How To Sell Physical Gold Process: Things To Note & Resell Value
- 11 Nov
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Gold is an essential investment, and its demand in India rises during the wedding and festival seasons. Whenever you invest in gold, you increase your investment as well. Since gold prices keep fluctuating and, at times, can offer great value on your investment, individuals consider the gold investment a safe option.
It is becoming common for people to resell their purchased gold when the prices soar. Also, gold investment sometimes acts as a great savior and can help you meet your emergency fund requirements. But the main concern is, how does cash for your gold make money?
Although selling gold is a very straightforward procedure, you should know a few things before getting started. Below, we cover everything you need to learn regarding selling gold coins, and bars, how to get the best resale value, and where to sell your gold.
How To Sell Physical Gold?
Gold buying is selling gold and other valuable precious metals for cash. Some individuals use gold-buying services such as 24Karat to dispose of outdated jewellery in return for cash. However, you may sell more than simply gold at 24Karat. You may sell us a variety of precious metals in exchange for cash. We buy:
1. Gold necklace
2. Gold rings
3. Gold chains
4. Gold bracelets
5. Gold coins
6. Gold bars
So the process of selling gold for cash is simple. When you choose 24Karat, the process is quite effortless.
The Process To Sell Physical Gold With 24Karat.
1. First, collect all the gold jewellery you wish to get rid of and get money. You can choose any product from the list we have mentioned above. Then, reach out to any of our branches in Delhi NCR.
2. After you arrive at our branch, please discuss your requirements with our professionals. Our professionals will then explain to you our entire process of gold selling, and if you agree, we will move forward.
3. Now, we will start with the process of gold evaluation. Since we follow transparent working procedures, all the methods will take place before you. The evaluation process will be done with utmost privacy and integrity.
4. We employ the German Karatmeter used by big jeweller brands to assess your gold products and decide their value. Moreover, a team of professional and experienced 24K certifiers examines the purity and worth of your jewellery.
5. After the gold valuation, we will offer you the best quote per the market price after deducting the necessary deductions like stones studded stones, and then provide you with a quote. You may check with other buyers about the rate they will offer.
6. We will proceed with the payment if you find our offer the best and agree to the price.
7. At 24Karat, we offer instant payment. Hence, as per your preferred mode, we will share the payment, including Cash/Cheque/NEFT, etc.
If you need to sell gold quickly, a pawn shop or local jewellery store may be a good alternative, but they are never the best solution. Whenever you sell gold to local jewellers or artisans, they may mislead you and profit from the situation by taking a substantial sum of the melting fee, waste charge, bill unavailability, etc.
But we at 24Karat help you get money on your old gold without the hassle and with utmost transparency. Whether you have the bill with you or not or have received it as a gift, we will quickly process the gold. We even take old, brittle, and broken gold, so be assured that with us, you can carry out the transaction safely and with no hassle.
Also, You Can Read:- How to Trade Gold: A Beginners Guide
Yet, one must consider a few things when selling gold with us.
Who Can Sell Physical Gold?
We don't accept gold from anybody or buy any stolen gold products. Hence, when you intend to sell gold at 24Karat, keep these things in mind:
1. Anyone who has reached the age of 18 is entitled to transact. People between 18 and 21 must have written approval from a parent or legal guardian and their documents.
2. For verification purposes, the seller must provide a valid photo ID proof with the address mentioned.
3. Sellers may sell antiquity gold jewellery they acquired or inherited or take their spouse's consent if the gold item belongs to them.
4 . A seller cannot sell any gold items belonging to the seller's friends, family, coworkers, or anybody else.
It should be easy when you decide to sell your gold bars, but you must be aware of their current price. Selecting a reputable buyer, such as the professionals at 24Karat, guarantees you will receive the most value for your gold. Moreover, you must find a trustworthy and educated buyer who will be upfront and fair with you during the selling process since several companies and people are looking to buy gold.
So you can always contact 24Karat to sell your Gold Bar, and we will help you with the entire selling process.
In addition to being a lucrative object, gold is regarded as auspicious and frequently has emotional importance in our nation. Because it is an attractive investment choice, it is typical for individuals to sell it for cash.
Yet, a lack of understanding and inadequate research might prevent individuals from making the best option, and they may not get a reasonable price for their gold. Therefore, before selling and monetizing your gold, you must consider the following.
1. Pricing of gold
It is necessary to have a strong knowledge of the valuation of the gold you wish to sell. Keep up with the current gold price. Gold's value is so high that even minor fluctuations in the exchange rate may result in large payments. Although you will not receive the actual value of your jewellery, this estimate will be helpful when comparing multiple offers.
