The yellow metal kickstarted 2022 with all glam and glitter. The domestic price of gold has spiked to nearly 15% this year despite muted performance on the international front resulting from a weakening rupee against the dollar.
Tamil Nadu is one of the most prosperous states in the southern part of the country and holds a strong reputation for gold enthusiasts in terms of jewellery or ornamentation or being used as an investment option. Chennai, the capital of Tamil Nadu, ranks at the top among all the cities in India in terms of the gold trade. The city showcases the maximum number of sales and purchases of gold across India.
A key advantage of investing in precious metals is that one can easily encash gold and restore immediate liquidity concerns. Individuals may sometimes witness an uptrend in gold prices and want to capture maximum profits from their investments. Individuals may often face a dilemma on how to choose the best buyer. Here is how potential gold sellers can sell their gold for cash to gold buyers in Tamil Nadu.
|villa renovation in Dubai|
|wood flooring services in dubai|
|villa renovation dubai|
- Preliminary Research – The most crucial aspect of selling gold is selecting a trusted buyer. Individuals seeking to sell gold must thoroughly evaluate gold buyers and look for reputed companies giving reasonable compensation for the precious metal.
Choosing from various gold buyers in Tamil Nadu requires certain criteria. However, an important characteristic of a trusted gold buyer is complete transparency. Sellers can witness every step in the evaluation process, from gold cleaning to purity checks and weight. Individuals must choose certified gold buyers to get the fair value of their gold. They can ask gold buyers to present documents/credentials to verify their legitimacy before entering a transaction. Individuals can also look for customer reviews to gain better insights into the buyers’ reputation.
- Valuation Method – One of the most important criteria while selecting the right buyer is understanding their valuation method. Valuation directly influences the return that gold investors receive upon selling the precious metal. Many buyers use advanced XRF machines to check the metal’s value, weight and purity. The process is completely transparent and happens directly in front of the seller. Buyers may also use advanced ultrasonic machines to clean the metal.
The cleansing is done to arrive at the accurate value of gold. These days, gold buyers use high-quality crucibles which do not retain any gold after melting. Trusted gold buyers may typically take up to three decimal points (per gram), as shown on the weighing scale, ensuring the seller gets reasonably compensated for their investment. Additionally, as a part of their research, potential sellers can use gold calculators to compute the value of their gold and get a rough idea of its value.
- Additional Benefits – Potential sellers can look for additional benefits from buyers. These benefits include a doorstep service wherein the buyer sends a mobile van to the customer’s doorstep for a smooth and hassle-free experience. Buyers may also offer instant cash worth Rs. 10,000 and NEFT/IMPS/RT on higher values. This helps sellers to get compensated instantly for their gold.
- Identify Fraudulent Buyers – Individuals seeking to sell their gold must be wary of fraudulent buyers. Some of the signs of such buyers are mentioned below.
(i) Highly attractive schemes – If the buyer offers extremely attractive schemes or highly unrealistic returns, it may be a warning signal.
(ii) No background of the company – There may be times when individuals seeking to find gold buyers may come across random flyers or advertisements. However, upon looking up, they do not find a good company by the name with no history or background.
(iii) Seek Personal Information – The buyer asking for personal data such as bank account details, debit/credit card numbers, and email address may send a warning sign.
(iv) Non-cash payment methods – If the buyer insists on non-cash modes, such as cheques, it may imply something suspicious. Cheques may get bounced, and banks are not responsible for the lost amount in such cases.
(v) Advance Product – If the buyer asks for the product in advance and assures payment later, it could again raise some doubts.
A key advantage of investing in gold is that it is highly liquid. Individuals can readily look for gold buyers to obtain instant cash for their investments. Gold calculators are an important tool that helps potential sellers evaluate the value of their gold before entering into a transaction. Additionally, sellers must be cautious of fraudulent buyers and select only trusted and reputable gold buyers to enter a transaction.