It is a widespread practice in India that whenever there is an urgent cash requirement, people turn to sell their gold online. Gold is mostly traded in the forms of jewellery, coins, ornaments, and bars. When people sell their gold items, a sizeable amount is subtracted in the name of melting charge, wastage charge, etc.
You can quickly sell gold online, as there are many well-known online buyers in the market. Even if you can easily find a buyer to sell gold, getting its exact value can be tricky. You can find several old gold buyers in Chennai, who will give you the most attractive price for your precious gold items.
So, this article will guide you in finding the ideal way and place to sell your gold items.
Table of Contents
Search for a genuine buyer
The smartest way to sell your gold is to a well-known gold buyer. It will be best if you share the invoice for your gold items with the buyer to have a better understanding of the clarity of your gold. The seller will pay the right price if you have the original receipt of your purchase. Your gold items must have the hallmark sign. In case, there is no hallmark sign; then the buyer can manipulate it for low quality. Hallmarked gold jewellery has the BIS logo, which means that its purity is tested in one of the authorised laboratories.
Get quotes from multiple buyers
Before you decide to sell your gold, it is suggested to collect some quotes from different buyers. It will ensure that you have a fair idea of the rate at which your gold can be sold. You can cross-check the values on news channels and the internet to make sure that you are receiving the right amount. The cost of old gold is a little less than new gold, as it needs processing before it can be resold. It is a little challenging to know the accurate selling price of the gold due to the lack of standardised process in place.
Deciding the final price
Gold shops which take old gold will first melt the gold item in an induction furnace and the gold available after that, which has no impurities, is used for determining the price. The whole process is done at a nominal charge which will be subtracted from the final value of gold. This deduction ranges between 4%-6%. The buyer mostly has a fixed selling price for every 10 grams, similar to that of a purchasing price. It is generally seen that the selling price is 6%-7% lower than the buying price. So, ensure to gather all the information before you settle for a particular buyer. And choose the buyer that gives you the most attractive value for your gold.
Check out the charges
You must remember that some additional costs are involved when you sell gold online, which includes a gold melting price and wastage fee. So, while selling your gold, make sure that your buyer is offering you with a quote stating all the charges. And do thorough research regarding the terms and conditions before you give your gold for evaluation. Check your transaction statement for any hidden charges attested by the buyer.
Online jewellers use various techniques to check the purity of the gold. Some jewellers melt the ornaments to determine purity and weight, and some have the weighing machine through which they calculate the actual weight of the gold by separating all the gems. So, before selling your gold, make sure that the buyer follows a transparent evaluation method. You must ensure that buyers do not take your gold some place else for evaluation. It would be best if you do not trust those buyers who keep your gold in the assessment while you can not see it. They might end up extracting some amount of gold in the name of polishing it.
Reputation Of the buyer
Ensure to check out reviews of your gold buyer online. Eliminate buyers with many invalidating ratings as it will not be worth your trust. You can check out buyers like Muthoot Gold Point who are trusted and renowned gold buyers. They are one of the most reliable old gold buyers in Chennai.
It is better to sell gold online to leading old gold buyers in Chennai as it will boost the chances of getting a perfect amount for your gold.