It is common for people to sell their gold when they are in need of money. Gold is one of the precious metals that people buy for long-term investment thinking it will help them in tough times. Gold is mostly purchased either for this purpose or during special occasions for loved ones. Though it’s always considered auspicious to buy gold, there are times when people face tough times. During such situations, they prefer selling gold.
If you are thinking can I get money by selling gold, this guide is for you.
First Things First before you plan to sell your Gold, it is important to understand what you have. You need to value your cold to get the best price for your jewellery.
The gold appraisal is one of the best ways to understand the true value of your gold. The gold appraisal is a way to measure the value of cold in terms of weight, karat, current price, and a mixture of other metals. When you know the true value of the gold or jewellery you have, you can sell your gold in the right way.
Traditionally, when people had to buy or sell goods they would approach jewellery stores nearby. There was always one common question to search- how to sell gold near me. However, now ways have changed, apart from selling in stores, there are places to sell gold online.
However, whether it’s online or offline, there is always a chance of scams. Gold is your prized possession, an asset that should be protected. But sometimes people fall prey to scammers in many ways. That’s why when you are selling gold, it’s important to take precautions.
Keep a check on the gold price
The price of gold fluctuates in the global market or stock market. To sell your gold at the best prices, it’s important to keep a check on the price. It will help you prevent selling gold at the wrong time. Sell your Gold when it’s at an all-time high, a good-quality gold buyer will share this information with transparency.
Know what you have
Before you sell your gold, make sure you get a Gold appraisal as mentioned above. Gold phrasal will help you determine the quality and purity of the metal in terms of karat. Karat is a reading that defines the purity of your gold. 24 carat is the pure and rare form of gold. The value of your Gold can vary depending on the jewellery. Some Jewelries are not 24 carats but contain a mixture of other metals. Good quality Diamond Jewellery buyers will help you determine the true cost of your jewellery with transparency.
Ask for government certification
It is common for people to get attracted to discounts or features on the Internet and in stores. Before you finalise selling your Gold to the buyer make sure you ask for their government certification. The government provides certificates to authentic gold buyers and sellers. Therefore, to avoid scammers make sure you consider their government certificate and authentic mark.
Find the right buyer
Whether you’re planning to sell Gold online or offline you need to find a licensed and reputed gold buyer. Good quality gold buyers are licensed and show transparency in gold value. Before you plan to finalise your buyer, make sure you get your old value assessed by them. It will help you understand whether they are providing you with the right price or not.
Do not always consider the first buyer
Sometimes when people are in dire need of cash they sell gold to the first buyer they find. Most of the time scammers take advantage of this, do not show your urgent need, and consider only the first buyer. Consult different stores and buyers to understand what exactly is the value of your gold. Research online as well as offline, consult different buyers, get your gold appraisal, and weigh different prices offered by buyers. Your gold value may vary slightly with different buyers as they will minus their chargers from gold value to give you an exact price. The charges may vary depending on your gold jewellery. If it’s too old and requires melting and recreation, it will cost less compared to the latest designs or heavy designs.
Unrealistic advertisements
Some scammers advertise unrealistic prices or special prices on their platforms. Do not directly jump on the opportunity to sell your gold online. Often scammers advertise huge discounts or special prices, free shipping costs, and other tactics to attract people. Rather than falling for something that is too good to be true, make sure you research everything about the seller. Avoid selling your Gold to buyers and offer a realistic price from the stock market or in the offline market.
How much gold can be sold in cash?
When you’re planning to sell your Gold, there are some rules and regulations that you need to follow. According to the Government of India, there is a limit for the sale of gold against cash. A person can encash gold from Rs 20,000 to 10,000 in a day. It means if you need urgent money you cannot encash your Gold of more than 10,000. For the rest of the amount, it either needs to be paid online or through cash.
Conclusion: These are some of the effective tips that you need to follow to sell your gold. These tips will help you prevent selling your gold to scammers. Before you plan to sell gold, you need to solve the question- how much is my gold jewelery worth? Then implement the steps to sell your Gold to the right buyer and get the best price. If you choose the right and implement these tips, you can avoid scammers. Research buyers and gold prices to get the best value and the right buyers.
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