Kerala becomes first state to implement uniform price of gold across the state

Kerala becomes first state gold

In November 2022, Kerala became the first state in India to implement a uniform price of gold across the state by the government.

Important Facts:

Kerala is the first state in the country to introduce uniform price trading of gold on the basis of bank rate.
In a meeting between officials of Malabar Gold and Diamonds, one of the country's largest gold and diamond retail chains and key members of All Kerala Gold and Silver Merchants' Association, it was decided to keep the price of 22 carat gold of 916 purity uniform. Is.
This step of the government will prove to be helpful in protecting the interest of consumers across the state and bringing price transparency in the business.
In Malabar Gold & Diamonds, the state with its 'One India One Gold Rate' policy has taken the initiative to introduce uniform gold price across all its stores in the country.

Basis for applying uniform price of gold at the national level

According to M P Ahmed, Chairman, Malabar Gold and Diamonds Group, “Kerala being a top gold consuming state in the country can set the stage for a uniform gold price across the country.
MP Ahmed also demanded that the selling price of gold everywhere in the country should be integrated.
The price of gold across the country should be based on the bank rate. It is worth mentioning in this context that in most states the price of gold is Rs 150-300 per gram higher according to the bank rate.

Kerala

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