Gold Auctions

Banks typically assay pledged gold at the time of loan disbursal and again before auction, and many auction notices state the recorded purity (in karats) and gross weight of each lot. Buyers should still confirm purity independently after purchase.

Where the bank permits a pre-auction viewing, it is advisable to inspect the gold ornaments or jewellery in person to verify weight, condition, and any stones or additions that may not carry gold value.

Bid increments are set by the conducting bank or auctioneer and vary by lot value; the increment amount is usually stated in the auction notice or communicated at the start of the eauction.

Some banks and NBFCs provide an assay report or hallmark certificate with gold lots, but this is not universal — always confirm with the bank whether documentation of purity accompanies the specific lot you intend to bid on.