Tips For Getting the Most Money for Your Old Gold Jewellery

by | Nov 16, 2022 | Gold Jewellery, Jewellery

The recent surge in the gold price offers a better incentive to sellers who want to sell old gold jewellery in exchange for cash. When kept at home, the old gold jewellery does not earn any interest. But it is a valuable asset. Why should you not utilize it to earn money? You should! There are many options to earn money through old gold jewellery. But exchanging old gold jewellery for cash is the easiest way to support your financial need when you need money urgently. The article discusses tips for getting the highest value on selling old gold jewellery

Determine The Value of The Gold Jewellery

Before successfully selling old gold jewellery, you must know the actual market price of it. You can approach any reputed and trusted appraiser to know the value. They will check the weight of the jewellery and assess its karat value. The weight and karat value will be tallied with the present market price of 1gm Gold. Based on this, they will be able to identify the value of the gold jewellery.

However, the value they will get would represent the value of pure gold. Your gold jewellery might be unpolished and impure. The appraiser can communicate the actual value by melting the gold jewellery. You can expect around 70% to 80% of the melted value. 

Do Not Let Jewellery of Different Karat Weigh Together

Weight plays a key role in determining the value of gold jewellery. The sellers generally sell a chunk of gold jewellery in a financial crisis. But, if you are not sure that all the jewellery has the same karat value, you should not allow weighing all the pieces together.

The value of jewellery is determined by factoring weight, Karat value, and market price. Like weight, Karat value plays a significant role in determining the value of gold. It identifies the purity of the jewellery, i.e., the percentage of gold in it. That is why if all the jewellery of different karat values is weighed together, you will not get the right price by selling your old gold jewellery.

Some Gold Jewellery Are Sold at A Higher Value

If you are thinking about only the market price of old gold jewellery, you must know that if your jewellery is a piece of antique, you can get a higher value in the market. The gold buyers might not melt the gold jewellery. In that scenario, if you carry the bill of the old gold jewellery, it will help you understand the amount of price rise you have received. 

Many times if the gold is bought from renowned jewellery shops, the gold buyers do not melt the jewellery. They will assess the value of the gold based on its hallmark and karat value. 

You Do Not Have to Jump at The First Offer

You should not sell old gold jewellery based on the very first offer price you receive. You can review the market price of old gold jewellery by visiting more than one shop and selling it to the buyers who offer the best price. This way, you will be able to know the market price of the old gold jewellery.

However, keep in consideration that the actual price will be decided after melting the gold jewellery. They can also deduct a percentage of the actual value as service charge and GST. If it is antique gold jewellery and the buyer agrees with not melting the gold, and you agree with the price offered, you should not let the opportunity go away.

The Gold Buyers Will Ask for Your Identity Proof

Various shops in Kolkata will ask to sell gold for cash online. You can choose those shops if you find them reliable. But the question remains how to identify a reliable online gold buyer? They will have a system to collect gold from you, check the weight of the gold, follow proper documentation and ask for your identity proof.

If you want to sell old gold jewellery in a pawn shop in Kolkata, you can also do that if you get a good value for the jewellery. However, if they do not ask for your identity proof, you can suspect that the process they follow is not completely transparent. Due to strict financial regulations, asking for your identity proof is a must. We recommend avoiding engaging in financial transactions with those shops that do not ask for your identity proof if you are not in urgent need.

Do Not Let the Jewellery Keep Away from Your Eyesight

Gold is a precious metal. Today we can understand its market value with the surging price of gold in India. It is very difficult for any buyer to offer the price for the old gold jewellery before melting it into a system. We recommend you not let the old gold jewellery go away from your eyesight before measuring its actual weight, karat value, and market price. 

But, if you sell old gold jewellery for cash online in Kolkata, you should let the representative take the gold jewellery away from you if you trust the process. Before that, you must read all the related policies and documents of the company to ensure that your old gold jewellery will be taken good care of. You must also ask for any other alternative to physically be present at the shop while they evaluate the price of the old gold jewellery. 

Do Not Act on Impulse

We suggest you not act on impulse but stay realistic while selling old gold jewellery. You must know the market price of jewellery before selling it to reputed gold buyers in Kolkata. You must know that you will get a certain percentage of the actual value of the gold. Therefore, identifying the amount of cash you can expect should be your key priority before finally selling it to a gold buyer in Kolkata.

If you find the best gold buyers in Kolkata who will maintain transparency throughout the process and offer you high value, nothing can be more satisfying than that. In that case, it will be easier for you to sell the old gold jewellery to that buyer without investing time in other shops, which would not offer the same value, trust, and confidence. Therefore, we advise you to make careful decisions and invest the time to sell the precious gold jewellery to the right buyer in Kolkata, so that you get the best price for that.