There are increasing number of investors, who are looking to sell gold. This is because gold rates in India have now crossed the Rs 50,000 mark for 24 karats. Several consumers and investors are saddled with broken chains, ear rings or smaller gold items and they are not willing to exchange them for new gold, as they do not want to invest more in new gold at high rates. So, they are willing to sell their gold for cash.
Looking beyond jewellers to sell your gold for better price
Many a times it highly possible that you may not get the best price for your gold jewellery by selling the same to jewellers. In smaller towns and cities it is likely that you may not get the best price and hence you could lose. At such times, it is best to look beyond jewellers and move to companies that are specialized in selling gold.
Specialized gold purchasing companies
There are many companies that have now specialized in buying gold for cash. Names like Attica and D Gold have become popular over the last few years.
These companies pay you cash immediately or could credit your account with the sale proceeds. There are many advantages of going with these companies. The process here is swift and also the mechanism to check gold is good. These companies have German gold checking machines, which will check for purity and weight. The weight of beeds and other non gold items will be eliminated to arrive at the net weight of gold.
These companies offer you the current rates of gold and subtract their commission. So in short, there may not be any hidden charges.
There is also better transparency as the checking weightage and purity is done in front of the customer. The final price is arrived at, so, if you are unhappy you need not go ahead with the deal. The money from the sale proceeds is either credited to your account or given in cash.
It's important to remember that if you have made a profit from sale of gold, you need to pay capital gains tax on the same.