In India, gold is just as well next to currency. You can sell them quickly for instant funds, and this is the reason that a mere metal like gold has become a much sought-after commodity. It is an investment. However, it is not like it doesn’t have its pitfalls for the excellent sale of gold. The rate of yellow metal is mainly dependent on the ups and downs of the international market. Therefore, if the prevailing conditions are anything less than ideal, gold fails to give adequate returns, let alone expected.
That is why, before selling gold, one needs to be careful and mindful of a few things before they can reap the benefit of their gold, as every investment has risks as well. The five most important things to know before you sell your gold jewellery are as follows:
1. Research:
Before you are selling your gold, you need to be sure what are their best options. There are certain aspects about selling gold that you must research beforehand. Nothing is complicated in doing so. These are just the essential know-hows. For instance, you must approach all gold jewellers, whether big or small, to know the conditions in the market and easily exchange gold for cash in any place, like Delhi. You will understand if it is an excellent time to sell gold or if it will be in the future.
2. Knowing the worth of your gold:
The exact price of gold: The main problem with gold is that you always get 2% less than the money you had spent on buying the gold unlike while selling. Some try to be deceptive and reduce the price further. So, it would help if you kept this suggestion in mind to look at the gold rates each day. They are made publicly available. However, there is no standardized method to know the exact price of gold. Different jewellers will offer varied prices, and you need to approach as many as possible to get the price you deem suitable.
Purity of gold: Remember that gold ornaments are usually a mix of gold and metal alloys like copper. The best price that a type of gold can get is the 24-carat one which has 100% pure gold and can find in the form of gold coins or biscuits. There is also 22-caratgold which has about 91% pure gold in it. It is again mostly seen as gold coins or biscuits and high-end jewellery. You need to check for the 916 hallmark that ensures that your gold has the maximum percentage of gold.
Anything less than this hallmark, the jewellers would avoid giving a reasonable price and try to reduce the cost of the gold as much as they can, citing poor quality. Here is a list of types of gold and the quantity of gold in them.
18-carat gold has 75% pure gold;
14-carat gold has 58% pure gold;
10-carat gold has 42% pure gold
3. Receipt
When you sell your gold, you must have the receipt of the purchase you had made. Many jewellers don’t hold this as a hard and fast rule, but the absence of a receipt could give them a reason to slash the price of the gold further. Genuine buyers always ask for a pass as it helps them be sure of the quality of the gold.
4. Reputation:
Always try to approach only reputed jewellers who have gained recognition in the market. Modern technology provides the ease to look up government or non–profit organizations’ websites that usually furnish a list of trusted gold buyer approved by the concerned authorities, be it in any area. You can easily search for an authentic gold buyer in Delhi NCRas well. These websites also let consumers file complaints against gold buyers that are made publicly available. If you see complaints, you know you need to find another gold buyer instead.
5. Legal protection:
Buying and selling gold has its blacks and greys. You only can ensure you don’t incur any liability. Another way to ensure the buyer is legit is to observe if the buyer asks your personal identification. It tells you that the buyer is on the lookout to avoid discrepancies. You will also know that the buyer is no other gloried pawnshop dealing in the stolen materials.
Also, make sure that you don’t sign on any contracts without reading them. With genuine buyers, there is always a final selling agreement. You must be mindful of any clauses in the contract that do not benefit you and cause you to lose money. By being conscious of the above mentioned five aspects, you can sell goods for a profit and avoid the risks of trading gold. That is why your exploration and thorough research do matter the most.