Are the Jewelers Paying the Exact Amount for Your Old Gold?

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Are the Jewelers Paying the Exact Amount for Your Old Gold?

 

In this article, you will be provided with some points that will help you in deciding that are you selling your jewelry correctly or are your jewelers paying you exact amount for your old gold or not.

 

In most of the cases, it has been observed that the money that you get from selling your old gold jewelry is very less than what you actually expected, so make sure that you include the following points in your checklist before selling your old gold in order to avoid future disappointments. 

 

Make sure you retain the invoice or the bill of your jewellery purchased.

Before re-purchasing your jewelry, a good jeweler will make sure that you have an invoice or bill for your jewelry. There are high chances that the jewelry which is being sold without any purchasing proof, may be acquired through some illegal activity which can also put the jeweler in trouble. Thus it’s good to be on the safe side by asking for an invoice. Also, it is an advantage for you to have an invoice or bill for your purchased jewelry. In case you are planning to sell your gold to the same jeweler from where you originally bought it, there are no chances of any disputes regarding the purity or the value of your jewelry. In this case, the jeweler will not be in the position to raise any questions as all of them will be mentioned in the invoice, issued by him.

 

Understand the worth of your  gold jewelry.

Before making your mind to sell your jewelry, the most important thing that you should do is to have a proper understanding of your jewelry’s worth that you are planning to sell. For this, you need to take quotes from various jewelry stores so that you can get the best price for your old gold as each and every quote may be different from each other. It totally depends upon you to decide which quote is the best for you. Make sure that you do not settle for less.

 

Check the purity of your gold jewelry.

Before selling your gold jewelry or even before purchasing it, you need to check if your jewelry is hallmarked or not. Once your jewelry is hallmarked, the purity of your gold is directly established. Any gold jewelry that has a 916 hallmark on it means that the purity of gold for 22-carat gold is 91.6%. A 916 hallmarked will always be preferred by any jeweler in comparison with a piece of gold jewelry that is not hallmarked because its purity has no authenticity. 

In case your jewelry isn’t hallmarked, you need to get the purity of your gold established first and then you can sell it. For this, you may take your jewelry to a store that has a carat meter. 

 

Time to decide the final price for your gold jewelry that you have decided to sell.

The final price may vary from store to store. 

Some gold stores may first take your used gold, melt it in an induction furnace, and then decide the gold price, which is now absolutely pure. This process costs a little amount which is at the end deducted from the final price. 

On the other side, some shops have a particularly decided sell price for every 10 grams. The selling price is generally decided to be lower than the buy price by 7 to 8 %. 

While selling your old jewelry, you need to remember that during this you will lose out on your entire making charges and the tax that you paid at the time of purchasing your jewelry.

 

Last but not the least, decide the place where to sell your gold jewelry.

This is the last but the most important part of selling your jewelry. The best option for you to sell your old jewelry is to go to a reputable store rather than going to a local one, as they offer the highest market value for your old jewelry. 

In some of the reputed stores, there are very high chances that those stores will only buy back the jewelry that has been bought by them.

But there is nothing to worry about as there are several gold buyers as well as pawn shops in India where you can go in times of emergency. You may consider them as your last option as these shops also indulge in malpractices such as illegal buying and selling of gold or buying or selling gold which is acquired by illegal practices. Also, the majority of the people go to these shops or buyers, to sell their gold, thus these buyers may end up paying reduced prices for your gold instead of what it is worth.

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