{"id":30326,"date":"2026-09-29T14:48:05","date_gmt":"2026-09-29T14:48:05","guid":{"rendered":"https:\/\/koshalsambada.in\/?p=30326"},"modified":"2026-09-29T14:48:05","modified_gmt":"2026-09-29T14:48:05","slug":"she-bought-gold-at-a-discount-of-rs-5000-per-10-grams-took-no-receipt-how-indians-are-turning-to-under-the-counter-cash-deals-as-gold-prices-soar-bagging-discounts-of-up-to-6","status":"publish","type":"post","link":"https:\/\/koshalsambada.in\/?p=30326","title":{"rendered":"She bought gold at a discount of Rs 5,000 per 10 grams, took no receipt: How Indians are turning to under-the-counter cash deals as gold prices soar, bagging discounts of up to 6%"},"content":{"rendered":"<p><br \/>\n<\/p>\n<div>\n<div class=\"e9jwa\">\n<div class=\"vdo_embedd\">\n<div class=\"GfdvZ\">\n<section class=\"_bIDB  clearfix id-r-component leadmedia undefined undefined  E9tg9 \" style=\"top:0px\">\n<div class=\"_bIDB\" data-ua-type=\"1\" onclick=\"stpPgtnAndPrvntDefault(event)\">\n<div class=\"ypVvZ\">\n<div class=\"WGttI\"><img src=\"https:\/\/static.toiimg.com\/thumb\/msid-134569177,imgsize-445923,width-400,height-225,resizemode-4\/gold-price-discount.jpg\" alt=\"She bought gold at a discount of Rs 5,000 per 10 grams, took no receipt: How Indians are turning to under-the-counter cash deals as gold prices soar, bagging discounts of up to 6%\" title=\"For bulk purchases, such off-the-record cash deals can bring prices down by as much as 6% from prevailing market rates. (Image for representative purposes)\" decoding=\"async\" fetchpriority=\"high\"\/><\/div>\n<\/div>\n<\/div>\n<div class=\"Ta7d_ img_cptn\"><span title=\"For bulk purchases, such off-the-record cash deals can bring prices down by as much as 6% from prevailing market rates. (Image for representative purposes)\">For bulk purchases, such off-the-record cash deals can bring prices down by as much as 6% from prevailing market rates. (Image for representative purposes)<\/span><\/div>\n<\/section>\n<\/div><\/div>\n<\/div>\n<p>Gold prices, despite their recent correction, are still very high and the hike in gold import duties from 6% to 15% has raised the cost of jewellery further.<span class=\"id-r-component br\" data-pos=\"1\"\/>Although prices have fallen since then, they are still nearly 28% above their level a year ago.<span class=\"id-r-component br\" data-pos=\"4\"\/>So, even as gold prices remain elevated and taxes add to the cost, an increasing number of Indian buyers are now opting for cash transactions outside the formal system, and purchasing gold and jewellery without invoices that could leave a trail for authorities.<span class=\"id-r-component br\" data-pos=\"6\"\/><\/p>\n<p><h2>Gold being bought at discount with under-the-counter cash sales<\/h2>\n<\/p>\n<p>For bulk purchases, such off-the-record cash deals can bring prices down by as much as 6% from prevailing market rates, sources familiar with the trade told Bloomberg. <!-- -->Dealers who take cash can avoid certain taxes and share some of those savings with buyers.<span class=\"id-r-component br\" data-pos=\"12\"\/>One middle-aged woman said she purchased jewellery for her daughter\u2019s wedding at a discount of Rs 5,000 ($52) per 10 grams, but did not receive a receipt.<span class=\"id-r-component br\" data-pos=\"14\"\/>For the 55-year-old homemaker, the savings were difficult to pass up after gold touched a record high earlier this year.<span class=\"id-r-component br\" data-pos=\"16\"\/>\u201cIt was an offer I couldn\u2019t refuse. Gold prices are way too high and we trust the jeweler,\u201d she was quoted as saying.<span class=\"id-r-component br\" data-pos=\"19\"\/>The woman is part of a growing pool of consumers moving toward this unofficial trade. The market has expanded since the government more than doubled import duties on gold and silver to 15%, in an effort to discourage purchases as India contends with a widening trade deficit. Retail buyers must also pay an additional 3% goods and services tax.<span class=\"id-r-component br\" data-pos=\"21\"\/>The revival of this informal market is an unintended outcome of a policy intended to reduce India\u2019s demand for gold.