Need money urgently? Here’s how to get a better price when selling your gold jewelry
New Delhi: Are you experiencing financial difficulties during the covid-19 crisis? Have you decided to sell the gold you have at home? So, in the current pandemic situation, in case you are considering selling your jewelry, here are some things to keep in mind.
You need to check the current gold price. You can do this by visiting several reputable gold websites to understand the price range of the gold coin you are interested in. Gold prices fluctuate every day. In such a situation, all jewelers provide the daily gold price to their customers. You can approach several jewelers to get the best quotes for your assets. There are no standard methods for determining the price, so it is always advisable to get quotes from different jewelers.
If you are unsure of the purity of the jewel, you can have it checked at one or more jewelers who have a carat counter. Always be sure to check the hallmark on the gold. If a piece of jewelery bears the BIS mark, you can be assured that it meets the standards set by the Bureau of Indian Standards.
Before arriving at the final price, jewelers can deduct a fixed percentage of the weight as loss. Before selling, check the waste that the jeweler can calculate. Sometimes a jeweler can deduct money for a waste of up to 20%. In case the jewelry has stones, they can calculate a higher wastage. In case of fees, you will not get back the money you could have paid when buying the jewel.
Apart from this, it is also advisable to clarify the terms of redeeming your gold. It doesn’t matter whether you bought the gold from your jeweler, the Stock Holding Corporation of India, a non-bank financial company or online. In each of these cases, it is important to know the terms of redemption. If you sell your gold (in any form) to a jeweler, you’ll likely get a lower valuation for the same price because the jeweler won’t pay the manufacturing and administrative costs. If you bought gold from a bank, you are not allowed to sell it back to the bank as per Reserve Bank of India guidelines.