Huge Update On Gold Prices: Top Jewellers Agree To Adopt “One Nation One Rate” Policy

Leading jewelers across India have given their nod to adopt "One Nation One Rate (ONOR)" policy for gold, according to a report published in ET Now. According to the report. ONOR initiative seeks to standardize gold price across the country and has the backing of Gem and Jewellery Council (GJC).

Earlier, Gem and Jewellery Council sought opinions from renowned jewellers of India with a unanimous agreement on implementing a single gold rate across the nation. Meanwhile, an official statement on the latest development is likely to be made in the upcoming meeting to be held in September, added the ET report.

On the latest update on gold prices, Prithviraj Kothari, Managing Director at RiddiSiddhi Bullions Limited (RSBL) said, "a single gold rate will guarantee that all customers are treated equally and receive jewelry at the same price regardless of their location. Having a single rate across the country will make the gold market more efficient. The majority of major jewellers in India have agreed to adopt a "One Nation One Rate (ONOR)" policy for gold. The ONOR initiative aims to standardize gold prices across the nation and marks a significant step towards a more transparent and equitable gold market in the nation. An official announcement regarding this is anticipated during the September meeting."

One Nation One Rate is expected to offer several benefits to customers. A single gold rate all across India is expected to ensure all customers are treated equally and get the jewellery in same price irrespective of their location. With the introduction of a single rate across India will make the yellow metal market more effective and efficient.

Additionally, eliminating price disparities could lead to a reduction in gold price. It will also help in eliminating opportunities for arbitrage and offer a fair competitive atmosphere for all jewellers in India. The ONOR initiative will be a crucial step towards a more transparent and equitable gold market in the country.

Meanwhile, gold prices in India on Monday witnessed decline after witnessing sharp rally in last 10-days. Meanwhile, US gold rates declined on July 15 as traders are awaiting comments from Federal Reserve and economic data for more clarity on US Interest rate trajectory. 22k gold prices today slipped by Rs 100 to Rs 67,500/10 grams and 100 grams of 22 carat yellow metal prices today slipped by Rs 1000 to Rs 6,75,000 in India on July 15, 2024. 24k gold prices today in India fell by Rs 110 to Rs 73,640/10 grams and 100 grams of 24 carat precious metal prices became cheaper by Rs 1100 to Rs 7,36,400 in the country on July 15.

18k gold prices in India on Monday declined by Rs 80 to Rs 55,230/10 grams and 100 grams of 18 carat yellow metal prices fell by Rs 800 to Rs 5,52,300.