We all love the gold jewelry that we have as an ornament to adorn our self. Little do we know that these gold ornaments are not just a possession, but a valuable possession, which can be of great use when in dire need of cash. One can always turn to monetize their gold: either in the form of ornaments or in the form of coins.
But one drawback that most people experience when selling their gold for cash is that they tend to get the amount much lower than they have expected. Here, we have listed a few points to be considered before you head to sell your gold.
- Bill:Whenever you intend to sell your jewelry always carry the respective bill or invoice as it would eliminate any dispute regarding the purity and weight of the ornament.
- Know the Worth: Gold jewelry has no standardized assessment patterns for evaluations, so it is always better to check the worth of your ornaments by visiting at least three to four stores and then settle for the one offering the highest price.
- Hallmark: A jewelry that bears the 916 hallmark is always preferred by a jeweler than one that does not bears the mark as it means that the jewelry is 91.6% purity of gold in 22 karat gold. But if one has jewelry without the hallmark then one can always avail the services of a store that has karat meter and can establish the karat and purity of the gold.
- Actual Price: It is a known fact that the selling price of a gold ornament is always less than its current market cost price. A jewelry shop will determine the price of the ornament by first melting it in a blast furnace and then evaluating the price of pure gold. The jewelers do charge a fee for this evaluation process which is very nominal and mostly deducted from the price that they offer. Also, making charges and taxes that one pays during the purchase of gold jewelry is entirely lost at the time of selling bringing the actual amount 8-9% less than the estimated price.
- The best place to sell: Ellis Fine Jewelers. A visit to a reputed jewelry shop is the best shot at getting the right worth of your gold and be saved from any malpractices of a pawn shop.
Now you are ready with all the knowledge needed for selling gold for cash.