The love of gold or gold jewellery has not diminished for years! People invest in gold when there is a crisis; some see it as an investment and sell gold for cash online when they face financial stress. While some associate the metal with emotions. When you have excess gold jewellery, you can always liquidate it for immediate cash during a crisis. This article explains the essential procedures to follow while selling your gold jewellery. If you are contemplating selling your precious jewelry, read the article before you take any further steps, as we have included some essential tips that you should know.
How Can You Sell Your Gold for A Fair Price?
When you go to pawn brokers or unorganized gold buyers, you can see them practicing unethical standards and giving rough estimates. They can also carry out some fraudulent activities to get more profit for themselves. However, there are a few steps followed by renowned gold buyers. These are the steps that make renowned gold buyers to standout:
Valuation Of Your Gold Jewelry:
Any renowned gold buyer carries out multilevel scientific testing. For example, they use German XRF (X-Ray Fluorescence Technology) to know the value of gold in your jeweler. They don’t give out a rough estimate of the value of gold. The valuation process should be transparent, and the buyer will not remove your jeweler from your sight at any point.
Cleans The Dirt for The Correct Weight Measurement:
To get the accurate weight, a renowned gold buyer cleans the jewellery using an ultrasonic machine and weighs the jewellery separately. Even if you hand them a pair of earrings, they will be weighed separately. After determining the weight of the gold jewellery, the jeweller will consider up to 3 decimal points in the weighing scale and not deduct melting costs directly without carrying out these procedures.
Considers The Current Gold Rate:
After determining the weight of the gold in your jewellery, the professional jeweller determines the value of the gold and uses the current gold rate value. Now, you should research the exact gold rate on the day you sell the gold for cash. Knowing the current gold rate helps safeguard fraudulent activities.
Factors To Consider When You Decide to Sell Your Gold Jewelry:
Is there any right time or season to sell your gold jewelry? It is considered the most crucial question when exchanging your gold for cash.
- Consider The Economic Conditions:
The economic conditions can decide the gold price and fetch higher returns when you exchange your gold for cash. Gold prices stay stable or increase when the country faces a recession. When the country suffers from reduced industrial activities and faces recession, people turn towards assets with lesser risk, like gold. Therefore the price of gold increases during a recession. Thus selling your gold during a recession can be a good decision.
- When The Value of The Indian Rupee Increases:
Gold is an imported commodity; hence the price of gold is highly dependent on the value of the Indian Rupee. When the value of the Indian rupee rises, it gives more power to import more gold from foreign countries, and the demand for gold is increased due to the increased availability of gold. This rising demand for gold increases the price of gold across the country. Therefore selling your gold when the value of the Indian rupee is comparatively higher than the dollar could yield higher returns.
- Sell When There Is a Crisis:
Since gold is considered a less-risk asset, people prefer to invest in gold, which increases the price of gold. Prevailing trade wars or other occurrences that disturb industrial operations across the country propels investors towards gold. Therefore wait for a time when the country is facing recession or any economic disturbance to sell your gold jewellery for the best price.
- When You Need Cash:
Financial distress happens to all of us. Therefore this could be an unavoidable reason for selling your gold jewelry for cash. However, be aware and follow the ethical steps to sell your jewellery. An impulsive or emotional action can bring you a significant loss. Especially when you are under financial pressure, you might not think twice and agree to whatever is told to you.
If a company advertises accepting your gold jewellery for an unbelievable price, please hold on and understand what could be the bait. Never let the buyer melt the jewellery without proper valuation of gold. Otherwise, you don’t have any option other than agreeing to the price.
Why Should You Care More When Selling Your Gold Jewelry?
You care for your gold jewellery because you value them more! Selling your gold jewelry is difficult, as we Indians associate the metal with prosperity, wealth, power, and status. Indian women celebrate gold jewellery for their art form and appreciate the creative expression of the jewel maker. It’s no wonder that Indian women own 21733000 kilograms of gold, according to a survey conducted in 2020.
Indians value the nuances of gold jewellery, especially if they are purchased for a wedding. The jewellery purchased for spiritual purposes also holds higher value for the person who owns it than the actual value of the metal.
The quality of gold that it never gets tarnished makes us associate it with prosperity and value them more than the actual price. In some cases, gold jewellery ties with relationships like nuptial chords, wedding rings, or a gift from a loved one. Therefore when you decide to exchange these gold items for cash, you want the best price possible.
Gold jewellery holds more value in an Indian household. It took a lot of emotional factors and conversations when you decided to sell your valuable gold jewellery. Following the steps mentioned in the blog prevents you from regretting the decision. After all, if you need money for an emergency, there is no point in holding onto your old gold jewellery. Right?