According to a study conducted by the World Gold Council, Indian households accumulated almost 25,000 tonnes of gold in 2019[S1]. Its value is equivalent to almost 40[S2] % of India’s GDP in FY 2019. It is no secret that Indians love to purchase gold. Gold is not only bought for displaying wealth but also for its ability to act as an asset.

However, one may want to sell gold for multiple reasons. Examples include: either for a financial emergency or to fund a major purchase or just to make a tidy profit on an investment made in the past. The challenge arises in finding the best possible buyer who would exchange your gold for cash.

Irrespective of whether you want to sell gold for cash in Bangalore or Mumbai or Chennai or any other location, you can keep the following points in mind to choose the best gold buyer near you without any hassle:

Seek advice

You could speak with people in your network who have sold gold for cash to know more about their experiences. They would certainly be able to offer interesting insights which would be helpful when you go out to sell gold.

Check with multiple buyers

You could begin by exploring multiple gold buyers in your vicinity. One way of doing this is by entering this search term “gold buyers near me” in the Google search bar. Another way is by searching for those who offer cash for gold in a specific city. For example: “sell gold for cash in Bangalore”. You will instantly get a list of companies like Muthoot Gold Point in your area whom you can start approaching. The most obvious comparison between different buyers would be based on the valuation of gold. Collect the estimates of how much are they willing to offer for your gold.

Transparency

Another important criterion to shortlist a buyer is transparency[S3] . A genuine buyer will use scientific tools such as advanced XRF machines to check the purity of the goal after removing the debris. While many people still depend on jewellers, they do not follow scientific methods to assess the true value of your gold.

Use best practices

As mentioned earlier, there are specialised gold buyers who can be considered instead of unorganised players. These specialised gold buyers use best practices to ensure that the gold sellers get the best value for their gold. They would take up to three decimal points on the weighing scale and use high-quality crucibles.

Quick disbursal of payment

Select a buyer who would pay you the entire amount immediately after purchasing gold from you. In case the valuation of gold is a large amount, it might be convenient to engage with a gold buyer who can transfer the amount to your bank account as you wouldn’t need to worry about handling cash.

Finally do keep in mind that, although an emergency may require you to arrange funds immediately, it is important to be calm, patient as well as perseverant to discover the appropriate value for the gold that you wish to sell.

Author's Bio: 

-