi-precious stones, and unique techniques. Each type of jewellery has its unique style and significance and is still widely worn and appreciated by people across the country.

Top 10 World’s Rarest & Most Valuable Gems1

Costliest Jewels In The World

The world of jewellery is filled with exquisite and priceless pieces that have captured the attention of collectors and enthusiasts alike. From stunning diamonds to rare gemstones, the world’s most expensive jewellery pieces are not only beautiful but also serve as a testament to human creativity and craftsmanship.

  1. The Pink Star Diamond – $71.2 million The Pink Star Diamond is a 59.6-carat pink diamond that was sold for $71.2 million in 2017. The diamond was mined in Africa and was cut and polished over a period of two years. The Pink Star Diamond is considered one of the rarest and most valuable diamonds in the world.
  2. The Oppenheimer Blue Diamond – $57.5 million The Oppenheimer Blue Diamond is a 14.62-carat blue diamond that was sold for $57.5 million in 2016. The diamond was named after its previous owner, Sir Philip Oppenheimer, who was a prominent diamond dealer and collector. The Oppenheimer Blue Diamond is considered one of the most important blue diamonds ever to appear at auction.
  3. The Graff Pink Diamond – $46 million The Graff Pink Diamond is a 24.78-carat pink diamond that was sold for $46 million in 2010. The diamond was named after its owner, Laurence Graff, who is a British billionaire jeweller. The Graff Pink Diamond is considered one of the rarest and most valuable pink diamonds in the world.
  4. The Blue Moon of Josephine – $48.5 million The Blue Moon of Josephine is a 12.03-carat blue diamond that was sold for $48.5 million in 2015. The diamond was named after the daughter of the previous owner, who was a Hong Kong billionaire. The Blue Moon of Josephine is considered one of the rarest blue diamonds in the world.
  5. The Winston Blue Diamond – $23.8 million The Winston Blue Diamond is a 13.22-carat blue diamond that was sold for $23.8 million in 2014. The diamond was named after its previous owner, Harry Winston, who was a prominent jeweller and collector. The Winston Blue Diamond is considered one of the most important blue diamonds ever to appear at auction.
  6. The Pink Promise Diamond – $32.4 million The Pink Promise Diamond is a 14.93-carat pink diamond that was sold for $32.4 million in 2017. The diamond was named after its vivid and intense pink colour. The Pink Promise Diamond is considered one of the rarest and most valuable pink diamonds in the world.

In conclusion, the costliest jewels in the world are not just about their price tag, but also about their rarity, history, and beauty. These jewels serve as a reminder of the incredible skill and craftsmanship that goes into creating something truly remarkable. Whether you’re a collector, an enthusiast, or just someone who appreciates beauty, the world’s most expensive jewels are truly awe-inspiring.

Read more about GRAFF PINK here: https://encr.pw/G6Kj6

Read more about BLUE MOON OF JOSEPHINE here: https://encr.pw/XgRVd

Read more about OPPENHEIMER BLUE here:  https://encr.pw/FQdGD

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Synthetic Diamonds-An Introduction

Synthetic diamonds, also known as lab-grown diamonds, are man-made diamonds that are created in a laboratory setting. These diamonds have the same physical, chemical, and optical properties as natural diamonds, making them a popular alternative for those who want a diamond without a high price tag.

The process of creating synthetic diamonds involves two primary methods: High-Pressure High-Temperature (HPHT) and Chemical Vapor Deposition (CVD). HPHT involves subjecting a carbon source and a diamond seed to extreme pressures and temperatures, while CVD involves introducing gases into a vacuum chamber to form a diamond layer around a diamond seed.

One of the main benefits of synthetic diamonds is their affordability. They are typically priced lower than natural diamonds of the same size and quality, making them an attractive option for those on a budget.

While synthetic diamonds are cheaper than natural diamonds, they are nevertheless valuable. And not to forget the gold/platinum which is an essential part to convert any diamond into wearable jewellery. It’s important to protect your piece of desire and at the same time to be able to wear it without fear of it being snatched away. Since it mirrors all the attributes of natural diamonds, for an onlooker it’s as good as expensive diamond jewellery.

Fortunately, there are services which are now available which make it possible to ensure one’s jewellery as soon as it’s bought. Olocker is one such service which since its inception has provided safety of insurance to more than a million unique jewellery buyers. One can always take care to ask for insurance of jewellery at the point of purchase thanks to the extensive network players like Olocker has been able to build.

