In India, gold is regarded as auspicious. That is why people gift gold jewellery at various events such as weddings, childbirth, birthdays, anniversaries, etc. The ornaments made out of this precious yellow metal also carry a rich traditional value. It is forwarded from one generation to the next. That is why selling gold for cash is not acceptable among many societies in India. However, today with increased financial literacy and modernization of financial sectors, gold is traded as a valuable asset. That is why many people across India intend to leverage the asset’s value in exchange for cash to meet their urgent financial needs. But what is the procedure to follow to sell gold for cash while maintaining optimum transparency? The article discusses this aspect of selling gold by identifying a step-by-step procedure.
Identify If Your Gold Is More Than the Melt Value
The gold buyers will offer cash based on the melted gold’s actual value. Yes! They will melt the gold jewellery to eliminate the presence of any allowed impurities. But, if the gold jewellery is an antique piece, they might refrain from melting the jewellery. In that scenario, you can expect a price more than that of melted gold. If the gold jewellery is a designer piece, then the gold buyers will offer the price based on what other jewellery companies are offering. In either case, you would get a market price of the gold jewellery. Suppose you are keen on knowing the market price of gold jewellery before approaching any jeweller. In that case, you can evaluate the price in online portals such as eBay, online gold buyers, and others.
Identify The Purity of The Gold
If your gold jewellery is hallmarked, you can easily identify the purity of the Gold. The hallmark sign will mention its Karat value which will help you understand how pure the gold is. A 24-karat gold is 100% pure. 22-karat gold is 91.67% pure. 18-karat gold has 75% gold content. 14-karat gold is 58.5% pure. Whereas 10-karat gold is 41.7% pure. In India, most gold ornaments are available in 18-karat, 22-karat, or 24-karat. If your gold jewellery is not hallmarked, then you might find it difficult to know the purity of the gold beforehand. But there is a way out. You must give your jewellery to a BIS-registered gold shop. The representative of the gold shop will visit the BIS assaying and hallmarking center to hallmark the jewellery. Otherwise, you must depend on the gold buyers. They will melt the gold, and based on that, offer you a price for selling the melted gold.
Measure The Weight of Your Gold
The objective of this process is to know the market price of the gold jewellery before approaching any gold jewellery buyer in Kolkata. If you want to sell gold for cash in Kolkata, the actual price will be offered based on the weight of the melted gold. But if you want to assess the expected value you can receive, you must know the weight of the gold jewellery first. The gold buyer will measure its weight when you sell your old gold jewellery. Before measuring it, they will clean the jewellery to make a close approximation to the value you would get. You can expect that the actual weight of the melted gold will be less than the weight of the gold jewellery. The key reason behind that is the alloy used in giving structure to the gold jewellery has considerable weight. Apart from this, during the process of melting, around 1% to 2.5% gold losses take place. Another 1.5% to 2.5% loss occurs due to assaying and undercoat losses. Therefore, you must measure the weight of your gold jewellery to sell gold for cash in Kolkata. It will help you negotiate better with the prospective gold jewellery buyer in Kolkata.
Evaluate The Expected Price for Selling the Gold
When you know the purity and weight of the gold jewellery, it becomes easier to identify the expected price of the gold. The process is simple. Suppose you have a gold chain of 22K. The Gold chain weighs 5 gm. The market price of 10gm gold is around INR 55,000 in Kolkata. So, you would calculate the purity of the gold chain first. The 22K gold jewellery contains 91.67% gold. So, the gold chain has 91.67% gold and 8.33% impurity. Now, you must calculate the price based on purity. The price of 22K gold will be INR 5041, i.e., 91.67% of INR 5500 since the market price of 1gm gold is INR 5500. Now the gold chain weighs 5 gm. Then the gold chain would be worth INR 25,205. If you consider the melt value, a potential buyer will offer you 50% to 80% of the actual value deducting any associated changes such as service charges, GST, etc. So, you can expect a price for selling the gold for cash in the range of INR 12,602 to INR 20,164.
Let The Prospective Buyers Evaluate the Gold
You should identify the prospective buyer based on their authenticity, trust, service delivery, and various other factors that seem important to you. Once they examine the gold jewellery and offer a price, you evaluate if the price is close to your expected value or not. If they offer you a higher value or close to your desired price, you can accept the offer. However, do not forget that they will offer the actual price based on the weight of melted gold in case your jewellery is not an antique or designer piece. Do not let the buyer keep the gold jewellery away from your eyesight while evaluating its value. If you take the service of Cash On Old Gold, your jewellery will be evaluated using XRF technology while maintaining optimum transparency. Based on the agreement, you will receive the cash value on the spot for selling gold for cash. You must follow these key processes to sell old gold jewellery for cash in Kolkata. Finding the right gold jewellery buyer in Kolkata is the most challenging task when you are in dire need of cash. However, we suggest you not make impulsive decisions and trust the process. You should hold your patience while evaluating the purity, weight, and price of the jewellery. As a gold buyer, we try to offer the best price according to the prevailing market.