The gold loan market in India is a staggering 40,000 - 45,000 crores worth market including the organized and unorganized sector presently operating in India. Research studies on the market provide statistical data reveals that 50% - 60% people, who pledge gold for liquid cash, not able to release it due to many reasons; losing their precious gold to lower price than actual worth. Normally NBFCs and Pawn Brokers charge an interest rate ranging from 16.00% to 36.00%. If people take a decision on right time, probably they will be able to get enough amounts after settling the dues to the Banker/Pawn Broker. Normally people due to lack of knowledge used to lose their pledged items due to the hefty interest rates charged as well as compounding interest when they fail to make a timely interest payment. Attica Gold has stepped in, to capitalize this gap in the market by mobilizing instant cash for release and sale thereafter at the current market value. Furthermore, the business of direct sales to this new and growing organized gold buying company is expected to capture 2 -4 % of the regional market in the first 3 years of operations.
There are also other reasons like to invest in real estate business,educational medical expenses where people sell their gold to local pawn brokers, NBFCs for instant cash to meet their requirements. Moreover, disorganized confused Pawn Brokers deduct the amount for purity, making charges & all and people gets less amount compared to the real value of their gold and jewelry.
Whenever people want to sell their precious metals to meet their financial crunches, need to do a research on internet to find professionally recognized companies who buy scratch or old precious metals at online current market value and offer instant cash based on the karat of bullion or jewelry.