Gold is a metal when in a pure form is bright, slightly reddish yellow, dense, soft, malleable and ductile metal. It gets extracted from beneath the land surface. But extraction of gold has caused environmental degradation which can decrease human life.
The reason there is an enormous demand for gold is that we can convert it into cash within less time. If you need money and can’t wait for loan approvals, selling gold can help you get money. Many jewellers are ready to buy gold from you by exchanging it for a good sum of money. But you should be cautious when you are about to sell your gold for cash. Well, if someday you are looking to sell gold, then here are the simple steps to help you sell gold with ease:
#1 Visit the Store:
When you want to sell gold for cash, always make sure you visit the store to make the exchange. It is convenient for you as well as the gold buyer as there would be no concerns about theft, replacement of gold or any other inappropriate behaviours. You should always go to the store of the gold buyer and start selling gold.
Once you reach the store, the gold buyer will look at your gold and try to remove any foreign elements present on it. This cleaning helps to remove any unwanted dirt that might have stayed on your gold because of prolonged use. This way the weight of your gold cannot be excessive than what it really is. Gold Dealers follow the traditional method or the modern method using technology to clean your gold. The traditional method of cleaning uses detergent and warm water.
Later, the gold jewellery becomes clean by brushing off the leftover residuals. After this, they soak it in lukewarm water to remove any leftover residuals. Finally, they wipe using a towel and then you can see your gold shining. Contradictory to the traditional method is the modern method of cleaning. The modern method is less time-consuming. It involves ultrasonic cleaning, which clears out any dirt found on your gold. These days, many gold buyers have used these modern techniques to reduce the time used to clean gold ornaments and help you proceed to the next steps.
#3 Gold Evaluation:
This is the most important step in selling gold. You might wonder why is it that important? The reason is that during evaluation, the gold buyer removes anything attached, checks your gold’s weight and its purity. After that they disclose a price offer to you. To this, you can add the gemstone’s value or else you carry them with you. Some gold dealers don’t accept your gemstones, but you’ll get the cash for your gold.
#4 Price Disclosure:
When the gold buyer has finished valuation of your gold, they share with you the price. Then it’s your decision. If you are happy with it, you can sell your gold right away. Many gold dealers usually end up paying only 60-65% of the price that your gold is worth. This is because they deduct many charges that they need to bear, for example melting your gold, or maybe rent for storing the gold in a locker. So they might put that expense on you to cover up other expenses. You should always find a gold dealer that is paying you everything that your gold is worth.
A gold buyer deducts 3% of your gold rate towards service charges. Rest is yours.
#5 Instant Payment:
Finally, this is the last step in selling gold. Once you are happy with the price that is being offered for your gold, the next step is instant cash for gold. But before getting paid, you need to prove that this gold is yours. Due to increased theft and robbery of gold items, every gold buyer needs to see that this gold is rightfully owned by you. Further, furnish your identity details that contain your current place of residence, your name and other identity details. And you should be above 21 years of age.
But if you are between 18-21 years of age, then you might need permission from your parents for you to sell gold. Once all the documents seem all right, the next thing is instant cash. The payment is usually through cash payments, NEFT, RTGS, IMPS or UPI. You should know that whatever the payment method is, the payment should reach you then and forth. Do not accept cheques or other payable instruments, as these are not the most reliable methods to cash your gold. Always accept instantaneous payments, otherwise, you are being scammed.
If you are not interested in selling gold, but want to take a loan for your gold, then read this article about why you should take a Gold Loan instead.