Since ages Indian have used
- Bill or Invoice: A genuine seller always asks you to present the original bill while selling gold. This helps in avoiding conflict of interest as purity of the ornament is specifically mentioned in the bill, which makes it impossible for the jewellers deny anything as everything about the purchased gold is stated in the bill.
- Worth of Gold: Because there is no standardised method to get to know the exact selling price of the gold, it is advisable to take quotes about your gold from different jewellers before selling.
- Check the purity of gold: Make sure your ornaments have the hallmark sign or are of complete 24 carat. If your jewellery is 916 hallmarked then it is sure that your gold has 91.6 per cent gold all others are mixed with alloy to make ornaments out of it. In case the gold has no hallmark sign it, jewellers can manipulate it for poor purity.
- Confirm the Final Gold Price: Jewellers have different methods to check the purity of gold like, such as the acid test, electrical conductivity test or XRF test. Moreover, some jewellers also melt the ornaments and filter the gold to determine the purity and weight but again it is a loss if you are not happy with purity and weight of your melted gold.
- Sell the Gold: The most advisable option to sell your gold jewellery is to the shop from where you have bought it because they will give the rate for same purity at which they have sold.
- Is it advisable to sell gold to a seller without a receipt?
Although gold is also acceptable by a few jewellery stores and businesses without the requirement of an original copy of the purchase receipt, more authentic dealers will mandatorily ask you to present the bill. This is done to dodge discrepancies and to confirm the quality of the gold.
- What are the best practices to follow for selling gold in India?
Start with the basics, inquire with multiple local and big jewellers, organize your bills (original copies are needed), analyze the gold trend, and then pick what you want to sell (jewellery, bars or coins).
- Where to sell physical gold in India?
You can sell physical gold (gold bars, coins, and jewellery) to a jewellery store or an accredited gold re-seller/re-cycler, retail websites or cashforgold shops. Always do thorough research related to gold trends and gold’s value before selling gold in India.
- Is there a standard invoicing pattern for gold in India?
No, there is no single design for the same and so the price of physical gold may vary from jeweller to jeweller.