Here’s How One Can Sell Gold For Cash Using 7 Simple Steps

Gold is deemed as an asset, a valuable traditional entity that harbors immense worth and emotions in India. Regardless of socio-economic strata, almost all Indian homes have some trace of gold within their threshold. 

The main logic gold owners employ in their defense is that gold can later be sold or utilised as an option for financing one’s emergency fund needs. According to data provided by the Reserve Bank of India, Gold loans account for nearly 2.1% of personal lending as of 2021, up from 1.2% in August 2019. 

However, in recent times, there has been an increased demand for selling gold jewellery online. More people are now looking for ways through which the gold for cash scheme can take place at a faster rate, and in a more efficient manner. This opportunity, in turn, has been adequately utilised by gold buying companies. The following are the seven steps to overcome before selling gold online.

Step 1 – Find Suitable Online Platforms

The safest and the most hassle-free way of enquiring to sell gold online is by finding a suitable gold buying company that allows fast and trusted transactions. Muthoot Gold Point, for instance, will enable one to sell gold quickly by enquiring online. With a proven track record of 100% fair & precise gold buying, Muthoot Gold Point offers free purity testing of the seller’s gold.

It maintains utmost clarity throughout the process. From testing to evaluating gold weight against the actual rate, the members of Muthoot Gold Point maintain overall transparency in the process.

Step 2 – Register on the Platform

Once the seller has made up his mind, he would now need to register on Muthoot Gold Point’s website. He would need to fill up the enquiry form that consists of:

• Name
• Email Id
• Mobile Number
• Selecting the state and town

Step 3 – Expect a call from Muthoot Gold Point executive

Upon submitting the form, customers can expect a call from one of the Muthoot Gold Point’s executives to fix up an appointment. Accordingly, a visit to your nearest branch can be planned.

Purity of the Gold: Using advanced technology, XRF & ultra-sonic machinery, the experts from Muthoot Gold Point will perform gold purity testing to ensure that the seller meets the gold quality and originality standards.

Step 4 – Cleaning of Gold

It is common for gold to lie around in one’s storage for years to gather some dust. Traditional buyers often tend to disqualify or reduce the rate of the selling price, based on the apparent dusty look of the gold jewellery. But online gold buying company like us take the responsibility of cleaning the dirt from the gold using ultrasonic machines.

Apart from acquiring gold loans, a good number of Indians resort to selling gold, directly. Selling gold is an easier, hassle-free option. Selling relieves the owner of the burden of acquiring a loan and paying interest. Moreover, it also helps in the quick transaction of gold for cash without the involvement of tedious paperwork.

Step 5 – Clarify the Present-day Gold Rate

Online gold-selling companies must cross-refer the gold rate offered against both the national and statewide rates. While offering the full rate is not a possibility, in all cases, a certain percentage of the current rate can be acquired by selling off the gold.

In this regard, Muthoot Gold Point ensures that all of its selling activities are at par with the value of gold in the present day, as per the market price.

Step 6 – Provide Documentation

Having passed all quality and calculative parameters, the seller is required to provide documentation dependent on which transaction is likely to take place. Documents required would include:

• Bank Details
• Photo ID proof published by the Government of India

Step 7 – Get Paid Instantly

Having passed all parameters and after the submission of verified documents, the seller can then expect instant payment against the sold gold. Muthoot Gold Point offers gold for cash payment of up to Rs. 10,000. For amounts higher than that, direct payments are forwarded to the seller’s account, either in the form of NEFT/IMPS or RTGS.

Source: https://qz.com/india/2066596/indias-gold-loans-a-signal-of-distress-soar-to-8-5-billion/