It is very often seen in many countries, that when we are in dire need of cash, we think about turning to monetize our gold items- especially jewelry. We think hard about where to sell gold to get more money. In most situations, it can be observed that the money we get on selling gold is much lower than the expectation of an individual. In order to avoid these types of disappointment, here are a few points which you can check before selling your precious gold ornaments.
Retaining The Invoice
An experienced jeweler will always ask to see the purchase document or invoice when one tries to sell gold jewelry. The retailer won’t be in a position to argue If the person is going to the same shop from where they brought the item. Thus, retaining the invoice is of utmost importance.
Knowing About The Actual Price Of The Item
It is very essential to have a good understanding of the worth of the gold item that you are trying to sell before knowing where to sell gold. For this reason, you can take help and quotes from more than one store. Since there are no standard ways to determine the selling price, there can be some differences among the quotes procured.
Consult a minimum of three to four quotes, with which one can fully realize the value of the gold item and go for the highest price available for the piece you are trying to sell.
Get The Purity Of The Gold Item Checked
Before knowing where to sell gold, you have to check if your jewelry is a hallmarked item or not. Hallmarking confirms the purity of gold jewelry. Gold jewelry that carries a hallmark of 916 means 91.6% purity of gold for 22 carats. Jewelers always prefer a gold item that has a 916 hallmark to the one without a hallmark, as there is no confirmation of its purity.
Now for the items without a hallmark, first take them to a store that has a carat meter, to confirm the purity of gold. After, testing the jewelry, a certificate with the details about the proportion of the other elements (silver, copper, etc.) other than gold along with its actual purity (in karats) will be given.
Deciding The Actual Worth
Gold shops will first melt the jewelry in a furnace and the gold resulted thereafter is actually free of any impurities. This is the part which is taken for deciding the actual price. This process is done at a minimum cost which can be deducted from the final price of the gold.
In some cases, the shops have a fixed selling price for every 10 grams, in a similar way as that of a buying price. It can be seen, that the selling price tends to be lower than the buying price.
Finally, in the process of selling a gold item, you can lose out on the full amount of making charge paid at the time of purchasing the item along with the paid tax.
Places Where To Sell Gold
The best choice is to go to a well-known jewelry store as the chances of getting a fair market value are really good. However, there’s a small problem here. As per the policy, some stores will buyback only those items of gold jewelry that have been bought only from their shop.
Selling gold is not desirable as we consider this metal to be one of our best assets. But if such a situation arises and we don’t have any other option left other than selling gold, it is best to have the proper knowledge of where to sell gold and how to be sure about the right price we get.