On February 20, 2025, the price of 10 grams of hallmark jewellery gold (tax-free) was ₹82,850. On February 20, 2026, the same 10 grams cost ₹1,48,200.
By rough calculation, the price has increased by nearly 79% in just one year. Seeing that, one cannot help but smile. Thank goodness the investment was made in time — what better decision could there have been?
Yes, the value of your ‘household’ investment has gone up. But along with that rise, so has a certain anxiety.
From daily wear to locker item
The delicate piece of jewellery you once wore to the office, even while returning home late at night, now lies inside the wardrobe. It comes out only on special occasions.
The heavy wedding sets: gold, gems, diamonds, which were once carefully stored in home lockers, have now shifted permanently to bank lockers.
The reason is simple: their value has grown. And so has the fear of losing them.
Also Read | Looking for Midcap exposure? THESE 3 funds delivered solid 5-year gains
But is it completely safe?
This leads to an important question: Are your valuables entirely secure just because they are kept in a bank locker?
A recent incident in the Kirtinagar area of New Delhi forces us to think about it. A woman alleged that when she opened her bank locker, jewellery worth nearly ₹60 lakh had “vanished”. Police reached the spot after the complaint was filed, and an investigation has begun. But until the jewellery is recovered, the loss remains hers to bear.
Then what is the Bank doing?
Naturally, one may ask: We pay locker rent month after month. Isn’t it the bank’s responsibility to ensure the jewellery remains safe?
The answer may leave you cold.
What is the bank's liability?
Reserve Bank of India (RBI) rules state that lockers don't mean 'zero loss guaranteed' security. RBI Locker Rules 2026 state that bank authorities' liability extends only up to 100 times the annual locker rent. Therefore, no matter how much valuable jewellery you keep in the locker, if it gets 'lost' for any reason, the compensation given by the bank will never equal its actual value.
And you will receive that compensation only when the bank has any direct or indirect role in that loss. You will get compensation for locker break-ins and theft by employees. But in what are called 'acts of God', such as earthquakes, tsunamis or floods that damage the bank, you have no option but to rue your fate.
Also Read | Navi Mumbai International Airport rolls out DigiYatra facility for contactless passenger entry
What about jewellery insurance?
Experts say locker security is somewhat like a 'house of cards'. Spending just 0.5% to 1.2% of the total value annually can provide financial security for the entire value of your jewelry but how?
Home Insurance Add-on: Currently, you can take valuable content cover as an add-on with almost all home insurance policies. This can be effective for the entire value of your jewellery
Stand-alone Jewellery Insurance: If you have particularly expensive jewellery, this option can be considered
Bank Locker Protection Insurance: You can take this cover offered by some private organisations to protect valuable jewellery kept in lockers. However, market experts advise choosing all-risk cover, not just theft or fire protection
Documentation
Valuation certificate from government-approved jewellers and original bill from the time of purchase.
Dated photographs of jewellery before depositing in the locker.
