2024-07-15 17:36:50
New Delhi: Big jewelers across the country have agreed to adopt the ‘One Nation One Rate’ (ONOR) policy for gold. The aim of this initiative is to make gold prices uniform across India. It is supported by the Gem and Jewelry Council (GJC). ET Now has reported, citing sources, that its official announcement is expected in the September meeting. GJC has taken opinion from major jewelers across the country. There is consensus on implementing a single gold price. The industry is actively discussing to deal with the challenges in implementing this policy.
What is One Nation One Gold Rate Policy?
This is a scheme proposed by the Government of India. Its aim is to make the prices of gold uniform across the country. This means that no matter where you buy gold in the country, its price will be the same. Under this scheme, the government will set up a National Bullion Exchange. This exchange will fix the prices of gold and jewelers will have to sell gold at this price.
What are the benefits of ONOR policy?
There will be many benefits of One Nation One Gold Rate Policy. This will increase transparency in the market. All customers will be treated equally. This will make the gold market more efficient. Eliminating the difference in prices can reduce the prices of gold. A uniform price will not allow arbitrary pricing. This policy will provide an equal competitive environment to all jewelers across the country.
this is a big step
Sources have said that GJC has consulted major jewelers across the country in this regard. Everyone is in agreement on implementing One Nation One Gold Rate. An official announcement regarding this may be made in the September meeting. ONOR policy is an important step towards a more transparent and equitable gold market in India.
Gold prices have wings
In the bullion market of the capital Delhi, the price of gold is above Rs 75,000 per 10 grams. The price of silver has also crossed Rs 94,000 per kg. In the recent past, the prices of both precious metals have seen a tremendous rise. Geopolitical instability has also fueled the prices of gold and silver. People consider gold as the safest investment option.