Gold is a precious commodity that can be liquidated when required. However, one should be careful while looking to convert cash for gold in Delhi. This article aims to provide readers with guidance for selling their gold.
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Selling gold for cash may signify that the customer is in dire need of money and this requirement is possibly time-sensitive. Such a situation also opens doors for gold buyers to dupe the sellers. The time-sensitive requirement may not allow the seller to evaluate the deal and incur a lower cash transaction. To avoid such a situation, the sellers can look for the following:
- Timely payment: The seller is entitled to immediate compensation for the gold sold. A delayed payment through cheque or any other mode may not serve the purpose and would entail additional efforts from the seller to follow up on the receivable. It is not an ideal situation and should be avoided at all times. The seller should ensure that the process of selling gold is seamless and allows for timely payments.
- Pre-fixed rate: The exchange rate of cash for gold should not be pre-determined or pre-fixed over a call or through any other mode of communication. Make sure the seller provides the cash at the prevailing exchange rate as it is on the day of the physical transaction. Avoid going to those buyers who pre-fix the exchange rate because this might result in a loss.
- Form of gold: The buyers should ideally accept gold in any form – jewellery or bars of gold. However, a few buyers may hold restrictions about the form of gold they are willing to purchase. The seller must enquire about the form of gold the buyer accepts before making a physical visit to their premises or making any formal agreements. Holding and selling gold in any format is acceptable as long as it is done legally and purchase receipts are in place.
- Check the gold: Testing the purity of gold is the buyer’s right. However, the process followed to do the same is what needs to be evaluated by the seller. Some buyers may follow the age-old methods involving a manual weighing scale and chemical tests, which may be time-consuming and highly inaccurate. The buyers may also use this inaccuracy to their advantage by offering a lower price to the sellers. The seller should ensure that the buyers follow advanced testing methods that result in accurate results.
- How genuine is the buyer: The seller can know about the buyer through a quick online check about what the other customers have to say about them. Carrying out an online review and any additional checks through other sources is as essential as the other points mentioned above. The sellers are advised to engage with buyers of high reputations in the market.
The sellers should ideally follow a meticulous approach before selecting a buyer for their gold. The process of selling the gold should be quick, accurate, and without hassles. There are some gold buyers who check all these boxes, so the sellers can use their services to receive instant cash for their gold.
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