Selling Gold can be an intimidating task for someone who is new to this. If you have ever been in that situation, you would understand that almost all gold buyers in Bangalore try to low-ball the price. Some even try to cheat you using malpractices like adding unnecessary deductions, wrong taxes, etc. So, if you are looking to sell your gold, go through this list to be a bit more vigilant. We have provided 4 tips that can definitely get you the closest possible price to the basic price.
1. Carry the Invoice
When you purchase any gold jewelry or artifact, you are given an invoice that states all the basic details of your purchase like the karat of gold, purity, weight, price, date, etc. This is an important document for many reasons. First, it acts as proof of purchase and gives a guarantee to the gold buyer that the gold is not stolen. Further, if there are discrepancies in the weighing by the buyer and the invoice, you can easily detect it.
However, if the buyer is using a german purity testing machine, you can be at peace. This is because German testing machines cannot be tampered with. So another small tip would be to ask the buyer about what testing machine they are using. You can easily make an assumption about the authenticity of the buyer by asking this.
2. Check for Purity Yourself Before Selling Gold
In most cases, you will not see gold buyers using German purity testing machines. So, if your invoice is missing (as is the case with most sellers), it is better to get it tested at a neutral ground where there will be no bias. You can find them in every city and they are usually a public-private partnership to ensure customers do not get cheated. You will have to pay a very nominal fee for this, but if you do not have an invoice, this can save you a lot of money. A gold buyer will not be able to cheat you in any way while selling gold.
3. Have an Idea About its Worth Beforehand
Gold prices fluctuate on a daily basis, so keep tabs on the price daily. If you are not in a hurry to sell your gold, wait for the day when the prices are higher than usual. This way, you can maximize your returns. Also, it is worth making a note of all the necessary deductions that the basic price may be subjected to. However, it is sometimes different for each seller. You will have to search around and visit multiple buyers in this case to ascertain the best price.
Some of the common deductions that most gold buyers do are melting charges, income tax charges, GST, etc. Melting charges are nothing but the cost that the buyer undertakes for melting your gold and then reshaping it into other artifacts or gold bullion. Taxes like income tax and GST are provided directly to the government and do not go to the gold buyer.
4. Read Reviews Before Selling Gold
The best thing you can do to find a reputable Gold buyer is to read the reviews about the place before stepping out of your home. You can do this easily on Google, Justdial, Yelp, and many other online sites. This will give you a very good idea about the reputation of the shop. However, nothing beats going to the shop, interacting with the buyer, and asking questions yourself. You can even get a feeling about the genuineness of that particular shop if you go there.