New Gold Buying Rules in India, Is Gold Buying Profitable in India 

Did you know? It is believed that the first ever gold was found by the ancient Egyptians way back in 2450 B.C. Gold is one of those precious materials which is found underground. Because of its scarcity, they are high in value and pricier. 

Other than making jewelry, gold is used for various purposes such as dentistry, aerospace, automobile, technology, and many more. Just like the price of gold is not constant so are the rules for purchasing gold, they are always dynamic. Here in this article, we will uncover all the truth regarding purchasing gold. 

Facts of Gold you must know

• Gold was found in 2450 B.C.
• Gold Estimated Market Cap $13.763 T.
• To date, 209,000 tonnes of gold – worth US$ 12 trillion have been mined.
• US$266tn invested in global financial assets, only 1% is currently invested in gold

Gold Import Rules in India 

For successful gold import to India make sure to look at these rules implemented by the government of India:-

• A proper license is required from the government of India. License must be issued by the Directorate General of Foreign Trade, visit the official website to know more 
• You cannot import gold in the form of coins or medals 
• If you are importing gold dore bars, the license holder must submit a report on the utilization of the gold dore bars 
• All gold imported from other countries must be routed through custom-bonded warehouses 

Gold Buying Guide in India 

Scammers or frauds are always in search of opportunities to scam people. There are many in this industry whom you should always be aware of. Therefore, it is important to have proper knowledge before purchasing gold or gold products. Here are some of them that you must not forget:-

• Always check the current gold rate in your city using the BankBazaar application or newspapers 
• Must check that the gold product is hallmarked. The purity is checked by none other than the Bureau of Indian Standards so make sure the hallmark sign is present
• You can put a magnet near gold and check if it attracts or repels. Pure gold is a non-magnetic 

Gold Buying License in India 

To successfully do business you need proper documentation and paperwork. There are lots of fake websites which will ask for payments and documentation for gold licenses which you must not trust and use. Here is how you can buy a gold license in India:-

• Visit the Bureau of Indian Standards official website 
• Then click on “Apply for Jeweller Registration” 
• Make sure you create an account 
• Submit all the required documents and other details and finally click on the submit button 

Gold Buying Rules in India 

Even if you are not importing from other countries but, buying gold in India has some rules that you need to follow. It is the government who has implied those rules and as a customer, you must follow them. Here are some of them:-

• There are no restrictions on buying gold in cash but not more than Rs 2 lakhs in transactions
• Proper Aadhar and PAN card is required for purchasing gold if purchased over Rs 2 lakhs 
• Gold products with six-digit alphanumeric HUID numbers have started being from this year (2023)

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