With the gold jewellery rate rising almost every day and the continuous reign of uncertainty in the global financial markets, gold buyers are investing every penny they have on gold and other precious metals like silver, platinum, etc. With the increase in gold price today in Coimbatore, Chennai, and other parts of Tamil Nadu, you will find an influx of customers selling their gold ornaments.
There are multiple ways to convert your gold into cash. You can choose a pawn shop, local jewellery shop, or find online gold dealers. However, the challenging part is finding the right buyer and getting the best gold jewellery rate. You will likely receive a lower price for your gold if you are not careful.
Here is a list of crucial points to consider before selling your gold for cash:
– Understand the value of your gold
The first and foremost thing you need to do before selling your gold is finding out the value of your gold. Since there are numerous unreliable buyers in the gold market, you may get a lower price for your gold. So, look around, do your research about the gold jewellery rates, and find a gold jewellery rate that best serves you.
It would be wise to weigh your gold first and then find a reliable buyer. Selling your gold to a reliable and authorized gold buyer ensures a better deal.
– Compare dealers
Each buyer has a different rate depending on their reputation. Never go with what the first buyer you meet offers. You may also have your family jewellers in your locality. These gold jewellers can lure you in and charge you more than the market price.
Therefore, you will have to be innovative and venture out to find a reputed gold dealer. Compare different lenders based on their rates, reputation, and legitimacy, and find one that offers the best gold jewellery rate.
– Examine your gold for purity
Before you hand over your gold to your buyer, get its purity checked. Gold dealers prefer the hallmarked gold as it indicates the purity of the gold. For instance, if your gold item bears a 916 hallmark, it indicates 96.1% purity for 22 karat gold. Having a hallmarked gold also cancels out any conflict on its purity.
If your gold is not hallmarked, you can visit an authorized gold store with a karat meter and establish the purity of your gold before selling it to your preferred buyer.
– Check if the karat meter is working correctly.
The karat meter being used must produce accurate results. So, it would be wise to avoid visiting any ordinary local jeweller. Instead, look for a reputed buyer and while checking your gold for purity, check if the meter gives accurate results. Only a gold dealer with years of experience can get you the price that your precious metal deserves.
– Find a legitimate buyer.
Since numerous scammers and frauds in the gold market, you will need to verify their legitimacy when finalizing a buyer. You can request the buyer’s credentials or documents that show their legitimacy. Furthermore, you can search online and find former clients’ testimonies. Testimonials and reviews can get you great insights into the reputation of a gold buyer.
– Carefully read the terms and conditions of the offer.
Some dealers put terms and conditions on the gold you sell. These terms are in the form of processing fees and other charges, and the amount gets deducted from the final gold selling price. You will need to ensure that you are fully aware of the gold prices and costs. Read thoroughly and make sure that you agree with your buyer’s terms and conditions before signing any document.
– Keep the purchase invoice with you.
Keep the purchase bill or invoice with you whenever you visit a buyer to convert your gold into cash. A reliable and authorized dealer will always ask for the bill of the gold purchased before buying it. The best part about an invoice is that it cancels out any conflict of interest concerning the purity and the weight of the gold. It gives you an upper hand while negotiating the price.
Gold is among the most valuable metals in India, and with the rising gold jewellery rate, it is perhaps the best time to sell your gold for cash. However, you must pay heed to the said points before selling your gold. It enables you to avoid mistakes and avail of the best market price for your gold.