Anything older in your closet or cupboard can be disturbing or space-consuming. Ancient gold jewellery pieces could make a tremendous mess in your jewellery box, or they no longer value your life. Over time, it can be a mental stress when you must spend time and effort protecting those assets! If it’s so overwhelming, you don’t have to worry much; Exchange your Gold for cash in Kolkata! However, you must understand that being the third largest metropolitan city in the nation, the number of industries and development hubs significantly affect the gold value! If you are contemplating selling your Gold for cash, you have come to the right place. Please read until the last, as we have shared simple tips for selling your Gold!
Sell Your Gold In 4 Easy Steps:
- Check the karat markings to determine its purity
- Check the current price of Gold in your city
- Find a reputable gold buyer
- Get multiple offers and compare
- Checking The Karat Markings to Determine the Purity of Gold:
Checking the purity of Gold is easier with simple methods. Real Gold doesn’t float or will not catch rust. Therefore, dropping Gold in a glass/bowl of water helps determine Gold’s purity.
Never worry about the condition of the gold jewellery. As the buyer will melt the Gold, please don’t worry about the dented or scrap gold. Also, you can determine the purity of the Gold you possess by checking the karat markings if it is visible or with the invoice you have gotten at the time of purchase. The invoice or the bill of the old jewellery is enough for you to determine the purity and karat value of the gold item.
If there is no hallmark sign on your gold jewellery or you find it hard to read the markings, you should take it to a BIS-registered gold shop. The BIS representative will visit the hallmarking centre to do the markings. This is the best way to determine the purity of the Gold. Otherwise, any local gold buyer would recommend melting to determine the purity. On melting and refining, you must agree with whatever price they take for the Gold. This is the worst way of selling your precious gold jewellery. After all, if you are selling your gold jewellery in a time of distress, you would not like to get a lesser price.
- Know The Current Market Price for Gold in Your City:
You would know that gold prices constantly fluctuate with external factors. Some key factors, like demand for Gold, economic stability, political stability, and inflation, continue to change the price of Gold. You shouldn’t just run through the news for the day about the gold prices, but you should have a clear picture of the gold prices to get a fair deal. It takes time, but it’s worth all your efforts.
You should also compare the available options and understand the criteria the buyers consider to determine their prices. Knowing the correct market price of Gold will prevent you from falling prey to fraudulent gold buyers.
- Find A Reputable Gold Buyer:
A reputable gold buyer always demands bills, invoices, and personal documentation for verification. This document helps the buyer and yourself know about the actual buying rate and purity of the Gold in that piece of jewellery. Otherwise, the buyer can present you with a lesser amount as you don’t have the documents.
- Get Multiple Offers and Compare:
You must take time and compare the estimates from two or more reputed buyers. Getting the estimates and comparing the prices help you make an informed decision.
What Are the Factors You Should Focus on Selling Gold Jewellery for Cash?
- Know The Factors That Determine Your Gold Value:
Since gold jewellery is made by mixing a certain amount of alloys into Gold, its markings help determine the Gold’s purity. A trusted gold jewellery buyer in Kolkata would determine the Gold’s value by tallying the Gold’s weight in the jewellery, karat value, with the current market price of 1 gm of Gold. Based on the tally value, you will be able to identify the value of the Gold in the jewellery. Since this value of Gold is for the pure Gold in the jewellery, the appraiser will melt the jewellery to remove its impurities. After the melting process, you can expect around 70%-80% of the melted value.
- Don’t Mix Up the Jewellery Which Belongs to Different Karat:
When inflation rises, you might have to sell more than one piece of gold jewellery. In that case, you should not mix different pieces of jewellery and weigh them together for valuation because the gold present in the jewellery is based on weight, karat value, and the current market price of Gold. Out of these values, weight and karat value plays a significant role in determining the gold value. Karat value tells the percentage of gold present in the jewellery. Therefore if you mix varied gold jewellery that belongs to different karat values, you risk getting the right gold value during the evaluation.
For instance, if you sell a pair of gold earrings, you must verify whether the buyer evaluates the gold jewellery separately!
- Know The Right Gold Value- Some Pieces of Gold Jewellery Are Sold at Higher Rates:
When thinking about the price of gold jewellery, we might restrict ourselves to present market value. However, some antique jewellery pieces can get you a higher price as they represent time and place in history and thus hold a higher value than other jewellery with the same weight or karat value.
To get the price you deserve for the antique pieces of gold jewellery, you should take the receipt of that jewellery for price evaluation. In that case, any renowned Gold jewellery buyer in Kolkata will not melt the gold jewellery. He will first assess the value of Gold using the hallmark printed on the jewellery and karat value and would prefer to preserve it and not melt it.
