Gold is believed to be the most auspicious metal in India and people invest the most in Gold. It is quite a great way to invest in a secure thing. Surveys have found that Indian women mainly housewives have 11% of the world’s total stock of gold. Isn’t it amusing?
Usually, Indians buy gold on every special occasion such as Diwali, Dhanteras, Akshaya, Tritiya, weddings, and many other occasions. Every Indian is obsessed with their gold because it is more than just a metal or piece of jewelry. We are taught to keep our gold saved for dealing with financial emergencies or crises. But do we all know how we can get cash for our gold? Well, there are many things you need to understand if you want to get all stars aligned. So, know the basics of exchanging gold for cash.
Here below we are helping you with the tips that can help you stay ahead of time when it comes to exchanging gold for money.
If you panning to exchange your gold for money, you need to be alert and clear. Here are the five important tips that every gold holder must know before making the exchange of their gold jewelry, bars, or other gold items.
Tip 1: Contact Trusted Dealers of Local Area
In the current times, it is very difficult to find trustworthy buyers from the heap of dishonest people. Normally, you end up falling into trap of some unfair and fraud dealers if you don’t do your proper research. So, to ensure that you don’t end up making a mistake, it is necessary to dig deep into your local market. Do not go to the buyers that are too far from your place as the reliability and distance are two inversely proportional factors. For instance, If you are looking for Gold Buyers in Delhi, make sure you contact the Delhi based dealers and not from Punjab or Haryana.
Tip 2: Be Updated with Current Market Prices
The rates of gold fluctuate quite often. Therefore, you must keep an eye on the current marketing prices, if you have any intention to sell or exchange gold for money. To get cash for gold in Delhi, you need to be aware of the marketing price of gold so that you can earn the highest profit.
Tip 3: Do not Expect Unreasonably
It is important to make realistic expectations if you are planning to trade your gold for cash. There is no way in which you can get the exact amount for the piece of jewelry you are trading off. Because the dealer has to pay a price for converting the gold items into the raw gold. So, you won’t be receiving the making charges that you spent on the making of the gold item.
Tip 4: Know the Worth of Your Items
For knowing the worth of your gold items, it is important to know the purity of them in Karat. The weight of the items will determine the money you will be getting for the gold items. By knowing the weight and Karat value of your gold, you can calculate the cost of molten gold and help you set the real-time expectation for your gold products. Make sure your gold buyer is not weighing the different karat products together. FYI, 24 Karat is the finest purity measure for regular gold items.
Tip 5: Fair means used be used to determine the gold’s purity
If you are expecting cash for gold, your dealer must be using the fairest means to check the purity of your gold items. Never hesitate to enquire about the ways your local dealer is using to test your gold items. Make sure, the dealer is using accurate and high precision devices such as a Karate meter to find the purity percentage of the gold.
If you follow all the five tips given below, you will surely end up having a fair deal for your gold items. Last but not least things are, always check the authenticity of the dealer as there are many frauds in the market to play scams.