Our gold jewellery proves itself to be very useful when we are in urgent need of cash. We can sell or mortgage it & get some money in return, without any hassle. You’ll never find a shortage of buyers of gold as gold can withstand any turbulence in the economy & yet retain its value.
You have various options to sell gold – to individuals, gold purchase organizations, pawnshops, local jewellers, etc. But whichever option you choose, you will always want the maximum value for the gold. Before you finalize where to sell gold, do remember the following points so that you can get the best price:
Get Your Gold Valuated
If you are planning to sell the gold to an organization, they will have their in-house valuers who will check your gold for purity & ascribe an appropriate value to it. The first prospective buyer you visit doesn’t need to offer you the best price. So, do get the valuation done at different places to get more options & a possible better deal.
The purer the gold is, the higher the value it will fetch. 24 karat gold jewellery has the maximum gold content so that it will sell for a higher price than a 22 karat variant. Also, remember that you will not be getting the full market value of the gold. The buyer will melt the gold to reuse it, so they will have to pay the smelter for this purpose. And the buyer needs to keep their profit margin from the transaction.
If your gold jewellery comes with a hallmark sign, then also the buyer will be sure about the purity of the gold. However, in the absence of a hallmark sign, prepare yourself to sell gold at a much lower price as the prospective buyer might suspect the purity of the gold.
Carefully Select The Time for Selling the Gold
During certain times of the year (e.g., wedding/festival seasons), gold jewellery is more in demand. Similar will be the case if the economy is going through tough times. So the buyers will offer you a higher price during such times. Thus, if you need coincides with these periods, then be sure that you will get a much better price than at other times.
Retain the Invoice of the Original Purchase If Possible
Many buyers or organizations might ask for the purchase invoice of the gold that you intend to sell. They want to be sure about the genuineness of the source of the gold. So if possible, retain the invoices of the gold that you purchase as you might need it later on if & when you need to sell it.
A word of advice here – make an attempt to sell the gold at the same outlet from where you had bought it if it is possible. That way, you will get an excellent price on the gold.
Check the Reputation of the Gold Purchasing Organization
There are quite a few organizations that buy gold from sellers like you. One organization’s location might be very close to where you stay. All you need to find out the nearest lender is search for “cash for gold near me.”
However, select a buyer organization only after you do a careful study of its profile; also, check out opinions & feedback about the organization from other sellers/customers to get an idea of its service quality & reputation. And proximity to home isn’t exactly a differentiating factor for an essential financial service.
Thus, before you decide to sell your gold, compare the prospective buyers based on the above parameters. You can be sure to a large extent that the buyer who fulfils all/most of them will be the one who will give you the best price for your gold jewellery.