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Gold Collateral Valuation Methodology & LTV Disclosure

A. Gold Rate:

The gold rate is determined by considering the lower of;

  1. The average closing price for gold, as the case may be, of that specific purity over the preceding 30 days, or
  2. The closing price for gold, as the case may be, of that specific purity on the preceding day, as published by the India Bullion and Jewellers Association Ltd.

Each ornament during valuation is calibrated to 22 carat fine weight by the system. If the gold is of purity less than 22 carats, the bank should translate the collateral into 22 carat and value the exact grams of the collateral. In other words, jewellery of lower purity of gold shall be valued proportionately. The value of the gold collateral is then calculated on the fine weight of the ornament multiplied by the gold rate determined with the above-mentioned methodology (E.g.: Jewellery - Ring; Gross Weight - 20 grams, Gold Per Gram Rate for 22K - Rs.9,000/-, Deductions - 2 grams, Net Weight - 18 grams, Jewellery Carat - 22K, LTV - 75%; Loan Eligibility is 18*9,000= 162,000*75% = 121,500)

B. Net Weight:

For the purpose of valuation, only the intrinsic value of the gold contained in the eligible collateral shall be reckoned and no other cost elements, such as precious stones or gems(cotton thread/Kundan/enamel/solder, etc.) shall be added thereto. Any non-gold item/ attached to the Gold Jewellery/Ornament will be deducted from the Gross Weight to arrive at Net Weight.

Net weight = Gross weight - Deduction
(eg: Gross Weight- 100, Stone weight - 30, Net Weight - 70 (100-30).

C. Purity (Cartage) Testing Methods:

To determine the purity of the gold, the following valuation tests can be performed on the gold jewellery:
Type of test conducted: Stone & Acid Test, Saltwater Test, Magnet Test, Flexibility test, Magnifier test, Weight Test, Sound Test, Gold Filing / Scratch test
(Note: Stone, Acid, salt water & magnet test are mandatory, and other test may be an add on to these or may not be applicable to all the jewellery valuation)

D. Loan to Value (LTV):

LTV is defined basis the margin bank needs to maintain as per RBI guidelines from time to time. Currently Bank offers 64% to 85% on Income generating & consumption loans.

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