Typically, shops have set purchase and sell prices for every 10g of gold. Their purchase price is often lower than their selling price. Hence to get the best price on your gold, try to compare the pricing of several shops. So, in this way, you can receive the maximum possible payment for your product. Also, remember that when you sell your jewellery, you will lose on the making charges and taxes paid while buying gold.
2. Gold purity
Before selling your gold, you must determine its authenticity and purity. Check to see whether your gold is hallmarked. So jewellery with a hallmark incurs fewer deductions for purity tests. The purity of gold that carries the 916 Hallmark is 91.6% for 22k gold. If your jewellery is non-hallmarked, it is better to take a purity test of your gold and then a certificate about its purity and impurities present.
3. The Gold's value after deducting impurities
Melting costs will influence the final price you get. Initially, the gold store would melt the gold. Then, they will assess the actual worth of this pure gold. So then, the ultimate price calculation takes place by subtracting the value of any stones or other metals, such as alloy, used to create your jewellery from the worth of pure gold.
4. Where to sell your gold jewellery
You may sell gold to any jewellery shop, an authorized gold reseller/recycler, or a commercial website. Hence, always do extensive study on the trends and value of gold before trading. You should sell your gold to the retailer from whom you purchased it. So the reason is they will offer you a price for the precise purity at which they sold it to you.
Also, You Can Read:- Real Estate vs Gold: Which is a better investment option?
What Is The Resell Value Of Gold?
There is a straightforward and affordable method for calculating the value of ancient gold jewellery.
1. Please bring it to a Gold testing or assaying laboratory and have its purity analyzed.
2. The laboratory will provide a test report detailing the sample's exact weight and purity in percentage or Karat.
There is a simple formula to determine the resell value.
1. For instance, if you are using karat purity, the formula is:
(Weight of Gold x Purity of Gold x Rate of Gold today) / 24
2. If you are using percentage purity, the formula is:
(Weight of Gold x Purity of Gold x Rate of Gold today) / 100
What Are The Benefits Of Selling Gold On 24karat?
24Karat is the most recognized brand in the cash against gold industry. We have established procedures to ensure that all our clients are treated fairly and that their gold is valued at its highest and most reasonable price. 24Karat utilizes a standardized and technologically advanced testing procedure to determine the worth of your gold. So this enables 24Karat to provide its consumers with the most accurate value possible.
Some other benefits of choosing 24Karat and selling your gold jewellery for cash are as follows:
1. Quick and simple
Several locations in Delhi NCR provide cash for your gold services. Yet, few are trustworthy and may offer the correct value for your gold. However, only 24Karat can offer the best prices. With us, the entire process of selling gold for cash is simple and quick. We have already mentioned the process in the above section. So the whole process is entirely effortless.
2. Multiple locations
24Karat has not only one, two, or three branches. Instead, we have several branches all over the Delhi NCR. Hence, visit our branch page, locate the nearest branch, and visit our store. Now, you can quickly sell the gold for cash.
3. Get quick cash in case of emergencies
At least once throughout their lifetime, an average person will face a situation in which they are in immediate need of cash. It may result from an accident, a natural catastrophe, or other unforeseeable tragedy. When this occurs, old gold jewellery might be advantageous. Try having it evaluated and selling it for additional cash if you have extra gold than you require. At 24Karat, we take any gold, whether broken or old.
4. Selling gold is practical
Would you prefer to keep broken necklaces, unworn gold jewellery, and rings with imperfections in your home? These precious objects are of little use if they collect dust and generate no worth. Hence, use them to create more funds for gold. You may use the money to purchase new and better gold items or free up room in your house.
5. Good resale value
Currently, the current price of gold is pretty favorable. Selling gold has always been profitable. It's merely that gold's price is now relatively high and will only continue to rise. Despite occasional drops, it often recovers and continues to increase. Hence, don't pass up the opportunity to earn large sums by selling gold.
6. Get extra funds for other activities
Do you wish to save money and reward yourself with something extraordinary, such as a home improvement project or reinvest into something else? Then, you can sell unused jewellery with 24Karat and earn extra money effortlessly. Why delay something you truly want when you can instantly get additional cash by selling outdated jewellery?
Also, You Can Read:- Everything To Know About Various Gold Forms & Taxes
Several Buyers of gold in Delhi NCR will purchase your gold, but it is difficult to know who to trust; thus, 24Karat is one of the top Buyers of gold. Dealing with us is entirely safe and secure. So, visit our branch today.