- Don’t Accept the First Offer:
Have you ever been on a massive investment? Before making that considerable purchase, we would probably visit several stores and compare online prices. We take time to analyse and get advice from friends before that massive investment. Likewise, we should visit stores for their prices before deciding on selling gold jewellery to the first jeweller we meet. You can avail the best price if you spend time during the process. Selling old jewellery on the first attempt might be a loss for you. You must check with more than one jeweller and compare it with the current market price. Only then can you avail the best price for old gold jewellery.
However, you can’t expect to get the same price you’re informed of during the evaluation. Some amount will be deducted for service charges and GST. If you are selling gold bars, you can expect returns for about 90-95% of the current market value. However, suppose it is a piece of gold jewellery. In that case, you can expect at least 70-80% of the current market value since the jewellery involves melting costs, removal of impurities, and costs involved in turning it into a new piece of jewelry.
Do you remember the jewellery shop you bought this jewellery from? Some shops offer policies like taking back the jewellery at the best prices when you have purchased from them. It is best to exchange the gold jewellery for cash at the same shop where you bought it, as you can eliminate discrepancies.
- Keep The Jewellery in Your Eyesight:
Any reputed gold jeweller wouldn’t remove your gold jewellery from your eyesight for evaluation. This can create disputes between you and the gold buyer. Any renowned Gold jewellery buyer in Kolkata would not take the piece of jewellery away from your eyes. They make everything transparent for you. You should also read the policies and documents of the gold buyer before giving them your gold jewelry.
It is considered a best practice when the professional presents himself while evaluating the Gold. Keeping everything transparent is the best and most ethical way of doing business.
- Don’t Fall for the Tricks of The Buyers:
Like any other industry, you can find fraud in gold buyers also. Knowing their tricks and traps helps you be firm in avoiding them. This is another crucial step to avoid any trap when selling gold jewellery.
- Don’t fall for attractive advertisements of the company. These companies might not show any background data or history to the customers. These companies might also come up with attractive prices that are unrealistic and far off from market prices. Some market players might try throwing gimmicks such as ‘Offer valid only for today’ or ‘pick up a jot and avail your discount.’ Be prepared for these gimmicks, as they are all some of the common marketing tricks you witness across every industry.
- Suppose a company advertises that they would not need any document for personal verification or receipt of the invoice to evaluate the gold jewellery. In that case, you can be easily drawn to that catch. However, you can say it plainly that these are the traps. Any reputed jeweller would ask for an invoice and receipt to determine the karat value of the Gold.
- If they promise to issue the actual cash for the old gold jewellery at once, they can be a potential fraud. Therefore look for their reputation in the market and their background or previous customer reviews to make an informed decision.
- Online facilities are another way fraud gets into your dealings. No renowned buyer encourages their customers to sell their Gold online. When you courier your gold jewellery to them, you have no control of your possession afterwards. Therefore it’s best to sell your Gold in stores, and doing a completely transparent business is also essential.
Tips To Get the Best Deals Out of Your Old Gold:
What is the best time to sell your old gold jewellery? This could be a million-dollar question to many of us. We all wanted to get the best deals on our old gold jewellery. Experts recommend holding on to your Gold until you get hit by inflation or turbulent times where you can’t manage with what you have.
Gold is an investment or the best asset you can exchange during distress. However, you can come across some best times to sell Gold, and you should be ready to sell your Gold in those times.
- You should sell your precious yellow metal when you think the price of Gold is unbelievably high. Gold, like any other commodity, experience supply, and demand changes and reacts to deepening recession. If society faces a severe recession, that could be the best time to sell your Gold.
- In India, the demand for Gold rises during the festival times, and thus, the value of Gold rises to the best in that year. So you can wait till the festive times of the year to sell your Gold to get the best prices.
- You can obtain the best price for your old Gold if you take your jewellery to a reputed buyer. A reputable buyer would have their professional team for evaluation. They will be completely transparent during the evaluation process and transaction. Their experience with Gold affirms the most trustworthy valuation of your gold items.
You want to get rid of that piece of gold jewellery for many reasons. You might not like it anymore or feel uncomfortable wearing it. When you have stopped wearing the jewellery, why should you give space for it or put a great effort into protecting it? The best way to acquire the best out of your old gold jewellery is to exchange it for money. Selling your gold jewellery to a renowned Gold jewellery buyer in Kolkata can be great for your wallet.