Selling gold is a quite common practice in India, people store cash with them and sell it at the time of emergencies. But if you are in doubt how much you will get by selling old gold for cash, then there are some important facts you should know so that you can get the most out of selling. The first and foremost facts are variables that affect the amount of a seller which he will get from the old gold. They are:
- Present Rates of gold in market
- Purity of gold measured in carats
- The weight of gold. Gold is generally weighed in ounces, troy, grams, and penny weights.
It completely relies on the karat worth and weight of your gold items. In the beginning know how much your gold weighed and determine its price prior to approaching more than one buyer, for an example if it is 14kt then it indicates 60% purity. Likewise, if it is 18kt of gold, it has 75% purity, 22kt 91% purity, or 24kt 100% purity.
The buyer will use different processes to test the purity of the gold like acid test, rub the gold-colored item on black stonewhich can leave a simple visual mark. The mark is examined by way of making use of nitric acid, electronic tester or X-Ray method of Gold analysis.
The final price you will get for your gold will be based on the melting charges applied by the jeweler. He will first melt your jewelry in the induction furnace. Then they will see the final price by deducting all the impurities, gemstones, or alloys mixed in that.
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If you want to determine the price of gold after selling old gold for cash on your own, you should follow the following steps:
Here is a very easy formula that you can apply to know the value of your old gold jewelry
- Take your gold to a testing lab to check the percentage of purity in it.
- Then you will get a testing report which will tell you the right weight and its purity in karats.
- To calculate the value of gold in the article apply the formula:
(Weight of gold x purity of gold x current price of gold) / 24
For example, the weight of the article is 20 grams with purity of 20 karats & the rate of gold today is ₹ 6,000 per gram
Value of Gold Today (using karat purity) = (20 x 20 x 6,000) / 24 = ₹ 1,00,000 only.
After following these steps you are ready to sell your gold with Jewel House.