<span class=\"id-r-component br\" data-pos=\"24\"\/>India, the world\u2019s second-largest consumer of the metal after China, purchases gold for births, festivals and, most significantly, weddings. The metal is used as jewellery, given as gifts and held as a form of family savings. Since domestic production is limited, most of the country\u2019s demand is fulfilled through imports, placing a significant burden on the trade bill and the currency.<span class=\"id-r-component br\" data-pos=\"26\"\/>In India\u2019s cash market, traders have managed to obtain gold at discounts of up to $200 an ounce compared with prevailing domestic prices, according to the people familiar with the trade. <!-- -->Prices can differ substantially across the fragmented informal market, where transactions are individually negotiated instead of being based on a common benchmark.<span class=\"id-r-component br\" data-pos=\"30\"\/>\u201cA discount of that magnitude in the parallel market primarily reflects the economics of unofficial supply,\u201d said Hiren Chandaria, managing director, Middle East and Asia operations at London-based Monetary Metals. \u201cHigher import duty creates a significantly greater incentive for gold to enter outside the official duty-paid channel.\u201d<span class=\"id-r-component br\" data-pos=\"33\"\/>The difference is much smaller for gold brought into the country through formal import channels. According to consultancy Metals Focus, discounts on landed prices for officially imported gold averaged around $50 an ounce in September.<span class=\"id-r-component br\" data-pos=\"35\"\/>Retail buyers, meanwhile, can negotiate discounts of up to Rs 10,000 for every 10 grams, depending on how effectively they bargain and the relationship they have with the jeweler, the people said.<span class=\"id-r-component br\" data-pos=\"38\"\/><\/p>\n<p><h2>Gold imports second-highest after oil<\/h2>\n<\/p>\n<p>Gold ranks as India\u2019s largest imported commodity after oil and is a significant factor behind the country\u2019s trade deficit. The deficit expanded to nearly $32 billion in July, its highest level so far this year.<span class=\"id-r-component br\" data-pos=\"41\"\/>The cost of gold shipments rose by more than 32% year-on-year during the four months through July. The increase led Prime Minister Narendra Modi to make a second appeal within five months for Indians to cut back on purchases and help preserve foreign-exchange reserves. <!-- -->Gold imports subsequently fell sharply in August, dropping to less than half the level recorded a year earlier.<span class=\"id-r-component br\" data-pos=\"46\"\/>India\u2019s informal gold market has existed for decades, but when import duty was just 6%, there was little financial motivation for traders to avoid official channels. The latest duty increase has changed that equation, reviving the parallel trade just as the country heads into its wedding and festival season, which begins in mid-October and continues through early March.<span class=\"id-r-component br\" data-pos=\"48\"\/>\u201cAt today\u2019s gold prices, even a relatively small percentage difference translates into a significant absolute cost difference in rupee terms,\u201d Chandaria said.<\/div>\n<p><br \/>\n<br \/><a href=\"https:\/\/timesofindia.indiatimes.com\/business\/india-business\/she-bought-gold-at-a-discount-of-rs-5000-per-10-grams-took-no-receipt-how-indians-are-turning-to-under-the-counter-cash-deals-as-gold-prices-soar-bagging-discounts-of-up-to-6\/articleshow\/134568697.cms\" target=\"_blank\" rel=\"noopener\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>For bulk purchases, such off-the-record cash deals can bring prices down by as much as 6% from prevailing market rates. (Image for representative purposes) Gold prices, despite their recent correction, are still very high and the hike in gold import duties from 6% to 15% has raised the cost of jewellery further.Although prices have fallen [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":30327,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[31],"tags":[],"class_list":["post-30326","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-31"],"magazineBlocksPostFeaturedMedia":{"thumbnail":"https:\/\/koshalsambada.in\/wp-content\/uploads\/2026\/09\/gold-price-discount.jpg","medium":"https:\/\/koshalsambada.in\/wp-content\/uploads\/2026\/09\/gold-price-discount.jpg","medium_large":"https:\/\/koshalsambada.in\/wp-content\/uploads\/2026\/09\/gold-price-discount.jpg","large":"https:\/\/koshalsambada.in\/wp-content\/uploads\/2026\/09\/gold-price-discount.jpg","1536x1536":"https:\/\/koshalsambada.in\/wp-content\/uploads\/2026\/09\/gold-price-discount.jpg","2048x2048":"https:\/\/koshalsambada.in\/wp-content\/uploads\/2026\/09\/gold-price-discount.jpg","blogsy-small":"https:\/\/koshalsambada.in\/wp-content\/uploads\/2026\/09\/gold-price-discount.jpg","blogsy-small-tall":"https:\/\/koshalsambada.in\/wp-content\/uploads\/2026\/09\/gold-price-discount.jpg","blogsy-small-square":"https:\/\/koshalsambada.in\/wp-content\/uploads\/2026\/09\/gold-price-discount.jpg","blogsy-small-masonry":"https:\/\/koshalsambada.in\/wp-content\/uploads\/2026\/09\/gold-price-discount.jpg","blogsy-medium":"https:\/\/koshalsambada.in\/wp-content\/uploads\/2026\/09\/gold-price-discount.jpg","blogsy-medium-masonry":"https:\/\/koshalsambada.in\/wp-content\/uploads\/2026\/09\/gold-price-discount.jpg","blogsy-large":"https:\/\/koshalsambada.in\/wp-content\/uploads\/2026\/09\/gold-price-discount.jpg","blogsy-wide":"https:\/\/koshalsambada.in\/wp-content\/uploads\/2026\/09\/gold-price-discount.jpg"},"magazineBlocksPostAuthor":{"name":"admin","avatar":"https:\/\/secure.gravatar.com\/avatar\/8709732a479614e7a8aa24d3eb1b239f30dc6d90c61464ed495001e7a469d856?s=96&d=mm&r=g"},"magazineBlocksPostCommentsNumber":"0","magazineBlocksPostExcerpt":"For bulk purchases, such off-the-record cash deals can bring prices down by as much as 6% from prevailing market rates. (Image for representative purposes) Gold prices, despite their recent correction, are still very high and the hike in gold import duties from 6% to 15% has raised the cost of jewellery further.Although prices have fallen [&hellip;]","magazineBlocksPostCategories":["\u0b26\u0b47\u0b36 \u0b2c\u0b3f\u0b26\u0b47\u0b36"],"magazineBlocksPostViewCount":3,"magazineBlocksPostReadTime":4,"magazine_blocks_featured_image_url":{"full":["https:\/\/koshalsambada.in\/wp-content\/uploads\/2026\/09\/gold-price-discount.jpg",400,225,false],"medium":["https:\/\/koshalsambada.in\/wp-content\/uploads\/2026\/09\/gold-price-discount.jpg",300,169,false],"thumbnail":["https:\/\/koshalsambada.in\/wp-content\/uploads\/2026\/09\/gold-price-discount.jpg",150,84,false]},"magazine_blocks_author":{"display_name":"admin","author_link":"https:\/\/koshalsambada.in\/author\/admin"},"magazine_blocks_comment":0,"magazine_blocks_author_image":"https:\/\/secure.gravatar.com\/avatar\/8709732a479614e7a8aa24d3eb1b239f30dc6d90c61464ed495001e7a469d856?s=96&d=mm&r=g","magazine_blocks_category":"<a href=\"#\" class=\"category-link category-link-31\">\u0b26\u0b47\u0b36 \u0b2c\u0b3f\u0b26\u0b47\u0b36<\/a>","_links":{"self":[{"href":"https:\/\/koshalsambada.in\/index.php?rest_route=\/wp\/v2\/posts\/30326","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/koshalsambada.in\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/koshalsambada.in\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/koshalsambada.in\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/koshalsambada.in\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=30326"}],"version-history":[{"count":0,"href":"https:\/\/koshalsambada.in\/index.php?rest_route=\/wp\/v2\/posts\/30326\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/koshalsambada.in\/index.php?rest_route=\/wp\/v2\/media\/30327"}],"wp:attachment":[{"href":"https:\/\/koshalsambada.in\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=30326"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/koshalsambada.in\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=30326"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/koshalsambada.in\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=30326"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}