How to register as a bidder

Create a free accountSign up with basic contact details and complete KYC verification — usually PAN and address proof — before you can bid on any listed auction.
Pay the EMDPlace an Earnest Money Deposit for the specific auction you want to bid in. This confirms you're a serious bidder and is adjusted against your payment if you win, or refunded if you don't.
Shortlist your lotsFilter listings by bank, NBFC, state, or purity, and review each lot's declared weight and tentative purity before deciding what to bid on.
Bid during the live windowAuctions run for a fixed time slot. Place bids at or above the reserve price; the highest bid at close wins, subject to the lender's approval.
Pay the balance & collectOnce approved, pay the remaining amount and collect the ornament in person from the relevant branch, or through an authorised representative.

Understanding EMD, reserve price & bid increments

A few terms show up in every auction listing, and they're worth knowing before you bid:

  • EMD (Earnest Money Deposit): a refundable deposit paid upfront to participate in a specific auction — it's not an extra fee, just a hold that's released or adjusted after the auction closes.
  • Reserve price: the minimum acceptable bid, set by the lender based on a published gold-rate benchmark and the lot's declared weight and purity. Bids below this aren't accepted.
  • Bid increment: the minimum amount by which each new bid must exceed the previous one, set to keep the auction moving without stalling on tiny increases.

Borrower rights during the auction

Even after a lender publishes an auction notice, the original borrower isn't out of options. These protections are built into RBI's guidelines for lenders that auction pledged gold:

Right to advance noticeBorrowers must be given adequate written notice before an auction is scheduled, not informed after the fact.
Right to reclaimThe borrower can typically repay the outstanding dues and reclaim the ornament any time before it's handed to the winning bidder.
Right to fair valuationThe reserve price must be based on a transparent, published gold-rate method — not a number the lender sets unilaterally.
Right to surplus refundAny amount the auction raises above the loan, interest, and auction costs must be returned to the borrower.
Right to grievance redressalBorrowers who believe the process wasn't followed correctly can raise a complaint with the lender's grievance cell or the relevant banking ombudsman.
Right to a public processThe auction must be conducted openly and advertised, so the borrower's gold can't be quietly sold off to a related party.
Rights are lender-specific in the details

The principles above are consistent across regulated lenders, but exact notice periods, refund timelines, and grievance channels vary by bank or NBFC. Always check the loan agreement or contact the branch directly for the specifics that apply to a particular account.

What happens after the hammer falls

Once bidding closes and the lender approves the winning bid, the process moves quickly on both sides. The winning bidder clears the balance payment and collects the ornament from the branch, usually within a set number of days. The lender reconciles the sale proceeds against the outstanding loan and costs, and — where applicable — processes the surplus refund to the original borrower. At this point, the borrower's window to reclaim the specific ornament has closed, since it's now been transferred to the new owner.

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