Selling gold in India has been a widespread
practice for several decades. It has been used as an investment option to help
extremely needy people to cover their expenses or pay their debts
Furthermore, you can easily find the best
place to sell gold jewelry for cash as our market offers a plethora of options to
invest gold for money. If you are planning on selling your old gold but are
confused if you should do it, then this article is for you.
In this article, we will be discussing five
things you should know and keep in your mind before deciding to sell your gold.
Also Read:- Guidelines on Identifying Hallmarks on Jewellery
5 things you must know before selling gold
- Cost – Gold
is a precious and expensive metal. Therefore, even the slightest fluctuation in
the market rate can lead to a significant difference in its price. A lot of
shopkeepers tend to buy it at a much lower cost than they sell it for. You must
do adequate research about the price of your gold and strive to get the best
price in the market. Do not settle for anything that is below the worth of your
gold
- Importance
of hallmark – in
order to ascertain the purity levels of your gold, it must have a proper
hallmark on it. For example, If the hallmark is 996, it means that your
gold is 99.6% pure. Thus, a hallmark gives credibility to your gold. In
case you do not have it, you can go to a store and check its purity level
on a carat meter. If your gold shows less purity, it might mean that it is
doped with other alloys. This can also reduce its price and set you up for
disappointment in the future.
- Final
price of the gold – jewelers
have many ways of checking the purity. One of the most common ways is to
melt it in a furnace and determine the impurities present in it. Based on
this data collected along with its weight, the final price of the gold is
deduced. The entire process is completed with a small cost which is then
deducted from the price of the gold.
- Invoice
– As a
genuine seller, you must provide the buyer with a bill or an invoice that
indicates the level of purity of your gold. It avoids any form of
misunderstanding and confusion about the price of gold.
- Place to sell your gold at the best price
– You can consider selling your gold at any
recognized pawn shop or retailer website. Make sure to do proper research
before deciding where to sell it to avoid getting a lower price. Preferably,
sell your gold at the shop where you bought it as they will give you the price
for the same level of purity that they sold it to you
These are some of the tips that you must keep
in mind before selling your gold. To identify the places where you can sell
your gold, you can search for sell
gold and silver near me.
It would help if you also considered the tax you
might have to pay for your gold, as it is regarded as an asset. If you possess
gold for 36 months, it is considered a short-term asset.
Whereas, if you have it for a longer time,
then it becomes a long-term asset, and you’ll have to pay your tac accordingly.
Final word
As you can see, selling gold is a huge
investment that a large number of people in the country make. Even though it is
considered inauspicious due to religious reasons, it is practiced widely to get
out of debts and financial worries. There are many places you can sell your
jewelry but make sure you do proper research to get the best market price for
your gold.
Always prefer to go to renowned brands for
selling rather than pawn shops to protect yourself from getting frauded or end
up getting a lesser price than your gold’s worth. Hence, if you feel like you
have any unnecessary old jewelry in your home that you might want to sell,
search for old
gold jewelry for sell near me and get started today!
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