Interesting Facts Gold price touches record high wedding season loses some shine

• 28 Jan
• Admin
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Gold, one of the most precious metals, is prominently used in jewellery. In India, people consider gold jewellery an auspicious element that marks wealth, happiness, richness, and success. Whether it is Dhanteras or the Bengali New Year, people buy gold jewellery items, coins, and several other items since they consider gold metal to be priceless and the most valuable. However, the maximum demand for gold jewellery items depends on the wedding season.

Most jewellery stores and businesses witness a sharp increase in sales during the wedding season, increasing their revenue margin by several notches. However, gold prices have risen since the past decade, and the cost hit the maximum limit of INR 59,300 per 10 grams of 22-carat gold in August 2020. But since COVID, the prices have fallen slightly to the marginal value of INR 50,000.

But the Indian gold market recorded a whopping increase in the metal's price of 10 g at INR 56,300. This has led to a decrease in overall sales, even when the wedding season has begun.

What led to the sudden increase in gold prices in India?

Before reaching any conclusion, it is crucial to know the reasons that led to such an increase in metal prices. The sudden economic slowdown is one of the prime causes that led to the rise in gold prices in India.

Therefore, people are looking for a trusted and reliable company that purchases gold to get an appropriate valuation for their jewellery pieces and reinvest the same amount to buy new jewellery sets for themselves instead of buying with hard cash.

Heavy import taxes levied on the metal are another factor contributing to the sudden rise in gold prices. India has to import gold bars and sheets from other countries to meet market demand. Therefore, gold importers have to pay an excise duty of 10% to 15%, due to which the overall charges on the metal have also increased by a huge amount.

Why do people want to sell gold instead of buying metal?

The number of customers eager to sell gold has significantly increased in recent years, according to many gold businesses and retailers. Due to the sudden increase in metal prices, it is hard for people to purchase new jewellery items. Further disrupting financial stability was inflation, which the Indian economy also experienced.

People had to use assets, including gold jewellery, to meet their financial ends and ensure they could gather liquid cash. Another reason people decide to sell gold is to get a proper valuation and buy new jewellery items that can easily meet wedding purposes. Selling jewellery and using the proceeds to buy new accessories would be advantageous for the individual. This is because the overall cost would be lower.

When should you sell gold jewellery?

Before you choose 24Karat, a trusted gold jewellery buyer in Delhi, it's important to understand the right time for selling. It is almost like deciding when to open and close a trading position to maximize the gains. The following explanations will help you understand how to sell gold jewellery for more money with little hassle.

1. Usually, gold jewellery sellers calculate the sale valuation based on the metal's price on the day the jewellery was bought. So, you should check the difference between the current gold price and the amount you initially paid for each 10 gm of the metal. Selling gold jewellery when this differential amount is less will be fruitful.

2. Also, you should sell jewellery only to the trusted diamond jewellery buyer in Delhi, like 24Karat. We offer a fair and just price for the accessories. Until and unless you get a valuation close to your expectations, you should move forward with the deal.

3. It is easy to sell gold but not buy it due to the high price of the metal. Because the savings won't be enough to cover your needs, you should only sell the metal when you really need the money. In addition, try not to sell silver jewellery items all at a time due to the increased metal price. After all, purchasing jewellery will become much more difficult now that the price per 10 grams has surpassed INR 55,000.

How to sell gold jewellery in India?

Do you have any idea how to sell gold?

Getting the best valuation for the accessories might become difficult, and you might make the wrong deal. So, to help you out, we have discussed some tips to help you sell your gold jewellery without hassle.

1. The first thing you should do is compare the price of gold today to the price you paid when you bought it. If the difference is high, you will be making the deal in the loss. The rising prices don't give you much of a chance to sell your jewellery for more than you paid, but at least you would lose less money.

2. You also need to find the best company that purchases your gold so that you can sell your accessories without any legal hassle. The number of illegal gold jewellery deals has increased lately, so you should rely only on a trustworthy gold buyer.

3. To ensure that the gold-buying company deducts the GST and other taxes from the gross valuation. If not, it will be an illegal deal, and you might face legal consequences. So, it would be best to proceed legally with the gold selling process by considering the GST and other taxes.

4. You must also check which jewellery items you can sell without causing a significant loss. For instance, you can sell jewellery items with outdated designs and use the proceeds to purchase new accessories with contemporary jewellery designs for the occasion.

How can you find the best jewellery buyer in Delhi?

You should not sell your jewellery until and unless you find the best company to purchase your gold without hassle. 24Karat is the best company that purchases your gold at the best prices. Here are some factors to consider when connecting with the best jewellery buyer like us.

1. You should collaborate with a jewellery buyer having the appropriate license and certification to deal with the metal. Try to choose well-established retailers or larger jewellery buyer chains in Delhi. You won't have to worry about getting caught up in any illegal deals that could result in negative outcomes this way.

2. Another factor you need to consider is whether the jewellery buyer buys only hallmark jewellery. Hallmark is a mark used to judge the purity and authenticity of gold jewellery. Every buyer must buy only hallmark jewellery since it is a legal process. If the item has a hallmark, the price will remain the same, and the selected jewellery buyer might decide not to buy the items from you.

To choose a trusted gold jewellery buyer in Delhi, check the reviews and feedback from other people. This way, you can easily know if you should rely on such a buyer or not. Additionally, you can determine if you can increase the sale price for the gold accessories with the relevant jewellery buyer.

Consult with the company's experts to determine the price you will receive for your jewellery items. Make sure it matches your expectations. Additionally, to ensure you won't have to worry about getting caught in an illegal deal, ask the expert to guide you through the entire selling process.

If your jewellery has stones like ruby, sapphire, and so on, ensure the company that purchases your gold provides the valuations for the metal and the gemstone separately. Most jewellery makers mark the sale price by adding the metal and gemstone cost. So, if you want to maximize the gains, consult with the jewellery buyer who considers the prices differently.

Check if the jewellery buyer is making the calculations appropriately or not. Some local shops usually provide a short valuation for gold jewellery, which is much less than the calculated price. Therefore, you should consider 24Karat, which is the trusted gold jewellery buyer in Delhi.

Conclusion

Now you know the major reasons why the wedding season in India is currently lacking glamour. If you have a wedding to attend, try to buy gold jewellery. One of the best ways to do so will be to sell the old ones and reinvest the money in purchasing new jewellery items.

As we discussed how to sell gold, you won't have any problem getting a fair price for the jewellery items at 24Karat. We have all the stated factors at 24Karat, so there is no need to search anywhere. Visit any branch of 24Karat and sell your gold to us for the best price.

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