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  • Writer's pictureVitthal Verma

Brief Guide to Selling Gold Assets for Cash

Updated: Mar 29

In case you possess any gold assets like coins, bars, or jewellery, you can sell them to get some instant cash. There are many ways to sell the gold assets you own, and this can be done either online or locally.

Having said that, selling gold can prove to be a confusing and tedious process. But things can be simple if you use the following guidelines.

Ascertaining value of gold

Before you rush to present your gold asset to potential buyers, you should make the first critical step: determine the value of the gold asset.

Address the question: how much is my gold worth? Note that the price of gold changes on a daily basis and it is determined by the market conditions. To get the best prices, you should consider two values: emotional value and physical value.

Emotional value

For this, the value depends on the origin of the asset. For instance, it could be a piece of heirloom passed down generations in your family or a sentimental item carrying fond memories. You could sell such a gold asset, but it is possible that you may not get the value you expected from it.

Physical value

In this case, the value is determined by a professional assessment of the quantum of gold content in the asset. Note that most of the gold items comprise gold mixed with varying amounts of other metals, which do not add to the value of such assets.

Experts recommend that you get your gold assets appraised by professionals who can be trusted to determine the value of the gold minus its other contents. Usually, one should not depend on the weight of the gold asset as it may not be pure gold and, thus, will not give its actual value.

At the same time, there are also chances wherein your gold asset is worth more than its gold content. For example, a gold jewellery item may be worth more than its gold content due to its brand value or antique value.

After determining the value of the gold item, you can search for potential buyers in the market. But you must ensure that you don't commit some major mistakes.

Common mistakes while selling gold assets

Those who are novices in selling gold items often commit the following mistakes, which will put you at the mercy of fraudulent gold and jewellery buyers:

Not knowing where you are selling

You should know who you are selling the gold items to. There are several online companies that claim to purchase gold, but they may be fraudsters who will not give you the authentic value of your gold items.

You must seek appraisers and businesses with many years of experience in the arena to sell gold for cash in Mumbai. The general opinion is that you must solicit a referral from customers who find a particular buyer trustworthy.

Not checking the certification of dealer 

One mandatory step is to check the certification of the dealer. If they lack this, it is highly likely that they are not very reputed and are mostly fraudulent. Gold dealers need to have nationally approved accreditation to display they have expertise in the business and know the ins and outs of the gold trade. So, do not trust companies lacking credentials so that you can avoid potential scams while trying to sell gold.

Rushing the process of sale

One of the rookie mistakes made by sellers is their rush and eagerness to sell their gold assets. Most sellers become so obsessed with selling such assets that they often neglect conducting enough research and do not invest much thought and effort in the process.

Note that if you rush the process, it is highly likely that you won't gain the actual value of the gold items you are trying to sell. Try to take the process slow and easy and not be in haste to sell these to the first buyer who approaches you.

Always maintain open options and solicit multiple quotes to gain a choice of options. When you rush, you will become more anxious. Because of this, you may end up regretting that you may have sold your gold items for a lesser price than you deserve.

Not discerning the variations between gold-plated and solid gold

A major mistake made by sellers of gold assets is not knowing that these may not be composed of 100% pure gold. Many may be unaware that the gold asset they are attempting to sell is mixed with other metals or gold-plated. Often, they may experience disappointment after presenting their gold items to be appraised for their value and become mortified to find out that their family heirloom does not have the worth that they expected.

Hence, note that any gold asset that is not a piece of solid gold may not carry much value. However, it is the appraiser's responsibility to judge and determine the value of the item. Any items carrying much sentimental value but not high physical value may be worth keeping for yourself if you are not happy with the amount offered by the appraiser.

Getting late payments

It is not at all acceptable if the gold buyer takes a long time to pay you in gold cash in Mumbai for gold items you sold. It is a must to ensure that you gain quick payment. There are certain buyers of gold, both brick-and-mortar and online, who will delay payments for months.

Under no circumstance must you ever leave your gold asset with gold buyers for a prolonged time and must urge them to make payments within weeks. Professional gold buyers who are well-versed in the business can offer to appraise the value of your gold asset within a day.

A trustworthy and reputed gold buyer can conduct an appraisal accurately and quickly and provide the best price. So, always ensure that you deal with gold buyers who are ready to pay the price for the gold assets as fast as possible.

In sum, selling gold involves many facets which you should take cognizance of. There are many chances that you make mistakes during such transactions. Gold is a valuable asset, and it matters much not to deal with it flippantly.



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