As of Wednesday, November 3, the price of ten grams of 24-carat gold has increased by Rs 110 to Rs 47,850 from Tuesday's trading price. While the silver rate has increased by Rs 300 per kg from Tuesday's price to Rs 64,700. The rate of 24-carat gold stands at Rs 51,200 in Delhi and the same costs Rs 47,850 in Mumbai. Ten grams of 22-carat gold costs Rs 46,950 and Rs 46,850, in Delhi and Mumbai respectively.
In Chennai, the standard 24-carat gold is sold at Rs 49,180 while 10 grams of 22-carat gold costs Rs 45,080. The 24-carat gold is sold at Rs 50,100, in Kolkata while the rate of 22-carat gold stands at Rs 47,300.
Due to excise duty, state taxes, and making changes, the rate of gold jewellery varies across the nation.
On Tuesday, the rate of 1 kg of silver stood at Rs 68,900 in Chennai, while in Delhi and Mumbai, the metal was sold at Rs 64,700.
In early September, Minister of State for Commerce and Industry, Anupriya Patel had informed that despite the absence of considerable domestic raw material production, India has risen to the top of the diamond manufacturing and export rankings. India is a major exporter of not just gold and silver but also in terms of coloured gemstones, and synthetic stones. She further stated that the gems and jewellery industry is an excellent example of the Honourable Prime Minister's objective of "Make in India."
MoS Anupriya Patel stated that the Gems and Jewellery sector was one of the worst-hit industries in India during the Covid-19 pandemic. Due to the country's entire lockdown, exports fell by a record 98 % in 2020. The Gems and Jewellery business is one of the most important sectors of the Indian economy, contributing over 7% of GDP, 10-12% of total merchandise exports, and being one of the top industries in terms of job creation. The industry has been employing approximately 5 million skilled and semi-skilled workers. She had previously announced that India's exports to ASEAN nations in FY 21-22 were worth $46 Billion.