IBJA's 26 October 2026 opening benchmark is Rs 1,41,290 per 10 grams for 999 purity gold and Rs 1,29,422 for 916 purity gold. These rates, checked at 15:05 IST, exclude GST and making charges. For readers comparing a Dhanteras jewellery quotation, the useful calculation is the appropriate purity rate multiplied by net gold weight, followed by the stated charges and applicable tax.
This is a dated reference snapshot ahead of the festival, not a quote for 2 to 6 November. The official IBJA rates page publishes opening and closing figures. At the check time, the current table showed the AM figures and no PM figures. The page did not state a publication minute for the AM release; 15:05 IST is the verification time.
Gold price on 26 October: which purity and unit?
| IBJA gold purity | AM rate per 10 grams | Per gram, calculated |
|---|---|---|
| 999 | Rs 1,41,290 | Rs 14,129.00 |
| 995 | Rs 1,40,724 | Rs 14,072.40 |
| 916 | Rs 1,29,422 | Rs 12,942.20 |
| 750 | Rs 1,05,968 | Rs 10,596.80 |
| 585 | Rs 82,655 | Rs 8,265.50 |
The date is also shown in IBJA's opening and closing rate sheet. The per gram column above is calculated by dividing each 10 gram figure by ten. It avoids a common comparison error: placing a per gram shop quotation next to a per 10 gram benchmark as though they were the same unit.
Purity must match too. The BIS general FAQ identifies 22K with 916 fineness. A 916 quote is therefore the relevant purity comparison for 22 carat jewellery, rather than simply using the 999 figure because it appears first. The fineness number expresses gold content in parts per thousand. It does not describe how many grams the finished ornament weighs or what the seller charges for its design.
How to calculate a jewellery bill with making charges
Consider an illustrative ornament with 8 grams of net gold at 916 purity. Assume, only for this example, that the seller uses the above benchmark and quotes Rs 8,000 in making charges, with no stones or other additions. The weight and making charge are chosen for the calculation; they are not a quotation from a jeweller.
| Calculation | Amount |
|---|---|
| Gold value: 8 × Rs 12,942.20 | Rs 1,03,537.60 |
| Illustrative making charge | Rs 8,000.00 |
| Transaction value before GST | Rs 1,11,537.60 |
| GST at 3% | Rs 3,346.13 |
| Illustrative total, rounded to paise | Rs 1,14,883.73 |
The formula for this example is total = [(net gold weight × rate per gram) + making charge] × 1.03. It shows why multiplying weight by the headline gold rate does not finish the bill. If the ornament contains separately valued components or other charges, the example is incomplete for that transaction and its actual invoice must be examined.
The CBIC gems and jewellery FAQ says a retail jewellery sale attracts 3% GST on its total transaction value even when making charges are shown separately. Its separate discussion of job work concerns a different transaction. The CBIC rate table lists jewellery under heading 7113 at 3% overall.
Why does the local jeweller's price differ from IBJA?
IBJA's benchmark excludes the additions that can appear in a finished jewellery bill. Retail quotations can therefore differ across cities and shops once applicable taxes, local charges and making charges are accounted for. This does not mean that the national jewellery GST rate changes from city to city. Compare the tax basis, purity, net weight and included charges before interpreting a difference.
No verified city rate table is included here because the opened IBJA benchmark does not provide the required shop quotations for Varanasi or Gurugram. A national benchmark should not be relabelled as a guaranteed local counter price. Nor does an October rate establish what a seller will quote during the November festival period.
What should the invoice show?
The BIS jeweller FAQ says the bill for a hallmarked precious metal article should identify each item, its net precious metal weight, purity in carat and fineness, and hallmarking charges. This gives a concrete way to compare the amount billed with the item described. Gross ornament weight and net gold weight should not be silently treated as identical.
Record the benchmark date and session alongside the shop's quoted rate. If either rate changes before the transaction, repeat the arithmetic with the agreed figure. The worked example explains a bill; it does not indicate whether gold prices will rise or fall or whether a purchase should be made.
For local context, see our report on security arrangements in Kashi's jewellery markets. Other money calculations are covered in our fixed deposit interest explainer and guide to the NAV formula.
