15.4 C
Munich
Thursday, September 8, 2022

How to Sell Your Old Gold Jewelry With 4 Easy Steps

Must read

Old gold jewellery is not special for only its market value but also attached emotion and heritage with it. Therefore, it is difficult to identify the right value of old gold jewellery based on overall aspects. The value is set based on market indices. The gold shop tries to set the price of old gold jewellery as close to the present market value as possible. The article discusses four key steps to help householders to sell old gold jewellery in Kolkata .

Step One: Identify at least Three Prospective Gold Buyers in Kolkata

If you have interest to exchange gold for cash in Kolkata , we suggest to choose at least three shops where you would like to sell the old gold jewellery. The shops must be well established and have a system for exchanging gold for cash. Review the popularity of these shops based on online research and other sources. Do not forget to check if the shop has a license for trading gold.

You can also visit the shops and allow them to examine the old gold jewellery. They will offer a price range based on the hallmark, bill of purchase, weight, karat, and other details of the gold. Do not hurry in selling your product to any of the gold shops in haste.

Step Two: Know the Weight and Karat of Gold

You must know the weight and karat of the gold to identify its actual price. The bill for the purchase of the product will mention these details. If you do not have the bill with you, the hallmark in the old gold jewellery will help in knowing the value of karat and impurity. A 10-karat gold has 41.7% gold. A 14-karat gold has 58.5% gold. 18 karat gold has 75% gold. A 24-karat gold has 100% gold.

The price you will get in exchange for gold will depend on the value of gold. That is why whatever the weight of the old gold jewellery,  if after melting it a very small amount of gold remains, the buyers will offer cash according to that small amount of gold. In many cases, artisans use a high amount of alloy to give a good structure to the gold jewellery. Therefore, when they would melt the jewellery, you won’t get a high value in return.

Step Three: Evaluate the Price of Old Gold Jewellery

The gold price is determined based on the market price. If the market price on the specific date is INR 5,200 per gram, then the price of 1 gm 14 karat gold will be 58.5% of INR 5,200 I.e. INR 3042. If the 14 karat gold weighs 10gm, then the total price will be INR 30,042. Now the potential buyers will charge fees and prices for melting the gold. So, you can expect the cash value of the old gold jewellery to range from 50% to 80% of INR 30,042  i.e. INR 15,021 to INR 24,033.

Step Four: Sell the Old Gold Jewellery

Now you know what the actual value you can get if you sell old gold jewellery in Kolkata. The above example is a synopsis of a case. Your scenario can be different from the above-mentioned case. However, it will help you to decide the value of your jewellery.

You can easily get better scope for negotiating with prospective gold buyers. Take necessary caution to ensure that the complete melting process is done in front of you. The prospective buyer must maintain transparency in determining the value. Therefore, based on your convenience choose the buyer which will offer the price the highest and close to market value for your old gold jewellery.

If you follow the four steps with the necessary effort, you will be able to make the right decisions for exchanging gold for cash in Kolkata. It only requires basic research and patience to negotiate confidently with the prospective buyer. Do not forget to document all the necessary details about the old gold jewellery and information gathered from many sources. Since maintaining proper documentation will help you to avoid any risk in the process.

- Advertisement -spot_img

More articles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisement -spot_img

Latest article