How to Sell Gold and Get Cash for It?

Many people in India consider gold to be the safest bet for investments when compared to cryptocurrencies, mutual funds, shares, etc. Though these other forms of investments can yield higher returns when compared to gold, many people still prefer gold. The reason is that the risk involved is comparatively low with gold. You can get instant cash for gold even if you want to sell it off.

If you want to sell gold in Bangalore or anywhere else, visit a gold buyer’s store. They will help you get the best price for your gold. The reason behind it is they value more of gold than anything else and this can really fetch you some quick bucks.

Here are some ways how you can sell gold and get instant cash for it.

# Visit The Store

Always remember to visit the gold dealer’s store before you sell it. The reason behind it is that this way you know you are selling it to a gold dealer and not to scammers.

Some gold dealers might trick you by pulling out the gems or other stones that are attached to your gold jewellery. You should know that these attachments carry some value and could fetch some cash too.

For the above reasons, you should always sell gold after you visit the store.

# Carry Your Invoice

Carry the invoice of your gold jewellery that you received after its purchase. This document can help to prove that you are the rightful owner of the gold you are carrying. 

Because of the increase in gold theft, this invoice helps you write off your gold with no hassles. Also, having an invoice can help prove the karat of gold that you have. 

Another thing is that you can get fair valuation of gold if you furnish your invoice.

# Transparent Services

You should always prefer transparency when you are selling gold. This means that everything that the gold dealer does with your gold jewellery, it should happen right in front of your sight.

When you reach a gold dealer’s store, you would first handover your gold to them. Along with it, you would also furnish any documents that prove that you are a genuine seller.

After that, the gold dealer would evaluate the gold that you are about to sell. Before anything, they would weigh your gold and give you a rough estimate that your gold would fetch upon selling it to them.

If you give a consent that you are happy with it, they would do:

– Cleaning:

The gold jewellery that you want to sell could have a lot of dirt on it. After usage, a lot of foreign elements settle on top of this metal. To remove such things, the gold dealer offers to first remove these dirt. Some gold dealers might use the traditional method of cleansing, which involves water and detergents to clean. Many gold dealers have been using modern methods which involve the use of ultrasonic methods to remove any dirt found on gold.

– Weighing:

After cleansing your gold items, the next step is weighing it. The reason for weighing is to understand the exact weight of the jewellery. When the gold dealer weighs your gold, they usually remove any other items such as diamonds, gems or any other stones that are attached to it. Some gold dealers do not detach these stones and weigh your gold. Further, they would deduct some figures by citing the weight of the stones attached to your gold. If you end up there, then ask the gold dealer to detach those stones and then weigh your gold. Also, do not forget to keep these stones under your possession.

– Gold Purity Testing:

Once cleansing and weighing of your gold is over, the next thing that the gold dealer does is checking the gold purity levels. This is to determine how much percent of gold is present. Many gold dealers use German technology that can accurately determine the amount of pure gold found in your jewellery. Some gold dealers completely melt your gold jewellery to determine its purity level. This melting would actually become worse if you decided to not write off your gold to this same dealer.

All of this should happen in front of you. If you find that the gold dealer is hiding away whilst doing all the above steps, it is quite understandable that the gold dealer is trying to steal something out of your gold jewellery. If they insist on not making this entire process of evaluation of gold – transparent, then please take your gold jewellery from them and head to the next gold dealer’s store.

# Segregate Your Gold According to Their Karats

Gold purity levels are measured using the unit called karats. It is denoted by using numbers which depict the purity levels of gold. For example, 24K gold. In this we should know that 24K gold means it has 99.99% of gold. This means that you can get a 100% value for this. 

There are different karats of gold, namely 22K, 18K, 14K, 12K, 8K, etc. The value goes down as the denoting number decreases. Therefore, you need to segregate your gold according to the karats of gold.

When you segregate your gold, it will save time for you from segregating later. Sometimes, these mixed up karats of gold can help the gold dealer to trick you by value your gold at the least possible amount and make profits out of it.

So always segregate and then reach the gold dealer.

# Fair Valuation

Everyone wants a fair valuation for gold. To end up there, choose the right gold dealer. Some gold dealers levy hidden charges on your final amount and this makes you lose out a lot from the final amount.

A fair valuation of gold is such that you are charged a service charge for the gold selling activity. 

Other than that, it is the gold dealer who has to bear any extra charges that might arise. 

# Instant Cash For Gold

Once you have accepted the value offered by the gold dealer, expect a payment within the same day. Always accept payment methods such as cash, Unified Payments Interface (UPI) and bank transfers such as Real Time Gross Settlement (RTGS), National Electronic Funds Transfer (NEFT) or Immediate Payment Service (IMPS). 

You should never accept payments as cheques or demand drafts, as these could be bogus.

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