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Dubai-World’s Gold Destination

Dubai has established itself as a world-renowned destination for jewellery shopping due to several factors:

  1. Gold Souk: Dubai’s Gold Souk is a traditional market renowned for its vast selection of gold jewellery. It features hundreds of stores offering a wide range of designs, styles, and carat weights. Shoppers can find everything from intricate Arabic designs to contemporary pieces, often at competitive prices.
  2. Tax-Free Shopping: One significant advantage of shopping for jewellery in Dubai is the absence of value-added tax (VAT) on gold and other precious metals. This makes jewellery shopping in Dubai comparatively more affordable, particularly for international travellers who can enjoy tax-free purchases.
  3. Wide Range of Options: Dubai’s jewellery market caters to various tastes and budgets. From high-end luxury brands to local designers and independent retailers, there is a vast selection of jewellery available. Whether you’re looking for diamonds, gemstones, pearls, or gold, you’ll find an extensive array of options in Dubai.
  4. Quality and Authenticity: The UAE has stringent regulations and standards for the jewellery industry. Jewellery sold in Dubai undergoes rigorous testing to ensure its quality and authenticity. The Dubai Central Laboratories Department (DCLD) operates several assaying and hallmarking centres, guaranteeing that the jewellery meets the required standards.
  5. Jewellery Festivals and Exhibitions: Dubai hosts various jewellery festivals and exhibitions throughout the year, attracting both local and international exhibitors. Events like the Dubai International Jewellery Week and the Dubai Shopping Festival showcase the latest trends and designs, providing a platform for buyers to explore a wide range of jewellery options.
  6. Shopping Experience: Dubai is known for its luxurious shopping experiences. Many jewellery stores in Dubai are located in upscale malls and shopping centres, offering a blend of exquisite designs, elegant showrooms, and exceptional customer service. The ambience and attention to detail in these stores add to the overall shopping experience.
  7. Global Connections: Dubai’s strategic geographical location and excellent transportation infrastructure make it a global hub for trade and commerce. This means that jewellery from all over the world, including renowned brands and designers, can be found in Dubai. The city’s cosmopolitan atmosphere and cultural diversity also contribute to its appeal as a jewellery-shopping destination.

These factors, along with Dubai’s reputation as a luxury shopping destination and its commitment to promoting the jewellery industry, have solidified its position as a go-to place for jewellery shopping.

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Gold Prices in India- Calculator

The price of gold in India is influenced by a number of factors including global market trends, the strength of the US dollar, demand and supply in the domestic market, and government policies on import and export of gold.

The price of gold in India is typically quoted in terms of the price per 10 grams of 24-karat gold. Here’s a general process for calculating the current price of gold in India:

  1. Check the current international spot price of gold. This can be found on financial news websites or through a quick internet search.
  2. Convert the international spot price from US dollars per ounce to Indian rupees per 10 grams. The conversion factor will depend on the current exchange rate between the US dollar and the Indian rupee.
  3. Add a premium to the international spot price to account for local factors such as import duties, taxes, and other charges. The premium can vary depending on the location, supplier, and form of gold being purchased.
  4. The final price will also depend on the purity of gold being purchased, with 24-karat gold being the purest and therefore the most expensive. Lower purity gold such as 22-karat or 18-karat will be cheaper.

Here’s a sample calculation table:

International Gold prices (in US dollars)Price per ounce2000$
Convert and get gramsOne ounce equals31.1035 Grams
Gold price per gramPrice per gram in USD2000$ ÷ 31.1035= 64.301 $
USD-INR exchange rate 82.00 Rupee per USD
Gold price per gramPrice per gram in Indian Rupee64.301 x 82= 5272 Rs.
Import duty & other taxes12.5% import duty + 2.5% Agriculture & infrastructure cess5272 x 1.15= 6063 Rs
GST3%6063 x 1.03= 6245 Rs.

Due to custom duty, agriculture and infrastructure cess of 15% and 3% GST, there is a huge cost escalation when it comes to purchase gold or gold jewellery in India. Various organisations representing gold dealers and jewellers have expressed cincerns that such a vast differmce is giving rise to lot of attemots of gold smuggling inot India. They have repeatedly requested Govt of India to reduce yaxes so that unofficial gold and smuggling can be controlled.

It’s worth noting that the price of gold in India can fluctuate rapidly due to changes in market conditions, and it’s important to consult with a reputable gold dealer or financial advisor before making any major purchases or investments.