Selling your old gold jewellery to combat financial issues: A Complete Guide

Gold jewellery is not only an essential part of Indian culture but is also a very important investment for many Indian families. Traditionally, in India, people buy gold jewellery as an asset for the future. The market demand for gold jewellery in the Indian market has steadily maintained a great average in the past years. At the same time, by the month of July 2021, the percentage of gold loans surged up to 77%. These parallel statistics show how gold jewellery is a valuable asset that can help to survive financial complications.

Since the gold rate is not a fixed component, the 1-gram gold rate in India keeps changing according to the market value. Since Indian culture is associated with the use and gifting of gold jewellery pieces, they can be optimised for instant cash at any point. However, certain factors will impact the money that you will get after selling your gold jewellery.

Here is a list to read if you are searching for “selling gold for cash near me“:

1. Gold rate in India

The gold rate suggests the value of one gram of gold. The 1 gram gold rate in India depends on several market factors.

  • Market demand is one of the main factors affecting India’s gold rates. The research study by the World Gold Council shows how the Indians think of gold as a great investment, but it is also a part of the ornamentation. World Gold Council’s report shows how 77% of the Indian old jewellery buyers have the investment factor as a motive. 
  • Since gold value has seen a steady uprise in the past years, gold jewellery allows security against uncertainty.
  • Inflation is another factor to affect the gold rates in India. During inflation, gold becomes a safe investment haven for investors since the rate of currency goes down and other assets like stocks might depreciate.
  • The global rates of the dollar also impact gold prices. Gold is one of the largest imported items in India. While currency movements will impact the gold rates, even sentiments across developed countries can affect the price.
  • Even political factors like wars, and elections, along with economic macro factors like recession impact the price of gold. The 1 gram gold rate in India will depend on how the Indian demand and supply of gold are managed.

While considering selling old gold jewellery, you need to know the 1 gram gold rate in India in your city before searching for options for selling gold for cash near me.

2. Gold Purity (Hallmark)

In India, “Hallmark” is a symbol of gold purity. In India, it has become mandatory for all jewellery sellers to add hallmarks in the design as a symbol of purity. It also ensures a specific ratio of gold to its alloys. Since gold is a very soft material, making gold jewellery designs with 24K gold is impossible. Alloys like zinc, copper, or silver are added to make it between 14K and 22K. 22K gold jewellery is considered the purest since the gold ratio is high with minimum alloy.

The value of the gold jewellery will depend on its purity based on its karat and hallmark since the weight of the alloys will be deducted from the total gold weight.

3. Net worth vs. Making Charges

Since gold jewellery is handmade, the prices include the making charges as well. When you try to sell them, the making charges will be deducted based on the policies of the jeweller. Even in the case of gold loans, the amount of the loan depends solely on the net worth of the gold after deducting the making charges.

4. Original proof of purchase

If the original bill is missing, it might cause difficulties and reduce the prices of the jewellery items to be sold because the jeweller will apply a deduction on impurity as per his terms and policies. The original invoice will prove the exact making charges and karats for purity.

5. Jeweller

It is possible to get the best value for old jewellery if sold to the original seller. They deduct the minimum from the jewellery’s total value since it is their product, and they trust their purity.

Although selling old jewellery is easy, with Muthoot Goldpoint, you can even earn redeemable points for selling your jewellery. Gold jewellery is not just an investment in India but is often associated with culture, heritage, and even memories. With Muthoot Gold Point, you can ensure that your assets are being valued in the way they should be. Thus, if you are searching for “selling gold for cash near me,” keep this list as a checklist for easy reference.

Source: https://indianexpress.com/article/business/banking-and-finance/in-a-sign-of-distress-gold-loans-soar-77-per-cent-in-12-months-up-to-july-7485624/

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