Investing in gold is an age-old tradition in India that is deeply interwoven into our customs and set in our culture. With the rising prevalence of e-commerce platforms, people can even sell gold for cash online. Despite the convenience and privacy of online platforms, many people still remain wary of selling their old gold jewellery to online buyers.
If you plan to sell old gold jewellery for some quick cash, you’re probably considering both pros and cons. Continue reading to learn about the benefits and drawbacks of selling old gold online vs. in person.
Selling Old Gold Jewellery Online: Pros and Cons
Selling old gold online has numerous benefits. Besides the convenience of home pickups, you also avoid your gossipy neighbour’s questions and gyan about finances. Let’s take a look at the pros and cons of taking the online route.
Pickup facility: Many online gold buyers will provide a secure pickup facility for your old gold jewellery. Reputable online gold buyers use insured couriers and “signed-for” delivery services to protect their clients’ jewellery.
Privacy and security: Unless you want to advertise your financial emergency or become a potential target for robbery, selling online is a great option. Since you don’t have to carry your gold out of your house for an evaluation, you don’t have to worry about losing it.
Proof of communication: Communication with an online buyer generally takes place either by mail or text. This allows the seller to record all offers made by the seller.
Convenience: Especially if you work at an office or have other time constraints, talking over the phone can be a hassle. When you communicate over text or email, you can reply when it is convenient for you.
Payment guarantee: Reputable online companies such as Cash On Old Gold clearly state their payment methods and the time it will take them to process it in their payment policy. Make sure to sell gold for cash online only to online buyers with a clear payment policy.
Fluctuations in spot price: The spot price refers to the current market price of gold or other commodities. As the spot price of gold changes frequently, if the price of the gold rises after your online evaluation, you will end up making a loss.
Mode of payment: A reputable buyer will prefer to pay via bank transfer rather than pay cash. This is great unless you need to get your hands on cash quickly. Some buyers may agree to pay cash or give you a cheque for an extra fee.
Additional charges for return: Online gold buyers will typically offer free-of-cost pickup. However, if the deal falls through because you don’t find their offer satisfactory, you will have to pay for the return yourself.
No value for rarity or artistic merit: Since your jewellery cannot be examined in person, an online evaluation won’t consider the rarity of artistic merit, which may otherwise add to the price. The price offered when you sell gold for cash online is typically for scrap gold.
Selling Old Gold in Person: Pros and Cons
The traditional way of selling old gold jewellery in person remains a popular choice. While it is rightly so thanks to its numerous advantages, there are significant cons as well:
Better value: When you sell old gold jewellery in person, with proper documentation and hallmarks, you can get great value for your bauble. With vintage pieces, rarer styles and artistic merit fetch a higher price.
Cash payment: Old gold buyers such as Cash On Old Gold offer many payment options, including cash payments up to certain amounts.
Quick cash: Selling in-store allows you to complete the deal faster than online. You don’t have to wait for your gold to reach the buyer and for them to process it until you can get your payment. You can complete the deal in much less time in-store.
Risk of theft or misplacement: Since you will be carrying your valuable gold jewellery to the store to sell it, the possibility of losing it on the way increases significantly.
Time constraints: All stores and businesses operate within a certain time, and old gold buyers are no different. This means that if you have work or other commitments during their opening hours, you will have to take time.
Selling old gold jewellery in times of need is an age-old practice in India. This is due to a belief that while it may rise and fall, gold never loses value. As more and more businesses shift online, it has become possible to enjoy the convenience of online platforms even when selling old gold jewellery. However, many people still prefer selling in person.
This blog details the pros and cons of both selling old gold jewellery online and in person. You can choose the best way to sell your gold jewellery depending on your limitations and requirements.