Section 12(15) in Tamil Nadu Pawnbrokers Rules, 1943
(15)In all cases of auction sales of articles made of gold and, or precious stones, there shall be an upset price which shall not be less than 80 per cent of the value of the gold content in current prices plus 80 per cent of the value of the precious stones, if any, forming part of the articles as assessed by an appraiser, who is approved by the Personal Assistant (General) to the Collector, Chennai City or by the Revenue Divisional Officer elsewhere.Explanation I. - An "Appraiser" means a person who was worked as appraiser with any of the reputed jewellers In the State for more than ten years. An "Appraiser" also includes a person who is working as an appraiser in the District Co-operative Central Banks or Co-operative Union Banks or Nationalized Banks.Explanation II. - "Reputed Jeweller" means a person or company or a shop engaged in the business of manufacture or sale of articles made of gold or precious stones under licence for a period of not less than ten years.(15-A) The Commissioner of Revenue Administration or the District Revenue Officers may in their discretion, at any time, either suo motu or on an application, call for and examine the records relating to the appointment of appraisers made by the Personal Assistant (General) to the Collector of [Chennai] [Substituted for the word 'Madras' by section 3 of the City of Madras (Alteration of Name) Act, 1996 (Tamil Nadu Act 28 of 1996).] in [Chennai] [Substituted for the word 'Madras' by section 3 of the City of Madras (Alteration of Name) Act, 1996 (Tamil Nadu Act 28 of 1996).] City or by the Revenue Divisional Officers elsewhere under sub-rule (15), for the purposes of satisfying themselves as to the appropriateness or propriety of such order and may in reference thereto pass such order as they think fit.
