How to make money by selling gold ornaments at the market rate?
If you have finally and irrevocably decided to get rid of the gold jewelry, your task is to make it as profitable as possible. To do this, do not run into the first purchase. It’s better to get ready.
What do they usually do? Google. Of course, you can use any search engine, girlfriend’s advice, colleagues’ recommendations, etc. The main thing is to understand exactly what conditions the market in your city can offer you at a particular point in time.
Refine prices and compare them
Do not trust the highest price, besides, if it is one of a kind. Believe me, a gold jewellery buyer is not a charitable foundation and it certainly will not work at a loss. If the price is suspiciously high, it means that there are some special conditions in the transaction that you have not yet paid attention to. Trust at this price is not worth it.
Mentally go from gold to money
You should once again carefully check all the conditions that offer you, to weigh doubts. Remember that cheating and fraud in the traditional sense will not necessarily come to you from the scammers. Sometimes even official services accepting precious metals, for their own benefit, can write in small print special conditions in the contract that you did not pay attention to. Better step by step to mentally go through the entire operation before realizing it.
In principle, these are the main points that you should remember. Only in the case of careful preparation do you guarantee yourself the best deal possible.
How to sell or exchange jewelry? Three main ways:
To say goodbye to your favorite precious accessory, there are several ways. We will share with you the three most common of them.
(1) Hand over to a gold jewelry buyer
As already mentioned, a gold jewelry buyer is an institution for the sentimental. Well, or for those who are experiencing temporary financial difficulties and are not ready to part with their gold jewelry forever. Gold for a jewelry buyer is a guarantee, exactly the same as currency.
- Collaboration with a jewelry buyer is quite comfortable. Judge for yourself:
- You can complete the transaction within 10-20 minutes, immediately receiving money on hand;
- You do not need to bring a mountain of documents with you: usually, a passport and sometimes an identification code are enough;
- On the spot you fill out the contract in duplicate – this is the only paperwork that awaits you;
- If you decide to buy the product earlier, then you will not need to pay any additional fees;
That is, if you need to quickly and comfortably sell old gold jewelry at market price or if you plan to return it back later, a gold jewelry buyer is one of the most successful solutions.
Today it is not difficult to find a gold buyer. These establishments open at every step, especially in a big city. However, pawnshops can usually be divided into several categories.
(2) Factory Gold Buyers:
These are large, often network companies with many branches. As a rule, they buy gold in large volumes, say, from 100 grams. The price per gram of precious metal will be high, but it’s unlikely that you can buy your favorite jewelry.
In addition, factory gold buyers are disadvantageous if you have jewelry with a stone: they are valued at the price of gold or simply picked out from the product and given to the owner.
(3) Jewelry Buyers:
This is what you need. Only exclusively precious accessories are accepted here. Gold is the main specialization of jewelry buyer shops, and therefore they can offer you quite favorable conditions, and they will definitely treat your jewelry very carefully and accurately.
Of course, the last option is the most preferred. Spend quite a bit of time to find a jewelry pawn shop in your city.
If you nevertheless decided that a gold buyer is your option, pay attention to some useful tips.
Choose a reliable gold buyer:
This issue needs to be approached very carefully: the first institution you find may be dishonest or even fictitious It is best to choose the institution about which you heard really positive reviews, saw that it has been open for several years. A good way would also be to choose a network institution, that is, one that has several branches.
We remind you that the details of the gold buyers should be indicated everywhere: the name of the employee who performed the operation, his signature, wet seal. In addition, documents must be prepared in duplicate.
Decide if you plan to return the product:
If you just selling gold for cash, then we are talking about a regular contract of sale. If you are determined to return your favorite product, then you will be given a loan, the guarantee of which is the surrendered gold. Like any loan, it requires a monthly repayment of interest, and at the end of the term, you will have to redeem the delivered product. If you don’t have the financial opportunity to do this, then a month later then they will get the right to sell your gold.
Thus, the gold buyer will allow you to quickly turn in your favorite jewelry and offer the opportunity to return it if necessary. True, the cost of gold, in this case, will be very symbolic.
This article has been written by Chandra Mehta.
Chandra is a seasoned banker with 35+ years of experience in banking and financial services industry. He’s a retired banker and has served as Chief Manager and Assistant Vice President in State Bank of India/or its subsidiaries. He has authored many articles on this site (allonmoney.com).