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Why 23-carat gold is special in India
Gold is known for being almost indestructible — it does not rust, corrode, or react to most acids. This durability makes it perfect for creating beautiful jewellery that lasts for generations.
In India, gold is much more than just money. It has deep cultural value, being an important part of traditions, festivals, and ceremonies. 23-carat gold, with a purity of about 95.8%, is highly valued as it strikes a good balance between purity and strength. While slightly less soft than 24-carat gold, it is ideal for making special jewellery pieces. Understanding the unique properties and cultural importance of 23-carat gold helps you make better decisions, whether you are buying it for rituals, celebrations, or investment purposes.
How to check 23 carat gold purity
Understanding the purity of gold is crucial when making investments or purchasing jewellery. Here are some simple methods to check the purity of 23-carat gold, allowing you to verify its authenticity and make informed decisions about its value and use.
- BIS hallmark: The Bureau of Indian Standards (BIS) hallmark is a reliable indicator of purity. This mark, stamped on the gold item, assures compliance with India's established gold purity standards.
- Magnifying glass: Use a magnifying glass to scrutinise the piece for tiny engravings indicating its purity level. Look for marks like "24K," "999," or "9999," denoting the highest purity available.
- Colour and shine: Genuine 23 carat gold exhibits a vibrant yellow hue and maintains a consistent shine. Any alteration in colour or dullness might suggest impurities or a lower purity.
- Magnetic test: 23-carat gold is not magnetic. Testing with a magnet can help if the gold reacts, it could indicate impurities or a lower caratage.
- Professional assessment: For a precise evaluation, seek assistance from a certified jeweller or gold assayer. Their expertise and specialised tools can provide an accurate analysis of the gold's purity, ensuring a trustworthy assessment.
These steps, including inspecting hallmarks, appearance, and expert advice, collectively guarantee a thorough assessment of the authenticity and purity of gold, ensuring a valuable investment or cherished possession.
Understanding the purity of your gold jewellery or investment assists in determining its value and securing the best deal. Authentic 23-carat gold jewellery with high purity levels can be a great investment or a statement jewellery piece. Equipped with this information, you can confidently assess the purity of your 23-carat gold and make informed decisions regarding gold transactions.
Pro tip: Thinking of applying for a gold loan? Start with a simple step—check your gold loan eligibility today.
Comparison of gold purity, gold fineness and gold carat
| Gold Purity | Fineness | Carat |
| 99.90% | 999 | 24 carat gold |
| 99.50% | 995 | 24 carat gold |
| 95.83% | 958.3 | 23 carat gold |
| 91.60% | 916 | 22 carat gold |
| 90% | 900 | 21 carat gold |
| 83.40% | 834 | 20 carat gold |
| 75% | 750 | 18 carat gold |
| 58.50% | 585 | 14 carat gold |
| 41.70% | 417 | 10 carat gold |
| 37.50% | 375 | 9 carat gold |
| 33.30% | 333 | 8 carat gold |
Have idle gold lying at home? Turn it into instant funds with a Bajaj Finserv Gold Loan today! Apply now
Latest RBI updates
Section | Parameter | Applicable Details |
Eligibility Criteria | Gold purity accepted | 18-22 Karat for jewellery and ornaments |
24 karat for gold coins | ||
Eligible collateral types | Gold ornaments, jewellery, and coins | |
Eligible limit for each collateral type | Ornaments | Total pledged weight across all loans must not exceed 1 kilogram |
Gold coins | The total weight of gold coins pledged cannot be more than 50 grams. | |
Gold Jewellery | As per maximum loan amount. | |
Overall exposure limit | The total loan exposure across ornaments, jewellery, and gold coins together must not exceed the maximum loan limit of Rs. 2 crore. | |
Collateral protection
| Any loss, damage, or discrepancy in the quantity or purity of your pledged gold identified during audit, return, or auction will be recorded and promptly communicated to you or your legal heirs. The reimbursement or compensation process, as per company policy and SOP, will be clearly explained. Delays in collateral release due to lender fault will attract compensation of ₹5,000 per day. | |
Gold loan renewal | Renewal parameter | You can request renewal of your gold loan before maturity if it remains in standard status and within permissible LTV limits. This facility is available only to existing customers. For bullet repayment loans, accrued interest must be cleared. Renewals are subject to credit checks, fresh applicable charges, and are not allowed after maturity. |
Gold loan top up | Top up parameter | Top-up is allowed before maturity, subject to regulatory LTV limits, credit assessment, and customer eligibility. Fresh fees and charges apply. Top-up after maturity is not permitted, even if dues are outstanding. Top up facility is available only to existing users. |
LTV (Loan to Value) | For loans up to Rs.2.5 lakh | 85% |
For loans between more than Rs.2.5 lakh to Rs.5 lakh | 80% | |
For loans from more than Rs. 5lakh to Rs. 2 crore | 75% | |
Gold Value | Evaluation parameter | As per the latest guidelines, gold loans are offered against specific purity of gold jewellery, ornaments and gold coins, valued using lower of the average closing price for your gold's specific purity over the last 30 days or the previous day's closing price, as published by IBJA or a SEBI-regulated commodity exchange, within prescribed limits and subject to KYC and timely repayment. |
How to find value of 23 karat gold
To find the value of 23 carat gold, you need to understand its purity percentage. 23 carat gold purity is 95.8%, meaning 95.8% of the gold is pure, while the rest consists of other metals. This high purity level ensures that 23 carat gold percentage is very close to pure gold, which significantly impacts its value.
To determine its exact worth, use a gold rate calculator. By inputting the current gold price and the 23 carat gold purity, you can accurately calculate the value of your gold. The calculator will consider the purity percentage and weight to provide the most precise value, helping you make informed decisions whether you're buying, selling, or valuing gold.
Quick tip: If you are planning to use your 23-carat gold for a gold loan, you can check your gold loan eligibility today. Knowing the exact value of your gold ensures you get the best loan amount quickly and securely
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Disclaimer
Bajaj Finance Limited (BFL) has the sole and absolute discretion, without assigning any reason to accept or reject any application as per BFL policy. *
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