All India Bullion

Why Zaveri Bazar matters

Zaveri Bazar, in south Mumbai, is where much of India's physical gold and silver trade is priced. Bullion dealers across the country quote a premium or a discount to the Mumbai rate, which is why AIB uses Mumbai as the benchmark for every city it covers.

AIB works from a counter at Boss Bhavan on Sheikh Memon Street, in the middle of that market. The same desk that publishes the reference rates also sells metal at them, so the figures on this site are the ones we trade from, not numbers copied from elsewhere.

We started publishing those rates so that a jeweller in a smaller town, or a family buying a coin, could see the same market price a Zaveri Bazar dealer sees, with the time it was quoted and what it does and does not include.

How we keep the rates honest

• Every rate shows its purity, its unit and the time it was quoted.
• 22K and 18K are worked out from the 24K (999) rate: 91.6% and 75% of it. They are metal values, not jewellery prices.
• We say plainly what a rate leaves out: GST, making charges, wastage and a seller's own margin.
• When the feed has no fresh quote, the page says so. We do not fill a gap with an estimate.
• Mistakes are corrected in public, with the date, in our corrections log.

The details are in our rate methodology,editorial policy andcorrections log.