What Are The Best Practices To Sell Gold in India?

Gold is one of the most favourable investments for many Indians. They would not give many thoughts when purchasing gold. Most people in India buy gold for flaunting, investment, future usage and many more. 

These days, we can easily convert gold into cash within less time. There are a myriad number of gold dealers (such as gold buyers, pawn shops, jewellery stores) that offer to exchange gold and get cash for it. If you are thinking of how to sell gold in Bangalore or anywhere else in India, then follow these steps and get the right value for your gold.

Visit the Store

Always make sure you are selling gold at the store and not through online portals. The reason for selling gold at the store is more suggestive is because there won’t be any tension for you as well as the gold dealer regarding the gold.

 If you visit the store, it is a matter of a few minutes before you can get instant cash for selling gold.

Carry Your Invoice

A genuine gold dealer will always insist you to present your invoice when you are about to sell gold. The reason that they do so is that furnishing a bill while selling gold will reduce the confusions of purity of the ornament as you find it clearly in the bill.

This way there are fewer chances of you being cheated of your gold purity. Also, an invoice will only help to make sure that you are the rightful owner of the gold.

Know the Worth of Your Gold

When you are about to sell gold, you will need to know the actual worth of your gold. The price of gold keeps on fluctuating. So it is advisable to know the rate of gold on that day and then head out to sell your gold. 

All gold dealers will provide you with a rough approximation of how much your gold is worth. 

Check the Purity of Gold

You should make sure that your gold has some sort of sign that shows its purity of gold. 

For example, you can take any gold ornament and by scrutinizing it, you can see some numbers marked on it. The number can be 916 or any other numbers. So the 916 represents 91.6 percent of pure gold, while the remaining percentage is alloys to make it more ductile.

In case, your gold has no sign engraved on it, then there are chances that some gold dealers can manipulate it for lower karats of gold.

Confirm the Final Gold Price

Gold dealers use different methods of testing the purity of gold. Some methods of purity checking are acid test, electrical conductivity or XRF test. 

Some gold dealers melt your gold ornaments and filter out the gold from it. They weigh and check the purity of the gold. This melting would cause a deduction from your final gold price. Also, melting your gold to check the purity will cause irreversible gold ornaments.

Sell the Gold

After you accept the value offered for your gold by the gold dealer, you can expect your payment. The most advisable option to sell gold is going to a gold buyer’s store. You can expect instantaneous payments.

You can also choose to go to your jeweller’s from where you bought the gold ornament. When you go to your jeweller, you can expect a new set of gold ornaments by exchanging your old one. Most of the jewellers would only melt your current gold and make new ornaments out of it.

Never Settle on One

Whenever you are about to sell gold, never sell your gold to the first store you visit. Always inquire with more gold dealers and see where you can get the maximum for your gold jewelleries. 

Give it more visits to different gold dealers and see the difference in the value you can get.

Conclusion

We recommend selling your gold to gold buyers. The reason is that gold buyers are genuine places where you can sell your gold. You can still go to other gold dealers, but you cannot expect the fair value that your gold is worth. Always ensure that you are conducting your research to understand the various gold trends and how the value of gold is affected. 

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