In India, it is often seen that people turn to monetise gold items when in dire need of cash. Also, gold jewellery is not of much use after it gets old as the designs and styling become outdated. Therefore, it loses its charm. Thus, it’s an excellent option to sell it off and gain some cash in hand. It can be useful for making a new investment, or for purchasing newer gold jewellery. You can use this cash for some emergencies or clear your pending loans.
But in most cases, it has been observed that the money collected while trading gold tends to be much lower than one’s expectation. Therefore, before you venture out to sell your gold, you must follow some prior guidelines to avoid being cheated.
Here’s a detailed list of all the things to examine before deciding where to sell gold –
1. Check for Purity Level
Before you sell off any gold item, it’s essential to get its purity checked too. Purity determines the value of your gold. The buyer uses a Karat meter that tells about the gold’s pureness before giving you a price estimation. Also, you must check if your gold jewellery is hallmarked or not. Hallmarking verifies the purity of gold jewellery. Buyers always prefer a hallmarked gold item to non-hallmarked gold item as there is no authenticity of its purity.
2. Look for multiple options
Never settle with the first pick that you make to sell off your gold. If you want to get the best deal, venture out and look for a reputed gold buyer. You can find several well-known gold buyers in the market, such as Muthoot Gold Point that offers a fair value of your gold.
3. Know the scale being used for checking
The correctness of the karat meter being used is necessary. You should not go for any ordinary local jeweller to sell off your valuable gold items. Hence, first, check if the scale being used is accurate. Only a trustworthy gold buyer with years of expertise and reputation in the field can guarantee you the best accuracy.
4. Know what it’s worth
It is essential to know the worth of your gold. There can be variations in what different buyers propose. Thus, it is necessary to take quotes from multiple stores. Some unreliable buyers try to cut extra charges from the offered price to buy it for a lesser amount. Since there are no standardised processes that can determine the selling price, there can be quite some difference between the quotes procured. Therefore, choosing a reliable and authentic gold buyer is necessary.
5. Retain invoice
A best legal gold buyer will always ask for the purchase document or invoice when you trade your gold jewellery for cash. If you are heading to the same place where you brought the gold item then in case of any disputes regarding purity, they won’t be able to say anything because the details of the particulars will be clearly stated in the invoice.
6. Deciding the final price
Gold buyers in Mumbai which take used gold will first liquefy the jewellery in an induction furnace, and the gold left after that, which is free of any impurity is taken for evaluating the price. This process is carried out at a nominal cost which will be deducted from the final price of gold. This deduction varies between 4-6%. Thus, remember that you will lose out on the entire making charge paid during the time of purchase, including the tax paid in the process of selling gold jewellery.
7. Check for the credentials or legitimacy
When choosing a buyer for your gold, ensure to check for its credentials or some documentation that proves its legitimacy. It will ensure that you do not get cheated at a lesser price for your gold.
8. Deciding on the gold buyer
Now that you have looked into all other factors make the right final choice. Consider your convenience and the authenticity of the buyer. Some gold buyers tend to put terms and conditions for the gold you sell. Sometimes, they also add additional charges and deduct that from the price they promised you for your gold. So, make sure to have an idea about all quotes.
Before you decide to sell your gold to get the best gold rate in bangalore, it is better to collect some quotes from different buyers. It will help you have a fair idea of the rate at which your gold will be exchanged. It is essential to make your ornaments to have a hallmark sign. In case, it has no hallmark sign, buyers can manipulate it for lower quality.