Gold has always been the commodity that Indians have loved. Gold not only has important cultural significance in India, but Indians also consider it essential from an investment point of view. You will find gold ornaments and coins in every other Indian household. It has been a common practice in India to use gold for their financial needs in times of distress. Local pawn shops or jewelry stores are the traditional places where one can exchange gold for cash. However, the sellers have to be extra cautious when selling gold. Today gold rate in Banglore is ₹ 48,830 per 10 gram of 24k gold. The gold rate per gram steadily rises given the less production of gold. A lot of people are conned when selling something so expensive.
When talking in absolute terms, gold is a good investment. It is a safe investment and has a decent growth rate. Gold rate per gram can increase as much as 42% in a year. Several businesses exchange gold for cash without the hassle. However, there are several things that the seller needs to have or know to get better value for money without being conned. We will discuss some essential points related to selling 24k gold below.
1. Retain Invoice:
A proper jeweler will usually ask for the purchase record or bill while you visit to sell jewelry. The retail invoice will act as proof of purity if any kind of dispute about the purity of the gold happens. The retail invoice also lets you prove that the gold you are selling is your own, to begin with. Reputable shops reject the sellers trying to sell their gold without the receipt. This is done to ensure that people cannot sell stolen goods.
2. Don’t act on impulse:
Gold jewelry usually has a lot of emotional value attached to them. A particular piece of jewelry might be passed down to you from older generations. The seller should make sure that the emotional value attached to the jewelry does not exceed the cost of the metal used.
3. Go to the reputed stores:
The best option to get high value (market value) for your gold is to go to a reputed store. One way to ensure the store is a reputed one is to check whether they are a part of a jewelry trade association. Trade associations usually have high standards for their members. Also, check with the consumer forum if the store has any existing complaints about selling the gold.
4. Get an appraisal:
It is essential to know the exact value of the jewelry you intend to sell. A designer or an antique piece might get you more value than gold in the jewelry. Also, you should get quotes from several stores before deciding to sell the jewelry. The absence of a standardized method to check the value of the jewelry leads to a considerable difference in the prices quoted by different stores.
5. Know the purity of the gold you have:
Several hallmarks are used to establish the purity of the gold. 24k, 22k, 18k, and 14k are used to donate different purity of gold. 24k gold is the purest gold you can get, with a purity of about 99% purity. 14k being the lowest with 58% of gold. There is almost a 10% percent difference between the 22k and 24k gold, so make sure to check the purity of the gold jewelry you have.
6. Know the price of the gold:
The gold rate today 22k in Bangalore fluctuates with the market. So one has to keep tabs on what the gold price is before selling the gold. A simple way to do this is to search for something like ‘gold rate today 22k in Bangalore’. Make sure to enter the city and the purity of the gold as these parameters substantially affect the price of your jewelry. For example, shops might have a decided sell price for jewelry, so the gold rate in Banglore might differ from the gold rate in Mumbai. There are several other websites where you can find information on how much you will get on the piece of jewelry. This way, you can make sure you get to maximize the potential of gold for cash.
7. Get practical:
While selling the gold, you will get the amount for the gold present in the jewelry minus the refining and processing cost. Not to mention you will miss out on the making charges (which make up a considerable chunk of cost) paid at the time of buying and the taxes.