MCX Rate vs Jewellery Rate, Understanding the Difference
Quick Answer: MCX rate is for 995 (99.5%) pure gold in 10g lots for futures trading. Jewellery rate is for 916 (22K) gold including GST, making charges, and import duty. The difference: MCX rate + import duty (15%) + GST (3%) + purity adjustment (×0.916) = jewellery base rate.
MCX (Multi Commodity Exchange) trades gold as a commodity, 999 purity, in kg lots, without GST. Jewellery is 22K (916) with import duty + 3% GST + making charges. This creates a gap of ₹1,500, ₹3,000 per gram between MCX spot rate and retail jewellery price.