Top 7 Point Keen in Your Mind Before Selling Your Gold In India
Selling gold for cash is a common practice among Indian consumers. Most Indian households buy gold jewellery to fulfil their financial requirements in the futu
Selling gold for cash is a common practice among Indian consumers. Most Indian households buy gold jewellery to fulfil their financial requirements in the future. When the 1 gram gold rate in India increases, it opens a window of opportunities for people to sell their gold for cash. It enables you to access immediate funds to cover the cost of a medical emergency, education, wedding, or international travel.
There are several ways to sell your unwanted gold. You can visit a pawn shop, visit a jewellery shop, or find online gold buyers. Finding the right buyer and selling your gold at the best market price is the most challenging part. If you are not aware of the underlying points, you will get a lower online gold rate than you deserve.
So, here are the top points to keep in mind before selling your gold:
● Know your gold’s value
Before selling your gold ornaments in the market, it would be wise to know their market value. Do not give your gold to the first buyer you visit in the market. Instead, shop around and collect different rates based on the weight of your gold. Choose a 1 gram gold rate in India that best serves you. Also, while selling your gold, find a reputed gold buyer in the market and weigh your gold items. You can get the best deal if you sell your gold to a reputed and reliable gold buyer.
● Compare different buyers
Not all buyers offer the same online gold rate. The online gold rate varies across gold buyers in India. So, do not give away your gold items to the first buyer you see in the market. Gold jewellers can lure you in by offering better rates, but eventually, you might get less than the market price due to faulty weighing and cleaning practices. So, you will need to venture out to find a reputed and reliable gold buyer that offers the best market price. To do so, you can compare multiple buyers based on their rate, reputation, and legitimacy.
● Find out the purity of your gold
While selling your gold items to a gold jeweller in the market, it is crucial to check the purity of the gold. Most gold dealers in the market prefer hallmarked gold items. It indicates the purity of the gold. For instance, a gold item that bears a 916 hallmark indicates 91,6% purity for 22 karat gold. The best thing about getting your gold hallmarked is that it eliminates any conflict concerning the authenticity of its purity.
So, make sure that your gold items are hallmarked. But, if they are not hallmarked, you can visit a reputed gold dealer that has a carat meter to establish the purity of your gold.
● Ensure the carat meter is giving an accurate result
When you visit a gold jeweller to get your gold hallmarked, make sure that the carat is producing accurate results. At times, local gold dealers use carat meters that produce inaccurate results, which eventually result in getting a lesser gold price. So, It would be wise to visit a reputed gold dealer that has years of experience. Such dealers will not risk their reputation by indulging in unethical activities.
● Look for a legitimate gold buyer
While selling your gold, it is your responsibility to ensure the gold dealer is legitimate. When you visit them, ask for their credentials or documents proving their legitimacy. On the other hand, you can observe their online presence and check for reviews and testimonials from former customers. Online reviews offer great insight into the reputation of the gold buyer.
● Read the fine print
Some gold buyers include additional charges, such as processing fees and other charges, which significantly reduce the final prices that you will get for your gold items. You must be aware of such charges before selling your gold. It is advisable to carefully read the terms and conditions of your offer and make sure you agree with them before signing any document.
● Keep gold purchase invoice
While selling your gold jewellery to a gold dealer, you will need to produce the purchase invoice. It contains information about the weight and purity of your gold. Most authorized gold dealers will require the bill of purchase before buying your gold. The benefit of keeping the purchase invoice is that it eliminates any conflict regarding the purity and its weight.
With a high 1 gram gold rate in India today, it is perhaps the right time to sell your gold items. However, it would be wise to know your gold’s worth and the market price to get the best online gold rate available.