How To Turn Your Old Gold Jewellery into Cash – Step by Step

by | Sep 15, 2022 | Jewellery, Jewellery Buyer

Gold is one of the precious metals. The Indian householders value gold ornaments as prestigious ones. They attach strong sentiments to gold jewellery. It is gifted in various ceremonies as a mark of prestige. Many Indian householders wish to sell gold for cash in Kolkata in times of distress and urgent financial needs. This article is helpful for them to understand the process step by step. The discussion will also help them to avoid any deceitful offers.

Step One: Find At Least Three Shops

As there is no standard method to judge the price of old gold jewellery, that is why it is always better to assess the price through more than one gold shop. This will help to evaluate the effectiveness of the pricing offered and make the right judgment. You can search these shops online through their website and communicate with them over the phone. 

It is always better to understand how they evaluate the pricing of old gold jewellery. Various companies will promise to sell gold for cash through online communication. However, the process requires physical scrutiny. Therefore, you will be able to sort out the best three shops in Kolkata at your comfort through their online portal where you can sell gold for cash .  

Step Two: Measure The Weight of The Jewellery

The next thing which is crucial to offering a high price for gold jewellery is to measure the weight of the jewellery. The weight will not only identify the amount of gold present in the jewellery but also the amount of other metals used to frame the structure of the jewellery. 

Therefore, it is not quite possible that heavy jewellery will offer a high price. It can be a case that the heavy weight of the jewellery is due to the presence of other metals used to frame the structure. Thus, the price will be reduced. Remember, by selling gold jewellery you will get the price for only the gold metal. The gold shop will melt the gold and offer you the pricing based on melted gold.

Step Three: Identify The Purity Through Karat Amount

If your gold jewellery is hallmarked, it will help the gold shop owners to set the right pricing for the gold. Apart from this, if you have information about the karat of gold used in making the jewellery, the pricing of gold can be easily calculated.  A 24-karat gold has 100% purity. A 10-karat gold has 41.7% gold content, A 14-karat gold has 58.5% gold, 18 karat gold has 75% gold.

Step Four: Calculate The Gold Value Based on Market Price

So, if in a day, the price of a gm of gold is INR 5,000, then, for 18 karat gold ornament you will get 75% of INR 5,000. This is INR 3750. 

Now, if the 18 karat gold weighs 10 gm, then you can expect INR 37500 by selling the gold ornament. There are service charges, GST, and other costs involved in the pricing. So you can expect around 50% to 80% of INR 37,500. So, you can earn in the range of INR 18,750 to b INR 30,000.

Step Five: Evaluate The Price Offer

When you know the price range you can get, you can easily evaluate the offers of three identified gold for cash buyers. Take note of their price offerings and judge accordingly. Mostly they will ask for a formal visit and test the gold jewellery. Do not allow them to go beyond your eyesight with the jewellery. Ask them to test and verify the product in front of you. It will help to make the right deal on the product.

Step Six: Sell The Gold

Once you are satisfied with the pricing offered by the gold shop, you can sell the gold for cash in Kolkata . Probably there are very few shops that will say the pricing without verifying the product in hand. However, when you know the estimated price and their offered price matches your expectation, there should not be any issues in selling the product.

These are the key steps followed by most individuals to estimate the price of old gold jewellery. In Kolkata, most cash-for-gold shops prefer hallmarked gold jewellery. It helps them to offer a pricing range even without melting the product. On your agreement with the offered price range, they would melt the gold to state the purchase price. As the gold shops need to maintain authenticity, they thrive to follow processes that are transparent and method oriented.