jewelsplanet's blog

We all need a reliable safety net to help us wade out of rough financial seas. Gold is one of the safest bets when in need of immediate cash requirements. It is a long-term rewarding investment and a profitable asset if you can sell it wisely.

Gold can be an immediate saviour to pull you out of a financial emergency or any dire situation that entails instant payment.

Not only this, one can even sell gold to yield a profit when its value is high in the market or if one plans to revamp their investments.

But, all this is better said than done. Finding the best gold buyer when selling gold for cash is an uphill task.

Here are some factors to keep in mind while deciding to sell gold for cash-

●    Know the market value of your gold- The resale price of your gold item will depend upon its karat value. The more the karat of gold that you want to sell, the better will be its resale price. Furnishing the original receipts and necessary details of your gold items will fetch you a better amount while selling it.

●    Educate yourself about the gold selling process- This will save you from the fraudsters in the gold selling market who may try to dupe you to gain more profits out of the deal. Researching how a gold buyer functions will also give you confidence when heading to sell your gold for cash.

●    Knowing the gold buyer well- To get the best cash for gold offer, you must do a thorough research on the gold merchants. A trusted local gold buyer can be the most secure option if you are seeking instant cash. Just ensure that you check the rating, google reviews, and credentials of the buyer before finally deciding.

●    Know the value of your gold- The price that you get upon selling your gold jewellery will depend upon its purity as well as weight. Always figure out these two factors before you head out to sell your gold for cash. This will have you in good stead when dealing with the gold buyers as you always can judge if the buyer is trying to scam you by misquoting the details. Also, some of your antique gold items may have more worth because of their vintage value.

●    Get the idea of the current price of gold- Another important criteria that determines the value of your gold item depends upon the current price. Check the current rate of the gold online and use an online calculator to determine the approximate value of the gold that you want to sell.

●    The right time to sell gold- If not in a rush, hold on to sell gold when the economy is weak. Usually when the stock market is at a low, the price of gold goes higher. If you can, wait till the time is opportune to sell gold.

Let's look at some key points that help you get the best deal from gold buyers-

●    Once you have chosen the merchant whom you want to sell your gold, try having a friendly negotiation. Quote a justifiable price for an amicable deal. If you feel that the price offered is too low, don’t hesitate in voicing your opinion.

Let’s sum up

Gold prices are at an all-time high. It is a good time to sell your unwanted or old gold items to reap the highest profits.

With some research and comparison, you can head to the best place to sell gold and get the optimum deal against your prized possessions. All this will help you settle for the buyer who offers you the best deal.

The appeal of gold is universal. Having gold in possession is a sign of affluence and prestige. People love to flaunt their gold possessions not just in India but all over the world.

Gold is also considered sacred and offered for religious purposes as well. It is a common practice to give gold to family and friends on special occasions.

 

Ironically, the yellow metal comes at a very high price. And after the recent pandemic, the prices of gold have risen exponentially. Otherwise, over the past few years we saw a stable rise in gold prices. But why this unexpected hike in gold price, let’s find out together.

 

What makes gold so costly?

Gold is a rare metal with some valuable properties. It entails elaborate processes to extract gold and make it ready for use. Additionally, it is a precious metal that has following unique elements to it-

●    Gold is an irresistible commodity- As mentioned above, gold has a global charm. People love to buy or gift gold on various occasions. Whether a birthday celebration, anniversary, festival, or religious event, gold excites people like no other metal. This makes it hugely in demand irrespective of the supply.

●    Gold mining is a tedious process- Making gold available in the market for use is a painstaking process. Starting from extraction of gold to making it market-ready in the form of  ornaments, gold coins, or gold bars involves complicated processes. All this adds to the cost of gold.

●    Unforeseen circumstances create an imbalance of supply and demand- The world witnessed a major economic upheaval in the past two years, owing to the pandemic. The lack of manpower and erratic transportation led to a decline in extraction and processing of gold. The demand for gold has always been healthy but with the lack of supply, the prices of gold are bound to witness a steep hike. Another factor that hit the supply of gold recently is the Ukraine war.

●    Gold is valuable even when broken- Gold maintains its sheen over a hundred years and even more. It is, therefore, a prized heirloom that passes on within generations. Whether a lost earring, a broken bangle, or an overused necklace, you can still exchange them for cash against gold. It is a great saviour during stressful financial times because selling it fetches you instant payment. Of course, this timeless sheen makes gold a costly metal.

 

The New Gold Rule

The Bureau of Indian Standards (BIS) enforced a New Gold Rule from June 1, 2022. Under this rule, all gold items that one wants to sell must have the Hallmark certification. Earlier Hallmark certification was required only for 14K, 18K, 20K,  22K, 23K, and 24K carat gold pieces. Now, you need hallmarking even for 19K and 21K carat gold.

This new rule saves the interests of gold buyers as earlier jewellers could easily pass off fake pieces or inferior quality items as pure gold. This rule applies to gold coins, gold artifacts as well as gold jewellery.

 

Can you Hallmark fake gold?

Hallmark certificate is a globally accepted certificate for certifying the purity of gold.

The Bureau of Indian Standards is the authorized signatory that issues the Hallmark certificate. Genuine gold sellers have no issues in hallmarking their gold.

But can dubious sellers hallmark the inferior quality gold that they sell? Sadly, it is true. In India, it is a common practice where fake jewellers use their own hallmarking machines and pass off the adulterated gold as a real one.

Of course, it means that having a Hallmark certificate or hallmarking your gold doesn’t guarantee purity.

 

Is there a solution?

The good news is that there are AHCs (Assaying and Hallmarking Centers) that test the purity of gold items. These recognized centers undertake the testing of gold to assess its purity and issue a test report for the same.

As a customer, you can take this report to your jeweller and ask him for compensation in case of any discrepancy.

On the other hand, if AHC issued you a purity certificate and your gold turns out to be of an inferior value, then AHC is also bound to give you reimbursement.

This also gives edge to the customers who want to sell gold for cash in emergency situations.

 

Bottom line

Buying gold is a high value transaction. So, it is better to be safe than sorry. Take precautions and be alert so that you are not the victim of any fraud activity.