Selling Broken or Scrap Gold: Turning Unwanted Items into Cash

Are you in need of some quick cash for gold? Do those broken chains or mismatched earrings in your jewellery box take up space and make you want to declutter? Selling off that old gold could be your perfect solution to free up some space as well as get some quick cash for gold! In this blog, we’re diving into everything about selling scrap gold, giving you a guide on how to sell, where to sell, etc. Let’s get started:

What is Scrap Gold?

Scrap gold refers to any gold item that has no real use in its current state. This includes a broken necklace, old gold coins, a single earring missing its pair, a bent bracelet, old jewellery, and other low-end pieces made of gold that are no longer in use. 

Crucial Factors That Determine the Value of Any Gold

1. Purity (Karatage):

• Karat System: Gold purity is measured in karats (K). 24K gold is considered the purest, while 22K, 18K, and lower contain alloy mixtures.

• Higher Purity, Higher Value: The purer the gold, the higher its value per gram.

2. Gold Weight:

• Grams or Troy Ounces: Gold is typically measured in grams or troy ounces.

• Direct Impact on Value: More weight means higher overall value.

3. Current Market Prices:

• Global Market Rates: Gold prices fluctuate based on global market demand and supply.

• International and Local Influences: Currency values, geopolitical events, and economic stability affect gold rates.

4. Hallmarking and Certification:

• BIS Hallmark: In India, the Bureau of Indian Standards (BIS) hallmark indicates gold purity.
• Authenticity: Certified gold carries higher value due to assurance of purity.

5. Economic Factors:

• Inflation and Interest Rates: Gold tends to be a hedge against inflation.
• Investment Demand: During economic uncertainties, gold demand as an investment tends to rise.

6. Seasonal Demand and Festivals:

• Cultural Significance: In India, gold demand spikes during festivals, weddings, and auspicious occasions.
• Demand-Supply Dynamics: Increased demand often affects prices.

7. Government Policies and Taxes:

• Import Duties and Taxes: Changes in government policies influence gold prices.
• Regulations: Government regulations on the gold trade impact its value.

8. Exchange Rates:

• Rupee Value: As gold prices are globally denominated in dollars, rupee-dollar exchange rates affect local gold prices.

The Value of the Broken Gold 

You might be surprised to find that scrap or broken gold can hold considerable value. These items are still made of gold, a material that retains its worth despite its condition. The value of scrap gold is primarily based on its weight and purity rather than its appearance. This means that even seemingly insignificant pieces, though they might have a lower value, can add up to a substantial sum when collected and sold.

Where to Sell

White Gold is the best place to sell your gold. Wondering what sets us apart in this industry? Our track record speaks volumes—we’ve proudly served over 600,000 customers and have garnered over six years of expertise in gold buying. We prioritize offering you the utmost value for your gold, employing German machines and industry-standard spectrometers. Our live gold rates are directly sourced from MCX India, ensuring transparency and accuracy. Plus, our numerous branches, totaling over 60 across South India, are strategically located for your convenience. You can count on us to serve you with the utmost excellence!

Selling Process

When you come to sell your gold to White Gold, all you have to do is follow our seven simple steps. 

1. Find our branch that is close to you.

2. Don’t forget to carry ID and address proof (for e.g., an Adhar Card) before leaving your home. This is for KYC verification purposes and is a mandatory requirement.

3. After reaching our branch, we will conduct a gold purity test. We provide you with the utmost precision in the evaluation of your gold by employing advanced German machinery.

4. Next, we check the gold rates. We offer precise rates, eliminating concerns about potential scams or incorrect pricing. Transparency and trust are paramount in our customer service.

5. Right after that, you will be completing the mandatory KYC verification by providing us with the documents that you have carried with you.

6. Once your KYC verification is successful and you are happy with the price, we promptly deposit the cash directly into your bank account.

7. As an added benefit, we offer a bonus to customers who provide the original purchase bill for the gold. So, if you have it, don’t forget to get it and leverage this advantage to the fullest!

Conclusion 

If you’ve got some old gold or broken gold lying around and you’re thinking, “Hmm, I could use some quick cash for this,” then you know where to come! We’ve got you covered with a reliable, trustworthy gold-buying service that’s all about offering the best value for your gold. Come straight to us, and let’s turn that scrap into instant cash. Contact us now!