Looking to sell gold? Here’s how to get the best deals

The safest bet is to sell the gold jewellery from the jeweller you purchased from

Looking to sell gold? Here's how to get the best deals
Representative Image (Unsplash)

The value of gold isn’t limited to investments and financial benefits for most Indians. Not only does it have deep religious connotations, gold is very much considered a family heirloom too. This is why selling gold is often looked upon more as a necessity and less the choice.

During the ongoing Covid-19 pandemic, people have struggled to make ends meet. Many had to sell gold as the last resort to pay for hospital bills or substitute for a sudden job loss. In such trying times, one often overlooks the possibility of getting the best price for the product as the emergency leaves no time for bargain. However, if you’re ever looking to sell gold, make sure to keep certain points in mind. This can help you get a better price for your prized possessions.

“First and foremost, make sure to be familiar with the current price of gold before looking for buyers to sell it. You can refer to the MCX gold price to get an idea,” Anuj Gupta, vice president at IIFL Securities said.

Gold purity

The most important prerequisite to sell gold jewellery is to know it’s exact weight and caratage. This will be mentioned on the bill provided to you at the time of initial purchase. If the jewellery is hallmarked, caratage is mentioned on the hallmark stamp itself.

But in case your gold isn’t hallmarked and you’ve misplaced the bill or the caratage isn’t mentioned in the receipt, approach any credible jeweller that has a carat meter. Make sure to check from 2-3 sources to avoid errors.

“To get better price after selling of their jewellery, people must be attentive at a jeweller store. Firstly, one should know the current price of 24 carat gold. You should also know online price of the gold. Apart from this, the weight of the jewellery should be checked twice with the jewellers,” Gupta asserted.

Discount value

If your gold jewellery has certain stones or other added metals, the jeweller will simply discount it on the overall price. In many cases, a higher amount is discounted for the stones and other impurities. To avoid this, ensure to note down the weight of the gold and stones separately.

You must have paid for the making charges and as well as added tax while buying the jewellery. None of this would be accounted while selling it later.

Check with multiple buyers

The safest bet is to sell the gold jewellery from the jeweller you purchased from. Many stores have this policy that permits them to only buy back those gold articles that was sold by them.

However, as a smart seller, always take quotes from multiple stores and opt for the highest bidder. Remember that the jeweller will need your PAN and KYC details for selling gold.

There are a lot of fake gold jewellers indulging in malpractices and fooling cutsomers. Therefore, choose a buyer credible/reputed enough to pay the full price for your gold.

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