Releasing or selling gold- even though it sounds a bit atypical, it's not uncommon. Most of our occasions are marked with buying new gold. However, during the course of life, circumstances change and one may decide to sell gold for cash. It does involve a lot of sentiments, but in the long run it’s also practical if you are seeking cash for gold.
Now the natural questions that pop up our mind are- how do gold buyers determine the worth of your gold?
And who is the trusted gold buyer to visit when releasing your gold for cash? The following blog will answer all your questions.
Factors that determine the value of your gold before selling
Before you set out to sell gold, it’s important to know what decides the worth of gold. Most people think that the look of the ornament or the price that you paid while buying it decides the value of gold when you plan to sell gold for cash. But that’s not the case. The price that you get upon selling gold broadly depends upon the following three factors.
● Purity
● Weight
● Current price
Let’s look into each of these carefully to know the valuation process. This will help you make a smarter decision and get the best optimum price against your gold items.
Purity of gold
Purity of gold means the proportion of pure gold in a jewellery piece. Gold buyers check the purity of gold in karats, using a karat meter or XRay Fluorescence technology.
A 24 karat gold piece means 99.9% gold. A 22 karat has 91.6% gold and 18 karat contains 75% gold in it.
The more the purity of your gold, the higher the price you will get upon selling it.
Weight of gold
Weight of gold means how many grams of gold is in your jewellery piece. For obvious reasons, it is one of the prime factors in deciding the value of gold. A greater weight of gold piece means higher gram value of gold in it, resulting in a higher price.
An important point to note is that the gold buyers only calculate the weight of gold and not of pearls or stones in a gold ornament. For example, if you plan to sell a 20 gm bracelet that has 4 gm of stone/pearls in it then you will get the worth of only 16 gm gold. The value will be calculated only against the net weight of gold.
Current price
Gold prices fluctuate on a daily basis based on international market trends. The price that you get will depend upon that day’s rate whenever you plan to sell it.
However, this will be just a rough estimate as the payout depends upon a number of other factors as well.
No price for making charges
Most gold sellers charge extra making charges for design and craftsmanship when you buy new gold jewellery. However, those charges are not paid back when you sell your gold for cash.
The gold buyer pays only for the gold content in your piece. It’s fairly possible that the resale value will be less than the original cost of your gold jewellery.
To sum up
Don’t be too overwhelmed when you plan to sell your gold. By doing thorough study and keeping the above points in mind, you will get confidence when you go to a gold buyer.
Looking for a trusted gold buyer? Drop in at Jewels Planet, a pioneer in the gold selling business.
You will love us for our transparent and fair service. Get 1% extra benefit on your value if you sell us Hallmarked jewellery. Also, present us with your original purchase bill to avail another 1% bonus.
In a nutshell, at Jewels Planet, sell your gold with confidence and have a rewarding selling experience.
