Does we have to charge depreciation

What is the nature of business ?

Is it stock ?

Not a stock

What is the nature of business ?

Is gold used for business purposes?

For instance - if gold is used for business operation does we have to charge depreciation ??

Depreciation on gold jewellery should not be charged. As per Explanation 3 to Section 32(1) of the Income Tax Act, For the purposes of this sub-section, the expression "assets" shall mean—
[a] tangible assets, being buildings, machinery, plant or furniture.

Also, as per section 2(11) "block of assets" means a group of assets falling within a class of assets comprising—
[a] tangible assets, being buildings, machinery, plant or furniture.

As per the above sections, Gold jewellery is not a asset and depreciation will not be charged.

Gold is not a PPE as per AS-10 . Hence depreciation is not applicable. Check if mark to market is applicable

What is mark to market

If it is covered under Invest category as per AS-13 then market value of gold will be updated by financial year and balance will debited or credited to profit and loss towards depreciation or appreciation.

Check AS-13 once