Selling used or unwanted gold ornaments can be an easy, convenient and quick way to make easy and hassle free cash to get rid out of financial crunches.
It has been seen in India that selling gold in an economic trouble for cash is a common practice than encash other investments, such as shares and stocks. But the price of buying and selling gold jewelry is totally different and people usually get lower price than their expectations while selling gold. In order to get best price for your gold ornaments needs few research before selling gold jewelry.
Selling gold ornaments or gold coins is not a social taboo to get rid out of the recession but again need to keep in mind that you will not get the full market value of your gold jewelry as no gold jewellery are 100% pure means 24 Karat, it usually comes in different ranges from 22 Karat to 10 Karat and gold value is decided based on the purity of gold.
So, based on the above point, you will get a percentage of market value but not full value of your gold jewellery as buyers will not pay you anything for gold craftsmanship or design of the jewellery and they also have to pay to smelter who converts the gold jewelry in 24 Karat gold bars and gold coins and then they add their profits also.
Furthermore, remember some gold are purer than others and their value are higher than normal gold ornaments. Gold bars, gold coins are usually considered as 100% pure and it usually comes in 24 Karat for which you will get full market value but not for gold ornaments or necklace which comes in the range of 10 to 22 Karats.
Pawn shops are easily reachable medium in India but usually one should not sell their gold to pawn shops as they are known for paying least amount of your gold ornaments by valuing fewer karats for your gold jewelry. They are also highly manipulative by nature and involved in malpractices.
One should always enquire best place to sell gold and ask multiple outlets such as gold buyers, gold dealer, gold jewellery stores, etc to check what the prices they are offering.
Different sources may offer different prices based on making charges and wastage reduction.
Also based on the competition for business in your area, you may get best value for your unused old gold jewellery.
Don't assume that you will get the market value for your gold jewellery. First, selling and buying gold prices are different and one usually not get full price of gold ornaments. If you want to know how much is gold worth per gram; 24K gold gets 100%, 12K gold gets 50% of gold prices and not expect price for stones or other craftsmanship.
First, find out the whether the hallmark is there or not on your gold and know the weight of your gold jewellery. Hallmark tells the purity of gold and 916 hallmark usually comes with 90-92% gold purity for 22 Karat. If your gold jewellery is hallmarked then you can easily estimate the price of your precious metal based on the current market price. If you don't know the purity of your gold jewellery, you must always get a right valuation of your ornaments or you must sell your gold to that company who checks the gold purity before valuation of gold jewellery. Remember, who don't check the purity of your gold, always estimate less value of your gold and you always end up with less price for your gold.
The best option is to sell the gold to jewellery stores from where you had purchased the gold jewelry and show the bill while selling your gold as the chances of getting best price for your precious metal is high compare to pawn brokers or other street jewelers. You can also search the gold buying company/dealer who buys the gold at online market price without deducting wastage and making charges and they check the purity of your gold by purity checking Karat machine.
One must only sell their gold to dealer or gold buyer who checks the purity of gold by purity checking machine before valuation of your precious metals. If you are not happy with the cash for your gold jewelry, you can ask to return your gold or you can demand for higher price.
In last, check the reputation of gold company or dealer before selling the gold jewellery and ask for the bill of your sold jewellery