How to get a better price while selling gold jewellery



Knowing the purity of the jewellery and choosing the right buyer can make a big difference

Many people opt to sell their gold jewellery when in need of emergency cash. Currently, due to the ongoing pandemic, the number of such people may have gone up as many are facing financial difficulties due to job losses or business shutdowns.

However, if you are planning to sell your gold jewellery, here are some pointers that you should keep in mind to get a better price.

Know the weightand purity of gold

You should know the correct weight and caratage of the jewellery before you plan to sell it. You can check the same on the purchase receipt of the jewellery if you have it, as most of the jewellers mention the same while selling the jewellery.

If you don’t have the receipt or it is not mentioned on the receipt, it will be better to first ascertain the same.

You can approach jewellers that have a carat meter. It will be ideal to check with two or more jewellers to confirm the same.

If the jewellery is hallmarked, it becomes easier as the caratage is mentioned on the hallmark stamp.

So, if a piece of jewellery is 22 caratage, 22K will be mentioned on it. The hallmarked caratage and the day’s price of gold can help determine the estimated price of the jewellery that you are planning to sell.

So, if the price of 10gm gold of 24K is 30,000 and you are selling a 22K jewellery of 10gm gold, its price would be 91.6% of 30,000, or 27,480.

Check the discount value

You should know that you won’t get anything against the making charges as well as the taxes paid while buying the jewellery. Also, in case there are stones as well as other metals added in the jewellery, the jeweller will discount that as well.

You should ensure that the jeweller is not charging a higher discount for the stones and other impurities. It will be ideal to know the weight of the gold and stones separately.

Choosing the right buyer

Try to sell the jewellery to the jeweller from whom you had purchased it. Some of the stores have a policy that they will buy back only those pieces of jewellery that were sold by them.

Check withmultiplejewellers

Take quotes from multiple jewellers before selling the jewellery and choose the jeweller offering the highest price. However, one should also be mindful of the paying capabilities of the jewellers.

“In case you are selling jewellery worth more than 10,000, the jeweller can only make the payment through cheque. Therefore, one should ensure that the jeweller will be able to service the payment quoted in the cheque," said Surendra Mehta, national secretary, Indian Bullion Jewellers Association.

Also, the jeweller will ask for your know your customer (KYC) details, which you should provide, he added.

Be careful of pawn shops and gold buyers who are often known to indulge in malpractices.

Therefore, it will be better to go for a jeweller with a reputed brand.

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