Gold-for-cash deals have become increasingly popular in recent years as people look to monetize their gold jewellery and other precious metal items. However, not all gold-for-cash transactions are successful, and there are a number of reasons why people who wish to sell gold are robbed of a good deal.
In this article, we will explore the top seven reasons why your gold-for-cash deal might be turned down, including issues related to the quality of the gold, market fluctuations, and the policies of the gold buyers.
By understanding these potential obstacles, you can make more informed decisions when it comes to selling your gold for cash.
- Poor Quality: The quality of the gold can play a significant role in determining its value. Gold that is damaged or contains impurities is generally considered to be of lower quality and may be rejected by gold buyers. Hence it is always advised to check for the authenticity of the gold when you are making a purchase.
- Incorrect Purity: The purity of gold is measured in Karats, and gold buyers will check the purity of the gold being sold. If the gold is of lower purity than specified or tampered with, it will get rejected.
- Inaccurate Weight: In the case of selling gold ornaments that are stone studded, you need to be aware of the fact that the value of the precious stone will not be considered. Gold buyers will only consider the purity and weight of the gold as the determining factors.
- Incorrect Weight: It is suitable to have it weighed by a reputable jeweller or gold dealer who uses a calibrated scale. This will help you get an accurate weight and, therefore, an accurate price for your gold.
- Suspicious Origin: If the origin of the gold is suspicious or unclear, buyers may reject it. This can happen if the seller cannot provide proper documentation or proof of ownership and can also be considered fraudulent involving authorities.
- Payment Method: If the seller requests an unconventional payment method, i.e., to transfer funds to a non-verified individual’s bank account, gold buyers may be hesitant to purchase the gold. Gold buyers also have certain payment modes they operate under; if the terms of transactions are not met, the gold will not be cashed.
- Unreasonable Expectation: People who wish to sell gold often have unreasonable expectations that they will be able to sell it at a price significantly higher than its current market value. This may be due to a misunderstanding of the gold market or a belief that their particular piece of gold is more valuable than it actually is.
Another unreasonable expectation some people may have is that their gold will retain its value indefinitely and that they will be able to sell it for a high price no matter when they decide to sell it. However, like any commodity or investment, the value of gold can fluctuate over time, and there is no guarantee that it will always be in high demand or worth a high price.
It is crucial to ensure that the gold being sold is of good quality purity, and has a clear origin, and has been authenticated by a reputable agency to increase the chances of a successful sale.
Are you looking to sell gold in Bangalore? Cannot determine who would offer the best deal for your gold. Visit White Gold, one of Bangalore’s reliable and reputable gold buyers, well-known for their transparent, advanced and quick service to customers.