Kerala becomes the first state to introduce uniform gold price based on bank rate

Kerala becomes the first state in India to launch uniform gold price based on the bank rate. The decision to introduce a uniform price on 916 purity 22-carat gold was taken at a meeting between officials of Malabar Gold and Diamonds, one of the largest gold and diamond retail chains in the country and key members of All Kerala Gold and Silver Merchants Association which sets the board rate for gold, as per an Economic Times report.
Commenting on the development, MP Ahammed, Chairman, Malabar Group said, ''We are extremely happy to be a part of this momentous occasion. We would like to thank all members of the jewellery trade in Kerala for coming together and launching a standardized gold rate across the state to safeguard the interest of the consumers and bring in price transparency to the trade. At Malabar Gold and Diamonds, we have shown the way by launching uniform gold price across all our stores in the country with our 'One India One Gold Rate' policy. Being a top gold-consuming state in the country, Kerala can set the stage for a countrywide roll-out of uniform gold prices.''
MP Ahammed also demanded that the selling price of gold should be unified everywhere in the country. The gold rate should be uniform across the country based on bank rate. In Kerala, gold used to be sold at different prices on a particular day. Uniform gold price based on bank rate offers an opportunity to consumers to purchase gold at a reasonable and transparent price.

Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough&Polished