Best Tips to Sell Old Gold: Gold is not just a beautiful metal; it’s also a valuable investment. Many people in India keep old gold jewelry at home. Some plan to sell it when prices rise, while others exchange it for new designs. But before you sell your old gold, it is important to understand its quality and the best ways to get the right price.
The purity of gold is measured in karats (K). Here’s how it works:
– 24K gold is 100% pure
– 22K contains 91.6% gold
– 18K contains 75% gold
– 14K contains 58.5% gold
– 10K contains only 41.7% gold
Pure gold is soft, so jewelers mix other metals like copper or silver to make it strong. Always ask the jeweler what karat your gold is before selling.
Use a Karat Meter
Today, many shops have karat meter machines. These machines check the exact purity of your gold within 60 seconds. They scan your jewelry and show how much gold and other metals are present. It is a safe and accurate way to know the real value of your old gold.
Look for BIS Hallmark
The BIS (Bureau of Indian Standards) Hallmark proves your gold is pure. It’s an official symbol stamped on gold jewelry. It includes:
– The BIS logo
– Purity in karats (like 22K or 18K)
– A unique identification number
If your gold has a BIS hallmark, it is easier to sell or exchange at the correct rate.
No Hallmark? No Problem
If your gold does not have a hallmark, don’t worry. You can still check its purity. Go to a certified hallmarking center near you. They will test your gold and, if needed, put a hallmark on it. You may have to pay a small fee (Rs. 35 to Rs. 200), but it gives you confidence in its quality.
How Much Will Jewelers Deduct?
When selling gold, jewelers may deduct a small percentage based on:
– Impurities in the gold
– Their own processing fees
– Making charges (if any)
Always compare prices at different shops before selling.
Important Tips While Selling Gold
– Take your bill: If you have the original purchase bill, take it with you. It helps to prove the weight and purity.
– Check market price: See the current gold rate before visiting the shop.
– Ask for weight details: Know the difference between gross weight and net weight.
– Avoid middlemen: Go directly to trusted and certified jewelers.
Selling old gold can give you good returns, but only if you’re smart about it. Always check its purity, look for hallmarks, and compare offers before you decide. Whether you want to sell or exchange it for new designs, knowing your gold’s real value helps you make the right choice.
Also Read: How ₹10,000 Best Monthly SIP Can Turn Into ₹9.79 Crores Over Time
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