Gold prices are running all-time high and most of the people are looking towards selling old jewellery for some profit. Selling gold is not as simple as it may seem, despite the circumstances. When trying to obtain the best price, sellers face several problems. Here is a summary of the issues and how to resolve those so that you can sell your gold for a reasonable price.
Purity Issues: A Common Problem
One of the main issues when selling old gold is the lack of the proper certification. The BIS mark is not found on most antique jewellery pieces, proving its purity. In the absence of this, jewellers usually question the quality of the gold, leading to price disputes. Make sure your gold has passed a suitable purity test before selling it.
Impurity or Design Deductions
By charging for the design or claiming that the gold is combined with other metals or stones, many jewellers will reduce the price. These deductions may result in a significant decrease in the price you receive for your gold. It’s always a good idea to sell your gold to reliable jewellers who offer transparent prices and don’t make unnecessary deductions.
Trust Issues and an Unorganized Market
The selling of old gold is generally a complete mess. Trusting businessmen to sell their gold in these companies can be difficult as most of them charge uncertain prices. Furthermore, there might be a delay in payment by the buyers. To avoid this, it will be better to work with some trusted or popular buyers who assure smooth transactions and offer economical prices.
KYC and Legal Challenges
If selling gold worth over ₹2 lakh, you will have to present your PAN card as well as all your KYC documents. Although jewellers may be concerned about legal consequences such as buying looted gold or becoming liable for a tax probe, some sellers are reluctant to provide this information. Dealing with trustworthy buyers who comply with the law is essential to avoiding problems.
Maximizing Your Profit: Tips for Selling Gold at the Best Price
Always purchase BIS-hallmarked jewellery and keep the bill secure to ensure you receive the best price for your used gold. When selling, choose reliable jewellers or authorized platforms that offer market-based prices.
Prior to accepting the first quote that is presented, obtain multiple quotes and evaluate the costs. Consider going to trustworthy bullion dealers to get the best price on your used gold bars.
To sum up
Although it is challenging to sell old gold, you can obtain the highest price by selecting reliable buyers and using the proper approach. Prepare ahead of time and don’t allow anything to discourage you from getting the most out of your gold sale.