Gold Rate in India — 18 September 2026: IBJA PM Rates, Purity and Invoice Guide

IBJA PM reference for 18 September 2026

The India Bullion and Jewellers Association (IBJA) published its indicative retail selling rates for gold jewellery for the PM session of 18 September 2026. The listed per-gram references were ₹15,373 for Fine Gold 999, ₹15,004 for 22K and ₹12,452 for 18K. IBJA states that these indicative retail rates are shown without 3% GST and making charges, so they should be treated as a metal-price reference rather than a guaranteed final shop invoice.

A useful comparison starts with the same date, the same purity and the same unit. Gold prices can move between sessions, while jewellers may apply their own making charges, design premiums, wastage policies, stone values or other product-specific costs. If two shops quote different totals, the difference may come from those invoice components even when both begin with a similar reference rate.

Convert the per-gram rate before comparing offers

Price per gram is the simplest base unit for comparing gold. Using the 18 September PM reference, 10 grams of 24K corresponds to ₹153,730 before GST and making charges. Ten grams of 22K corresponds to ₹150,040, while 10 grams of 18K corresponds to ₹124,520 on the same basis.

These calculations are only metal-value references. They do not mean a 10-gram ornament should be sold at exactly those totals. Jewellery can include non-gold material, stones, clasps and design work, and the net gold weight may differ from the gross weight shown on a product tag. Ask the jeweller for the net gold weight when comparing the metal value of two items.

Match the rate to the correct purity

A 24K reference should not be used to value a 22K or 18K ornament. In common Indian jewellery terminology, 22K corresponds to 916 fineness and 18K corresponds to 750 fineness. The lower per-gram figure for 18K reflects its lower gold content, not necessarily a cheaper design or lower workmanship cost.

When a shop advertises a headline gold rate, check whether it refers to 24K, 22K or 18K. A fair comparison requires the same purity category. The same rule applies when comparing website rates, jeweller boards and invoices: first align the purity, then align the weight, and only then compare the additional charges.

How GST affects the final jewellery bill

The Central Board of Indirect Taxes and Customs (CBIC) states in its jewellery sector FAQ that GST is payable at 3% of the total transaction value of jewellery, whether the making charge is shown separately or not. This is why a final invoice can be higher than a simple gold-rate-times-weight calculation.

For a clearer comparison, ask the retailer to show the metal value, making charge, stone or accessory value where relevant, tax and final payable amount. Looking only at the board rate can hide a large difference in making charges. A retailer with a slightly lower headline gold rate can still produce a higher final bill if the other charges are larger.

Check the hallmark and HUID

The Bureau of Indian Standards (BIS) says that the hallmark on gold jewellery includes the BIS logo, the purity in caratage and fineness, and a six-digit alphanumeric HUID. Consumers can verify the HUID through the BIS Care app. This gives buyers a practical way to check that the item’s marked purity matches the purity category used in the calculation and invoice.

For 22K jewellery, the relevant purity marking is 22K916. For 18K jewellery, it is 18K750. If an item contains stones or other materials, the purity mark still applies to the gold component, while the invoice should make the different values clear.

A practical comparison checklist

1. Check the rate date and whether it is an AM or PM reference.
2. Compare the same purity: 24K with 24K, 22K with 22K, or 18K with 18K.
3. Convert all quotes to the same unit, preferably price per gram.
4. Ask for net gold weight when stones or non-gold components are present.
5. Review making charges and other additions separately from the metal value.
6. Confirm GST and the complete payable amount on the invoice.
7. Check the BIS hallmark and HUID on hallmarked jewellery.

The figures on this site are intended as reference information and calculation aids. Retail prices can vary by seller, location and product, so confirm the current rate and full itemised invoice with the jeweller before completing a purchase.

Reference rate table