For a long time, gold was considered a possession. Over the years, people have realised the value locked in their gold possessions. Now, people prefer to make use of the ever-increasing gold jewellery rate. There are many options available to sell gold. When a financial crisis surfaces, you can sell it to a reputed gold buying company. It saves you from getting trapped in the vicious debt cycle and the high-interest rates lenders charge on loans. Since gold is a high-value commodity, it is essential to choose the best gold buying company to get a fair deal on the sale of gold.
Where Can One Sell Gold?
There are several gold buyers in the market who buy your gold possessions and some of them are:
- Traditional gold jewellers: People go to unbranded and local gold shops to sell their gold items. But they’re not an ideal option for you to sell gold. These local buyers do not have a standard procedure to test the purity and weight of gold. Thus, one may be easily duped and stay deprived of the true value of their gold possessions.
- Pawn Shops: Pawn shops buy various articles, and this includes gold. Since they are not specialist gold buyers, they do not have the equipment and expertise to check your gold’s value. Chances are, you would not get the real value of your gold if you sold it to a local pawn shop.
- Personal acquaintances: You may consider selling your gold to someone you know, maybe a relative or friend. Such deals are purely trust-based and no authentic paperwork is involved. Plus there is no means to check the real value of the gold being sold.
- Branded gold buyers: These days, there are some reputed and branded gold buying companies in the market. These expert gold buyers have standard and transparent procedures for buying gold.
How to Shortlist the Best Gold Buyer?
With so many options available, one may easily get confused as to which option they should choose. Below is the list of factors you should consider when selecting the best gold buyer in your area:
- Cleaning mechanism used by the buyer: Gold ornaments usually carry dirt and impurity. Branded gold buying companies use ultrasonic machines to clean the customer’s gold. This advanced technique cleans all the impurities from the gold article and gives the actual weight of gold. When a buyer does not clean your gold properly before weighing it, you should not consider them.
- Machines and tools used by the buyer: Traditional gold buyers and local shops do not have the expensive and technical advancement to check the weight, value, and purity of the customer’s gold. On the other hand, the best gold buyer uses advanced XRF machines. Moreover, they carry out cleaning, weighing, and transparently valuing the gold right before the customer’s eyes.
- Gold rate offered by the buyer: The gold rate fluctuates very often. Genuine gold buying companies take the gold rate on the day of the sale. A little research can help you shortlist the company offering the most accurate rate on a gold purchase. Choosing the right time to sell your gold based on the market demand for gold helps you get the best value. Festivals, wedding seasons, and other special occasions will fetch a person better returns on their gold investments.
- Bill or receipt provided by the buyer: Authentic gold dealers will always offer a printed and proper bill or receipt to the customer. A receipt confirms the buyer’s identity and ensures that you deal with a genuine gold buyer. It can also come in handy in case of any confusion later on.
- Feedback from other customers: One may look at the reviews posted on the websites of various companies that buy gold. Customers’ reviews are genuine feedback and give a realistic report of a gold buyer’s transparency and honesty.
- Payment mechanism of the buyer: Since a person is selling their valuable gold items to meet financial needs, they prefer to sell their gold to a company that offers immediate cash. Leading gold buyers offers instant cash up to Rs. 10,000 and instant fund transfers to the customer’s bank account for a higher amount.
Selling gold to a well-known brand with a long-standing legacy and customers’ trust is advisable.