Gold is one of the most valuable assets in today’s time, along with silver and land. Gold comes in several forms as well: gold cakes, bullion, and the most common type, jewellery. Exchanging gold for money has been a trade for a long time, and this article throws some light on where to sell gold. It also discusses how one should go about this transaction in the online markets.
Why sell gold?
Thanks to the rarity of the metal, the gold price often appreciates quickly. Through the years, gold is considered a safe asset to invest in as compared to stocks, and its value is recognised universally as well. So if owning gold is a long-term investment, and it has such a high value, why even sell gold?
Well, the decision to sell gold depends on two factors: necessity and the price of gold. There may be a time in your life when you need a large sum of money: perhaps you are buying a new house, or need to fund your child’s education abroad, or a more immediate emergency like an expensive surgery. Remember that ultimately, despite gold having intrinsic value, it is only realised when you sell it. The second reason follows the same principle as any other asset: “buy low, sell high”; in other words, buy gold when the price drops and sell when the price peaks. If you have good market knowledge, you can predict how the market will move and trade accordingly.
Where to sell gold?
If you have decided that you are going to sell your gold, there are many services available in most cities in India. For example, getting cash for gold in Mumbai can be done through jewellers (usually your own trusted jeweller or someone your relatives’ trust) or shops specifically dealing in this business.
The process starts when you give them your gold in whatever form, and they perform some tests to assess the quality and amount of gold to determine its worth. How long this process takes and how transparent it is, depends on the jeweller.
There are e-markets where you can sell gold as well. At first glance, this seems to be much riskier than going to a jeweller because of a big chunk of the process being “invisible” even if smoother (online booking, tracking and payment). However, with the right online service, selling gold online can give you a much higher price. Here are a few factors you should keep in mind:
- Use a reliable shipping/transportation service: Gold is like any other package, only much more valuable. Ensure you use a reputed delivery service to transport gold to the jeweller. Also, check the ease of transportation: some jewellers might save you the entire trouble of travel by picking up the gold from your doorstep.
- Ensure your package: some things are still not in your control, like theft or accidents. Should the worst happen, a good insurance policy can help you recover a significant (even if not the entire) amount for your valuables.
- Experience and brand of the jeweller: different online services might have different processes and valuation standards, so survey as many services are you can and pick the best deal in terms of brand, safety and the value you get for the gold.
- Terms and conditions: Not all gold trade deals work in the same way. In Mumbai, you can perhaps get cash for gold, whereas in Delhi, you might get only online payment. In other places, you might get cash for gold coins or bars only. Find out which service gives you the best deal. There may be several other terms and conditions and fine print associated with the transaction, and with an asset as expensive as this, you must understand every detail.
As emphasised earlier in this article, gold is a very precious and rewarding asset. Whether it is an online market or a physical market, do a thorough search and enquiry to find a trusted jeweller or a well-recognised online service. Make sure the process is transparent, and you get as much money as you can for the gold you sell.