This pandemic has brought us all to its knees. People do not have enough money to sustain themselves. So the demand for cash is very obvious. Also, apart from this, there could be many reasons why one should sell his/her old things for instant payment.
Gold, being one of the most precious things someone can have under their wing, can provide the financial coverage anyone needs in times of trouble. If you have some old jewelry, you might consider selling it, keeping the record-breaking high prices of gold since 2013 in the head.
Research before going out there
Selling your gold and earning instant money surely seems amazing. But unfortunately, the process is not as easy as it seems. The first step for getting a good deal on your yellow metal is to research.
It is advised that you go to those stores which have been in the business for some time. Usually, these stores are trustworthy and reputable, and getting cheated by them is a rare case as they are more concerned about their image and reputation in the market.
Strictly avoid going to those stores having bad reviews or only in the market for a few days. Also, avoid selling your gold without proper documentation. If the gold buyer insists you to close the deal without keeping any record (receipt), do not go there.
In short, you should have a clear picture, where you want to sell and different cultures or practices running in the stores of the market. Then and only then you should decide for yourself.
The process of selling gold
Till now, you have understood the idea behind finding a suitable place to do your business. Now let’s see how the process works. There are two important factors when dealing with gold—the purity of your ornament and the weight this.
You must have seen or heard the word 24 karats or 22 karats or 18 karats and so on. These are the unit for gold purity. 24 karat means your jewelry is made of 100% pure gold. But it’s costly and rare at the same time to grab a 24 karat deal the first hand. Usually, the buyers will measure the purity with the help of KARATMETER. Recently X-ray fluorescence (German technology) is also being used. A computerized result will be presented, stating how pure your precious metal is.
Weighing is another crucial part of the process. Generally, the weight of your commodity and the purity combinedly determines the price that the buyer will offer. Weight is measured in grams here. Make sure you have all the required papers to prove authenticity and weight.
Price of your gold and expected return
If you have every detail and knowledge about your jewelry, then you can keep a figure in your mind. Otherwise, you need to visit different reputed stores and compare their prices. Usually, every outlet will not offer the same price. So it’s up to you to decide where the best deal is hiding. Think twice before dealing with online stores.
Delhi and Gurgaon already have legitimate stores that you can visit. Online stores can be fraudulent, and the risk is not worthy of your time. You should meet with the old jewelry buyer personally and discuss the deal.
Do not expect a 100% return on your cost price. Even if your gold is made of fine purity, the price goes down as it gets old. Talking about prices, the gold prices in recent years are as good as ever. According to the news of 9th September 2020, the price of Gold in the United States is $1924.27 per ounce and $61.87 per gram.
The effects are equal for Indian markets too. You can think of taking advantage of high prices and earn some extra money by selling now. Remember, you have to visit many showrooms, meet different gold buyers, research about the market and the gold prices, and then only decide which one to go for.
Information is power now. Gather as much information as you can about the whole transaction. Read reviews on the internet. Most of the big brands also have their official websites. Take advantage of these. Talk to your friends and family before coming to any conclusions about the latest news.