It is usually always seen in India that many people around turn to commercialising their gold reserves, particularly jewellery, when in desperate need of cash. It’s been found in most situations that money trapped on the sale of gold appears to be much smaller than one’s estimates.
The below are the few searches before selling your gold jewellery to prevent more dissatisfaction.
- RETAIN INVOICE
When you go out to sell jewellery, a decent jeweller will still inquire for the acquisition paper or invoice. If you are going to the same store from where you bought the item, years earlier; the vendor will not be able to challenge any disputes over purity etc., as the specifics of the same will be explicitly mentioned in the sales bill.
- WHAT IT’S WORTH?
It is really necessary that you do have a proper idea of the valuation of the gold you want to sell. Take quotations from several stores for this purpose. Since there are no uniform formulas that can be used to assess the sale price, there can be a silent differentiation between the obtained quotes. Get at least three or four quotations, so that the worth of the jewellery can be thoroughly measured and the best possible price for the object you are separating with can be agreed.
- CHECK OURITY
Check whether your jewellery is characterised or not until you sell. The quality of gold jewellery is determined through Hallmarking. For 22-carat gold, any jewellery that carries a 916 hallmark implies 91.6 percent gold purity. At any time, jewellers would favor a 916 hallmarked gold to non-hallmarked jewellery as its quality is not genuine. Today, take it first to a shop that has a carat metre, which determines the quality of gold that is not numbered. If you are a local of Mumbai, the facilities of the Bombay Bullion Association, situated at Zaveri Bazaar, can be used. A certification with the specifics of the amount of various other metals (silver, copper etc) apart from gold in the quantity of jewellery together with its final quality (in karats) will be given after checking the gold ornament.
- DECIDING THE FINAL PRICE
Gold stores that take utilised gold will initially melt the jewellery in an electrical furnace, and then take the gold that is free of all impurities to determine the amount. This whole process is carried out at a nominal rate that would be excluded from the overall gold price. This deduction varies from 4-6%. Finally, note, one would miss out on the whole making / labour fee charged at the time of buying and even the tax paid in the course of exporting gold jewellery.
- WHERE TO SELL
The safest choice is to head to a renowned jewellery shop where the greatest chance of obtaining a fair market rate value is the greatest. There’s a slight glitch here, though. As a procedure, certain shops can only buy back certain items of jewellery which have been purchased from them but not from other shops, even though you have the product bill. In India, the other alternative where one moves in emergency situations is pawn shops/ gold sellers.