What You Need to Know Before You Sell Your Gold Jewelry

by | Aug 10, 2022 | Jewellery, Jewellery Buyer, Uncategorized

Selling old gold jeweler can sometimes be a feasible option to meet the instant cash requirements you have. However, whether you are selling it to buy new jeweler or for your financial requirement, you need to keep some factors in your mind. You need to be aware of the market price and look for the right buyer. Obtaining the right price for gold is important when you are selling your old gold jewelers, because you want to get the best price for your gold. In Kolkata, selling gold for cash, online market research is probably the best option. 

Here are a few factors to keep in mind before you sell your old gold jewelers. 

Retain Your Invoice

A good jeweler will definitely ask for the invoice of your gold jeweler when you are selling it. Considering the fact that you are selling the jeweler to the same shop that you bought it from, showing the receipt solves all the disputes regarding the quality of the gold. It helps you procure a reasonably good price for your gold jeweler.

Multiple Consultations

It is very important to know the price of you that you intend to sell. This is the reason why you need to visit multiple stores. There are no recommended shortcuts in this matter. You need to get quotes from at least three to four places to get the highest price. Acquiring the right price for your gold jeweler should be your primary concern.

Check For Hallmark

Before you sell your jeweler, check if it has a hallmark. Hallmark indicates the purity of gold jeweler. If your jeweler has a 916 Hallmark then it means 91.6% purity of gold which is also known as 22-carat gold. Because of the purity, hallmarked gold is preferable to the buyer. If the gold does not bear a Hallmark, then finding a store with a carat meter would certainly help.

Final Price

Gold shops take the gold jeweler, melt it to get rid of the impurities, and then ascertain the final value. In usual cases, the deduction ranges from four to six percent. If you go through the website of Cash on Gold, you will find that the whole process is quick and transparent.

Finding The Right Buyer

It may be a difficult task to find the right place to sell your gold. The final gold price is determined by its weight and purity. A nominal fee may be charged for removing the impurities from the gold. This additional cost is deducted from the final price. Gains from gold mutual funds are taxed in a similar way.

Tax Applied

The profit obtained by selling gold is taxable under Capital Gains. If you are selling your gold jeweler within thirty-six months from the buying time, then it is considered a short time asset. Long-term gains are taxed at about twenty percent. If you are considering exchanging gold for cash in Kolkata , then considering Cash on Gold as your final destination will be a choice that you’ll never regret.