Gold is a pure treasure; this can easily be said because it has a great resale value. Selling gold for cash is a common practice especially if you are in an emergency. Value of gold has almost doubled in the past ten years. Gold being an important asset to every family then becomes a vital factor in considering selling gold for cash.
Since you consider the safety of every bit of transaction above all, selling gold becomes a bit tricky. This is because selling it to bank becomes a bit complicated on the other hand selling it to local jeweler may result in some sort of advantage and unnecessary deduction in its price in the name of melting charge or maybe wastage charge.
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| Sell Gold For Cash |
So, carefully understand and follow the steps before you go ahead to sell gold for cash,
1. Choose Your Dealers
You need to pay a lot of attention when selecting a dealer to sell your gold for cash.
• Jewellery stores
Keep your priority to these jewellery stores as they have been dealing with such transactions for a long time. You can also try to aim for reputable jewellery stores in your city to sell gold for cash.
• Pawnbrokers
Pawnbrokers deal with a lot of other items than gold and this may end up giving you the least value of gold. Since you are going to sell gold for cash it is better to avoid pawnbrokers.
2. Understand The Scales
Since weight is a very important factor to determine the value of gold, you need to check the standard unit of measurement and look for the price accordingly. This is very important as if you do not have any idea you may be given less pay for your gold.
3. Know Your Karats
Karats is another important factor in determining gold quality, one karat equals 1/24 of pure gold by weight. You cannot sell gold of less than 10 karats as it is illegal. It is important to know the karat of your gold to make an informed decision on the scrap value of your jewellery.
4. Keep Your Karats Separate
Don’t allow jeweler to take the weight of jewellery of different karat values altogether. This may result in paying you the lowest karat value according to the jeweler. So, better keep your jewellery separate according to karat value.
5. Know The Value
Check the value of your jewellery from different stores and even online sources considering every factor. Some dealers may even try to bluff you considering your emergency situation to sell gold for cash. Don’t forget to play smart in such case.
6. Know Your Buyer
Before you go ahead and choose your buyer, try to get all the information regarding the buyer’s business and proper license. It’s very important to know whether they are certified or not, otherwise, it can cause you legal issues in many places.
7. Know About the Item That You Are selling
Gold is sold according to the form they are in like jewellery or any other item made of gold or even gold bars. Designs or melting them down into some beautiful jewellery makes them more valuable.
8. Shop Around
You don’t need to jump at any of the first offers for your gold. Make some bids, shop around, and check different stores. To ensure that you are absolutely getting the best price for it, you must check others shops as well.
9. Bring Your I.D.
To ensure the protection of your transaction, gold buyers are required by law to ask sellers for government-issued identification, this helps in preventing money laundering and even checking the sale of the stolen property. So, in case you are not asked for your ID, be warned.
Follow the above steps to ensure the safety of your valuable treasure.
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