Jewellery shops affiliated with Bajus will now deduct 10% of the value for customers exchanging their gold ornaments, while a 15% deduction will be applied when purchasing old gold ornaments from customers, as stated in a press release issued on May 14.
These adjustments, approved during a recent executive committee meeting of Bajus, aim to enhance buyer convenience. Previously, the deduction rates stood at 9% for exchanged gold ornaments and 13% for purchased ones.
Moreover, to align with global market trends, the minimum wage for gold ornament sales has been set at 6%.
Comparatively, the deduction rates for selling gold stand at 12% in India, 8% in Sri Lanka, 15% in China, 20% in Italy, 30% in Hong Kong, 35% in Malaysia, 20% in Australia, 6% in the United States, and 14% in the United Kingdom.
Bajus has urged all jewellers nationwide to adhere to these updated regulations.