Rate Methodology

Exactly how GoldMap sources, verifies, and publishes gold and silver rates every day.

Where our rates come from

Every gold and silver rate on GoldMap originates from a single authoritative source: the India Bullion and Jewellers Association (IBJA).

IBJA is the apex body of the Indian bullion industry and publishes official daily gold and silver rates that serve as the benchmark for the entire Indian jewellery trade. When jewellers across India set their daily prices, they start with the IBJA rate.

Official source: India Bullion and Jewellers Association
Source website: ibja.co
Rate type: Daily spot rates for Indian market
Basis: International spot price + import duty + GST + local factors

Our daily update process

IBJA publishes morning rates

IBJA typically publishes rates between 9:00–9:30 AM IST on trading days. These rates reflect international gold prices, USD/INR exchange rate, customs duty, and GST.

We verify and record the rate

Our team checks the published IBJA rate and records it for all metals: 24K gold, 22K gold, 18K gold, and silver. We verify against multiple reference points to catch any discrepancies.

City rates are applied

While the IBJA rate is a national benchmark, actual rates in cities vary slightly based on local jewellers association pricing and regional factors. We apply published local adjustments for major cities.

All pages are updated by 10:00 AM IST

Updated rates go live across all city and state pages on GoldMap by 10:00 AM IST every trading day. Each page shows the last-updated timestamp so you always know how fresh the data is.

Why city rates differ

You may notice that gold rates differ slightly between cities — Kochi might show a different rate than Mumbai or Delhi. This is normal and reflects how the Indian gold market actually works:

Local jewellers associations in major cities set their own recommended rates based on IBJA, accounting for local transportation, insurance, and handling costs.
State taxes and levies may add a marginal difference in some states.
Port proximity affects rates — cities near major import ports like Mumbai, Chennai, and Kochi tend to have slightly lower rates than landlocked cities.

What our rates do not include

The rates shown on GoldMap are pure metal rates. They do not include:

Making charges (jewellers add 8–25% for craftsmanship)
Wastage charges (some jewellers charge 5–10% extra)
GST on jewellery (3% applies to the full transaction)
Individual jeweller margins

Use our Making Charges Calculator to estimate your total jewellery cost including these factors.

On market holidays

On days when IBJA does not publish rates (national holidays, market closures), GoldMap displays the most recent available rate. The page timestamp will clearly show the date of the last update so you know the data has not changed.

Report a rate error

If you believe a rate on GoldMap is incorrect, please email us immediately at hello@goldmap.in. Include the city, date, and the rate you are questioning. We investigate and correct confirmed errors within the same business day.