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Home >Money >Personal Finance >Know how to get better price when selling your gold jewellery

People often need to sell their gold jewellery to arrange for cash during an emergency. Amid the current pandemic situation, in case you are planning to sell your jewellery following a cash crunch, here are a few things you should keep in mind.

> Know the correct weight and caratage of the jewellery before selling it. It is always better to have the receipts of the jewellery for this. You can approach multiple jewellers to get the best quotes for your assets. There are no standard ways of determining the price, therefore it is always advisable to take quotes from different jewellers.

> In case you are not sure about the purity of the jewellery you can get it checked at one or more jeweller who have a carat meter. Hallmarking of the jewellery establishes its purity and a buyer would always prefer such jewellery.

> It is preferable to exchange or sell to the same jeweller from whom you have bought your product. Some of the stores also have a policy to buy back the jewellery that was bought from them. It is always better to go for a jeweller with a reputed brand as pawn shops and gold buyers are often known to indulge in malpractices.

> Before arriving at the final price, jewellers may deduct a fixed percentage of the weight as wastage. Before selling, check the wastage the jeweller may be calculating. At times, a jeweller can deduct money for a waste of up to 20%. In case the jewellery has stones, they may calculate a higher wastage. In case of making charges, you won’t get back the money that you might have paid at the time of buying the jewellery.

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