Selling Gold

It is very often seen in India that when in dire need of cash, people turn to monetising their gold holdings- especially jewellery. In most cases, it has been observed that money encashed on selling gold tends to be much lower than one's expectation.

Inorder to avoid further disappointment, following are the few checks before selling gold ornaments

1) Retain invoice

A good buyer will always ask for the purchase document or invoice when you go to sell jewellery. If you are heading to the same shop from where you brought the piece, years before; incase of any disputes regarding purity etc, the retailer won't be in a position to contest, as the details of the same will be clearly stated in the bill of purchase.

2) What's it worth?

It is very important to have a proper understanding of the worth of gold that you are intending to sell. For this reason take quotes from multiple stores. Since there are no standardized methods which can be used to determine the sell price, there can be quiet some difference between the quotes procured.

3) Check purity

Before you sell, check if your jewellery is hallmarked or not. Hallmarking establishes the purity of gold jewellery. Any jewellery that bears a 916 hallmark means 91.6% purity of gold for 22 carat gold. Jewelers would anytime prefer a 916 hallmarked gold than a non-hallmarked gold as there is no authenticity of its purity.

Now for the jewellery that is not hallmarked, take it first to a store which has a carat meter, which establishes the purity of gold. Incase, you want a neutral ground, if you are a Mumbai resident, one can avail the services of www.dgoldbuyer.in  Post testing the gold ornament, a certificate with the details regarding proportion of various other elements (silver, copper etc) other than gold in that jewellery along with its final purity (in karats)  will be issued.

4) Deciding the final price

This entire process is done at a nominal cost which will be deducted from the final price of gold. This deduction ranges between 3-6%.

Finally, remember, in the process of selling gold jewellery, one will lose out on the entire making/labour charge paid at the time of purchase (which forms a major chunk of jewellery price) and also the tax paid.

5) Where to sell

The best option is to go to a www.dgoldbuyer.in as the chances of getting a fair price (market value) is the highest. However, there's a small glitch here. As a policy,they will ask you for your ID, Address proof, and other details if you dont have a valid purchase bill with you.

Useful links ......

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