Gold is a precious metal in India and has great importance in Indian culture. We consume tonnes of gold every year. Whether it is a wedding, birthday party, or religious festival, no auspicious event is complete with gold. Indian temples are filled with gold idols, reflecting our obsession with gold. Besides, most people hold gold to turn into cash when the gold rate per gram shoots up.
For instance, the gold rate in Trichy is at an all-time high today. It is perhaps the right time to sell your unwanted gold to earn some extra money. However, getting the best market price for your gold can be a daunting task. If you are not aware of the market and how the gold price is calculated, you will end up getting a rate that you do not deserve.
So, how to get the best price for your gold?
● Do an accurate evaluation of your gold
While figuring out the best price for your gold jewellery, it is crucial to know your gold’s worth in weight and karat. Do not accept the first offer you receive from the first gold buyer you visit in the market. It is advisable to collect rates from multiple gold buyers based on your gold’s weight. This way, you can get the best gold rate per gram for your gold jewellery. Find a reputed gold buyer to sell your unwanted gold ornaments.
● Compare different gold buyers
There is no standard invoicing when it comes to gold prices. Therefore, the gold rate per gram differs from buyer to buyer. Make sure to shop around and compare different gold buyers in the market. Be wary of the gold jewellers offering you rates that are too good to be true. So, venture out to find a reputed gold buyer to get a fair market price.
● Get your gold items hallmarked
If you wish to secure the best market price for your gold, make sure to get your gold ornament hallmarked. Most authorized gold buyers accepted only hallmarked gold as it indicates the authenticity of your gold’s purity. For instance, 22 karat gold jewellery that bears 916 hallmarks indicates 91.6% purity. So, if your gold jewellery is not hallmarked, visit a reputed jewellery store that has a carat meter and establish its purity.
● Find the right gold buyer
The gold price also depends on the gold buyer’s reputation. There are buyers in the market who can lure you in by offering good rates, but you will eventually get less you deserve. A golden piece of advice would be to find a legitimate buyer. While visiting buyers, ask for documents that prove their legitimacy. You can also read reviews and testimonials of former customers on the internet.
● Keep purchase invoice
All authorized and reputed gold buyers ask for a purchase invoice before buying your gold. It eliminates any conflicts concerning the weight and purity of your gold items. The benefit of keeping the purchase invoice is that you can negotiate to get the best market price. With the gold rate benign in Trichy being high, you want to sell your gold jewellery now to earn more cash.
How do gold dealers determine the purity of your gold jewellery?
When you visit a reputed gold buyer in the market, they will, first, determine the purity of your gold jewellery and decide a price based on the gold rate per gram. Your gold item will go through a hallmarking process certified by the Bureau of Indian Standards Areas (BIS). Your gold’s purity is established and certified through a BIS hallmarking process. The hallmarked gold items contain information, such as BIS mark, Jeweller’s identification mark, purity (in karat), and the hallmarking centre’s identification mark.
Some gold buyers may determine your gold’s purity level through a magnet. Your gold jewellery is not in its purest form. It contains a certain amount of metal which gets attracted the moment it touches the magnet. Through the magnet, the jeweller establishes the exact amount of metal content in your gold jewellery. However, getting your gold valued through BIS hallmarking is a more reliable method. It enables you to negotiate the price with your gold buyer.
Selling your unwanted old gold in the market is easy. However, the challenge lies in getting the best price that you deserve. It would be wise to know the value of your gold in terms of weight and karat before selling it. Also, make sure to find a reputed and authorized gold dealer to sell your gold jewellery.