One Nation, One Gold Rate: Single Rate Of Gold Across The Country?
India’s policy of “One Nation, One Gold Rate” aims to establish uniform gold prices nationwide, ensuring transparency and fairness by eliminating regional discrepancies.
In a significant move, leading jewelers nationwide have unanimously embraced the One Nation One Rate (ONOR) policy for gold, marking a pivotal shift towards uniform pricing across states. This initiative, spearheaded by the Gem and Jewellery Council (GJC), aims to harmonize gold prices, ensuring customers can buy and sell the precious metal at consistent rates regardless of their location.
Unifying Gold Prices Across Borders
The ONOR policy addresses the longstanding issue of disparate gold pricing across different states in India. Historically, varying state taxes and market dynamics have led to considerable price discrepancies, causing confusion among consumers and hindering market transparency. By standardizing prices under the ONOR policy, customers can now enjoy a seamless experience, knowing that the price they pay or receive for gold remains consistent nationwide.
“As the Chairman of the All India Gem & Jewellery Domestic Council (GJC), I firmly believe that implementing a ‘One Country One Rate’ policy for gold will bring significant benefits to the industry. This initiative will create a more transparent and uniform pricing structure, reducing discrepancies and fostering a fair marketplace for all stakeholders. It will also enhance consumer confidence, as they will no longer face varied pricing across different regions. Our council is committed to advocating for this policy and working collaboratively with the Industry to ensure its successful implementation.”
Saiyam Mehra, GJC – Chairman
Simplifying Transactions for Consumers
One of the key benefits of ONOR is its simplification of transactions. Previously, customers faced challenges when buying or selling gold in different states due to price differentials. With uniform pricing, these hurdles are eliminated, allowing consumers to make informed decisions based on consistent market rates. This not only enhances customer satisfaction but also promotes trust and transparency within the gold market.
Implementing a ‘One Nation, One Gold Rate’ policy is crucial for creating a unified market across India. This would eliminate regional price disparities, enhance market efficiency, and ensure fair value for consumers nationwide. By standardizing gold rates, we can foster a more transparent and equitable trading environment that benefits both the industry and the public.
Rajesh Rokde, Vice Chairman of the All India Gem & Jewellery Domestic Council
The adoption of the One Nation One Rate (ONOR) policy marks a significant milestone in the evolution of India’s gold market. By addressing price differentials and promoting uniformity, ONOR not only enhances consumer confidence but also fosters a more robust and transparent trading environment. With the support of the Gem and Jewellery Council (GJC), this initiative is set to redefine industry standards and pave the way for sustainable growth and innovation in the years to come.
