Indians keep buying gold for every other occasion, most of this gold demand is created during the wedding seasons. Jewellery constitutes over 50% of India's gold market. Gold does not look so bad as an investment option, especially as its price has steadily risen over the years.
As a country, India has a record of pledging gold for the education of children, marriage, and meeting immediate needs or inevitable circumstances.
Know your Gold
- 24 karat gold is 100% pure
- 18 karat gold, contains 75% pure gold
- 14 Karat gold, contains 58% pure gold
- 10 Karat gold, contains 42% pure gold
Here are some of the popular companies that buy your gold:
Muthoot Gold Point
Muthoot Gold Point is a unit of Muthoot Exim, offering an easy experience of selling your old Gold for instant cash. The entire process happens in front of you such as multilevel scientific testing for exact Gold value only, Cleans the Gold with an ultrasonic machine to get an accurate weight and the company uses high-quality crucibles which do not retain any Gold after melting.
Note that amount up to Rs 10,000 is given as cash. Amounts higher than Rs 10,000 will be instantly paid to your bank account via NEFT/IMPS/RT.
WhiteGold India uses German Technology to get accurate gold purity measurements. They also release gold from the bank and financial institutions and release the gold for customers. They have branches in Tamil Nadu, Karnataka, and Kerala. If you are looking to sell your gold coins or jewellery, visit the branch along with the purchase receipt and your ID Proof. They buy the gold at the best daily price and transfer the money to your bank account.
All AKshayaGold divisions are well equipped with modernized German XRF technologies to easily and reliably evaluate the purity of gold. At Akshaya Gold, they buy all sorts of gold and gold-related things such as jewelry, coins, and bullion. The company also buys diamonds, silver, and platinum along with gold. The branches are available in Bangalore and Chennai.
AtticaGold Company was established in the year 2013. Their gold buying schemes are very flexible and popular. The company claims that there will be no unnecessary deductions and no hidden charges. There are around 200+ branches across the country.
It uses German technology purity checking machines with perfect accuracy. It also offers other services like pledge gold, release pledge gold, gold finance, and transfer pledge gold. They have branches in Karnataka, TamilNadu, Andhra Pradesh, Telangana, and Pondicherry.
DGold buys gold in the form of jewelry, bars, and coins. If you are looking to dispose of your gold and turn it into cash, you can visit DGold company. They offer a Gold Buyback Scheme where you can sell your gold jewelry today and buy it back by paying it back within 30 or 60 days. However, in order to make use of this service, the seller must apply for this option at the time of the sale of gold. Note that PAN & Aadhar card is mandatory for the valuation above Rs 50,000. At DGold the transactions are instant, all payments are made by IMPS, Neft, Rtgs, or Cash.
By sending a WhatsApp message to the firm, you can also get an instant gold price, which will help you to determine whether to sell your gold or not.
Benefits of selling at these companies
- Gold buying companies pay you cash or can credit the selling proceeds to your account.
- They have German gold checking machines to check for purity and weight.
- To achieve the net gold weight, the weight of beads and other non-gold objects will be removed.
- These firms pay you the current rates of gold along with deducting their fees.
Taxation on gold
Note that there is a tax you need to pay when you sell gold. As per the tax slab, the short-term capital gains tax will apply. The short term is described as a sale within three years.
Long-term capital gains would be applicable when you sell the jewelry after a period of 2 years.
Documents required to sell gold jewellery
Aadhar Card, residence proof, and a PAN card are a must before you sell gold. Passport Size Photograph and receipt of gold are also required.