Two rates describe different transactions
IBJA publishes AM and PM benchmark rates by purity, in rupees per 10 g. Its table says GST and making charges are excluded. A jeweller's quote is a retail offer for a finished item; the shop may set its own rate and add making and other stated charges. IBJA does not certify a shop's asking price. The gold page shows the latest available Indian benchmark with its observation date when the feed works; an international USD conversion is labelled separately.Dated comparison: 30 October 2026
IBJA's historical table listed ₹1,28,289 per 10 g for 916 purity in its 30 October 2026 PM row, or ₹12,828.90 per gram. This is a historical observation, not the rate for a later purchase. Check the IBJA source table for the date and PM column before reusing it.
Suppose a fictional shop on that date quotes ₹13,200 per gram for 8.00 g of 22K916 gold. Its gold amount is 8 × ₹13,200 = ₹105,600. At the IBJA observation, 8 × ₹12,828.90 = ₹102,631.20. The gold-amount difference is ₹2,968.80, or ₹371.10 per gram. These numbers only compare the metal-rate lines; the difference alone cannot establish whether the shop quote is fair or why the shop chose it.
Build the actual bill from its lines
If the fictional shop adds ₹4,000 making, the pre-tax jewellery value is ₹109,600. With 3% GST on that total, tax is ₹3,288 and the bill is ₹112,888. The GST Council FAQ applies 3% to the total value of a jewellery sale even when making is shown separately. The difference between ₹112,888 and the IBJA gold content ₹102,631.20 is ₹10,256.80. It combines the shop's rate difference, making and GST; calling all of it a “gold premium” would mislabel the bill.
| Question | What to record |
|---|---|
| Is the purity comparable? | Match the item mark and quote to IBJA's 916 row, not 999. |
| Is the date comparable? | Record the IBJA observation date and the shop quote date. |
| Is the weight comparable? | Use gold weight charged, excluding separately priced stones. |
| Which charges are extra? | Ask for rupee making, stone, wastage, discount and tax lines. |
| Does the invoice add up? | Recalculate the lines and compare with the printed total. |