Gold is one of the precious metals in Indian culture. Almost every Indian household holds a certain amount of detail, making India one of the largest consumers of gold in the world. No tradition or celebratory event goes without this yellow metal. For instance, people give gold as gifts at weddings, birthday parties, and religious festivals. Also, it is offered as donations to temples. Most Indian temples are filled with gold idols.
Besides that, gold is a great investment option. Much of its popularity stems from the fact that it stands steady even during inflation and economic turmoil. When the gold prices increase, people rush to gold buyers to earn extra money or address a cash crunch. There are several ways to sell gold. For instance, you can visit a pawn shop, jewellery shop or find online gold buyers.
However, getting the best price is always a challenge as there is no standard pricing. Therefore, you will keep the following points in mind to make an informed decision while selling your gold jewellery to gold buyers in India:
- Know the Gold’s Value
The first thing you need to do while selling gold jewellery is to know its value in the market. Before handing over your gold, it would be wise to shop around and collect different rates from different gold buyers. A golden piece of advice would be not to give your gold to the first buyer you visit in the market. The benefit of shopping around is choosing a price that best serves your needs.
Also, whether you are selling gold in the market or to online gold buyers, you will need to ensure that the gold buyer is legitimate and reputed. Weight your gold and get the best deal the gold jewellery deserves.
- Compare Gold Buyers in the Market
As indicated earlier, not all gold buyers offer the same gold rate. It means that the gold varies across different online gold buyers. It is advisable not to hand over the gold jewellery to the first buyer you visit in the market, even if you know them. The gold market is known to have scammers who lure people in and get them a lower price than they deserve.
So, you will need to visit several gold buyers and compare their rates based on the weight and purity of the gold jewellery in your possession. This way, you can choose a gold rate that best fits your expectations. You will also find a gold buyer with an excellent reputation in the market.
- Check the Purity of the Gold
Most reputed gold buyers do not accept gold jewellery that is not certified for purity and fineness. A hallmarked gold indicates the purity of the gold. For instance, a gold item that bears a 916 hallmark shows 91.6% purity for 22 karat gold. The benefit of having hallmarked gold is that it eliminates any conflict concerning the authenticity of its purity.
If your gold jewellery is not hallmarked, make sure to visit a BIS-certified center before selling it for cash. You must look for the following components to ensure the purity of gold:
- The hallmark on the gold must have a Bureau of Indian Standard (BIS) mark.
- Look for the caratage to ensure purity in karat and fineness.
- Make sure it has the Assaying and Hallmarking center’s identification number.
- Look for the jeweller’s identification mark/number.
- Find a Legitimate Buyer
While selling the gold to one of the online gold buyers, you will have to ensure that they are legitimate. When you visit a gold buyer, make sure to ask for their credentials and other documents proving their legitimacy. On the other hand, you can also read online reviews and testimonials of former clients. They offer great insights into their reputation. This way, you know you are getting a gold price that your gold jewellery deserves.
- Get the Invoice
Most reputed online gold buyers do not buy gold without a purchase invoice. It means that you will have to carry the gold purchase invoice while selling it for cash. The invoice contains information about the weight and purity of the gold, and having an invoice eliminates all conflicts regarding the weight and authenticity of purity.
With the gold rate being at its best, now may be the right time to sell your gold jewellery and get instant funds to address any financial requirements or even earn some extra money. But, before selling gold for cash, it is crucial to know its value, check for purity, and sell it to a reputed gold buyer.