Sell Old Gold Jewelry And Get Instant Cash Only With Cash On Old Gold

 

Gold is never looked at as a metal in India; it is associated with the symbol of wealth, status, and prosperity. People pass down their gold jewelry to generations, and they are cherished for a lifetime. Thus when you decide to sell your gold, it is for a reason that surpasses the values and emotions. If that is the case, why Sell old gold jewelry for a lesser price when you deserve better? This article covers three important factors to consider while selling gold jewelry. Please read the article and take note of the pointers discussed to get the right price for your valuable gold.

What Should You Consider Before Selling Your Gold Jewelry?    

Retain The Invoice:

Conflicts and confusion are part and parcels of gold selling. However, there could be no better option than selling gold to get cash for urgent financial needs. Any reputed buyer would ask you to present the invoice for the gold jewelry to avoid any conflict on the purity of the metal. 

There is an advantage here too! The jeweler himself can’t deny the proper value of the gold you sell. 

The invoice will include the details of hallmarked articles, description, net weight, purity in carat, and fineness. The hallmarking charges are also mentioned in the bill. These details ensure a proper value for the metal and are verified by a certified organization like BIS.

The invoice would also include the details of the stones attached to the gold jewelry, if it had any. The weight of the stones used is also added separately to identify the correct weight of the gold metal used in the jewelry. Therefore the invoice is crucial in the selling process. 

Other documents you would need are an Aadhar card, Proof of address, Gold receipt, Pan card, Passport size photographs

Understand The Purity Of The Gold Medal:

There are two methods to understand the purity of gold metal, which are karat and fineness. The most unadulterated form of gold is 24 karat which denotes that the article contains 24/24 parts of gold, whereas the 22 KT gold includes 22 parts of gold and two parts of other alloys such as zinc or silver. 

These alloys ensure the durability of the article. We all know that pure gold is vulnerable and doesn’t withstand higher pressure or wear and tear.

Do you know that the World Gold Council stated that even the purest form of gold contains traces of contaminants that the maker can never get rid of? 

Another way to determine purity is fineness! The ratio of gold with the other alloys added to the article is termed fineness, and it is generally stated in parts per thousand. Therefore the purity is expressed as 999.9 parts per thousand.

How can you be sure of purity? Indian standards mandate Hallmarking of gold jewelry to determine the purity of the jewelry. The Indian government has ordered a hallmark, and they revised the signs of the hallmark on July 1, 2021. Therefore when you are investing in gold with the sole intention of selling it later, you must consider checking/determining the purity when you purchase. However, when you are about to sell your gold, make sure the jeweler checks for these purity checks to choose the right price for your gold. 

Consider The Taxes Levied On Gold:

The tax levied on gold is a massive advantage you wouldn’t want to miss. Understanding how the taxes are levied off the gold you sell is an essential factor in calculating your returns. What is the profit you get when selling gold in India?

When you sell old gold jewelry in Kolkata  to make a profit and sell it within three years of purchasing it, your profit is termed as short-term capital gain, and the tax is calculated as per your income tax slab rate.

If you exist in a 30% income tax slab, 30% of the tax is levied on the sale of gold. If you have retained the gold for more than three years, your profit is deemed a long-term capital gain, and the tax rate is 20% with the indexation benefits.

The gains are added to your income and taxed according to the tax slabs. 

Conclusion:

Selling gold always involves dilemmas as we often get doubt the value we receive. However, by choosing the gold buyers that are recognized by the Ministry of Finance and the ones that have gotten the gold purity certification, you don’t have to worry about the value you receive. Remember these three pointers discussed in the article to get the best value for your gold.