How to choose the best gold buyer in your area? Few valuable tips for you

While plenty of options are available in the market to sell your old gold jewellery, choosing the right seller is vital to get the maximum value. Having many solutions can also lead to confusion since gold buying companies offer competitive prices along with added advantages to attract potential sellers.

Indians have always associated gold with a financial asset. Data shows that in 2019 India scored a record in selling gold jewellery since the process reached its peak in the past seven years. While selling gold jewellery as a financial asset, selecting the best possible option in the market is crucial. Selecting the best seller needs a few simple steps to follow. Here is a guideline to understand how you can choose a seller that offers the best value for your old gold jewellery:

1 Gold Rate of the Day

The gold rate of the day means the price of one gram of gold for a particular day. This rate keeps changing, so before selling your jewellery, check the gold rate to be aware of market rates. This is a significant step since it helps to choose the gold buying companies offering competitive market rates.

While choosing a seller, having basic knowledge about the gold rate is an added benefit since it will help you counter any fraud or exploitation attempt. You can also decide a perfect time to sell your jewellery based on market demand.

2 Bill or Receipt

A receipt or bill showing the purchase can also play an important role since many gold buying companies do not accept any gold jewellery, coin, or bar without a proper invoice. This is to ensure the authenticity of the products sold and to ensure that those were obtained without illegal means. 

However, it is also possible to sell gold jewellery without bills, and you must choose the proper sellers. It is very important to choose an authentic seller while selling gold without bills since there are chances of fraud.

3 Do Some Research

When we say do some research, it does not mean you have to roam around the streets and spend your precious time looking for the perfect gold buying companies. Rather, you can simply surf the internet and look over the websites of potential companies. There are many reputed brands like Muthoot offering the best prices for your gold jewellery.

Remember, brand reputation is a symbol of their behaviour and service in the past. Choosing a reputed seller makes the process of selling gold jewellery easier. Choosing a reputed brand like Muthoot ensures experienced handling of your gold and a smoother process. This is because they already have an organised process which was set by years of experience in this field.

4 Check Users’ Feedback

On the websites of many reputed companies, there are testimonials of their satisfied customers. You can easily look them up to get an idea about the seller. The testimonials reflect their service, and they can give a fair idea about whether you should consider this company as a buyer or not.

5 Check for Added Advantages

Although selling gold jewellery means getting cash in return for the gold value, some gold buyer companies offer added benefits of selling gold. These benefits might include the entire valuation of your gold within a very short time, instant NEFT/IMPS/RT for cash transfer, and so on.

Muthoot Gold Point allows checking your gold value by visiting the counters and also allows up to Rs. 10,000 instant cash and NEFT/IMPS/RT transfer for any value higher than that. This is a fast-paced and easy process done within hours.

6 Recognize the Tricky Buyers

Another crucial step in choosing a good gold buyer is identifying the potential fraudulent buyers. Some signs of a fraudulent gold buyer are:

• Random advertisements or flyers of a company with no background data or history
• Unrealistic schemes such as offering a lot more than market prices
• No need for documentation such as a receipt or invoice
• Promising immediate cash payment of the entire amount
• Over advertising their gold rates can be a sign of potential fraud

When choosing gold-selling companies, it is very important to ensure that they are existing brands with a decent reputation. Also, checking their background will help you to be aware of the basics. Do not forget to keep up with the market rates to get the best deals.