When you sell old gold, in the majority of cases, you get a lower value quoting purity as the major factor. With many countries still struggling due to the pandemic-induced economic downturns, many individuals and families may have no other option but to sell their gold jewelry, bars, or coins as an inevitable means of financial relief, if not absolute survival. But, what is disappointing is when you get a lower price than what was expected. This can very well be prevented with the following checklist in place.
1) Retain the purchase invoice
A purchase document or invoice is in general sought by the jeweler when you go to sell jewelry. If you are going to the same shop from where you brought the jewel, years before; the merchant cannot contest in case of any disputes regarding purity, etc, details regarding the jewelry purchased will be stated in the bill.
It is very important to ascertain the actual value of gold that you are intending to sell. Since there are no uniform methods that can be used to determine the price, there can be quite some difference between the quotes procured. Get at least three quotes, such that you can fully appraise the value of the jewelry and settle for the highest price possible for the piece you are selling.
3) Check purity
This is tricky and the method of assessing purity is also not uniform. Hallmark is the best and the only way to check purity standards. Any jewelry that bears a 916 hallmark means 91.6% purity of gold for 22-carat gold. Jewelers would anytime prefer a 916 hallmarked gold to a non-hallmarked gold as there is no authenticity of its purity, forcing you to rely upon the first and second steps mentioned above.
4) Deciding the final price
After obtaining the quote, the final price (having slight variation from the quote or estimate) the jeweler who is buying the used gold will first melt the jewelry in an induction furnace, and the gold available thereafter which is devoid of any impurities is taken for deciding the price. 4-6% of the gold value is levied for this process.
Finally, remember, in the process of selling gold jewelry, one will lose out on the entire making/labor charge paid at the time of purchase and also the tax paid. However, there is an element of transparency, because purity is established in a standard way and the current gold rates are higher than older.
5) Where to sell
A good option is to sell at a reputed jewelry store since the chances of getting a fair price (market value) are the highest. However, there's a small bottleneck here. As a matter of policy, several stores will buy back only those pieces of jewelry which have been brought from them and not that of other jewelers, even if you possess the bill of the item.
Cash for Gold, Ashirwad Gold Mine is the other option where one goes in times of emergency. A hassle-free selling, immediate payment, fewer documentation formalities, and even for old gold you get rates applicable today.
For more details, please contact
#31, Anasol Tower, 3rd Main Road, Amar Jyothi Layout NS Halli, opp. Mamta Hospital, Raj Mahal Vilas 2nd Stage, Sanjaynagar, Bengaluru, Karnataka 560 094.