How do i go about selling gold jewellery or taking a loan against jewellery?

Answer 1

In the present day prices you (middle class people) can not imagine of buying any gold ornaments. So why do you ant to sell them. By selling even in renowned shop like Tanishq you will get only 50% of the weight-age - i.e. They deduct for soldering, wastage, discount for old jewelery, stone setting and finally Purity. The gold you have may not be Hall marked one and it will have only 16 to carat purity. They will take into all this and give you 50% equivalent only.

So you have to take loan only.

for this also please do not go to any Pawn brokers they will charges o exorbitantly and in course of 3 years they will swallow your gold. You will also get less than 50% value only as loan.

Now a days most of the banks given jewelery loan and the rate of interest is also very much comparable. They will ask you for address and other proofs and you have to open an account and take loan. Please try-.

Answer 2

Anu if you are from India, you can sell it in any Jewellery shop. But you will be loosing lots of money while selliing jewellery, as you would have paid a huge percentage for making/wastage charges while buying the gold in India.

While selling the shop keeper buy gold minus 10% for the used stones, oil formation etc etc. That means you will effectively get 90% of the current market value for the used gold. A point to be noted, this is not the time for selling gold, as in the recent past the gold prices in India came down. Just wait for few more weeks to see the market rates.

You can search the market rate for gold in www.goldprice.org

The second option would be selling the gold jewellery to a known person, so you can make the exact value of current market price of Gold. which means you will get 100% value of the gold and your friend can save the wastage/making charges bourn by the shop keepers while buying a new gold jeweller. In an avarage a person pays nearly 20% of the Gold market price for wastage/making charge while buying it from a shop.

Hope this piece of information helps you.

Answer 3

Mr. Sivakumar has detailed how to sell. For taking loans approach any cooperative bank or nationalised bank in your area.

Answer 4

For doing on a small scale, you need not to follow any procedure for selling or to take a loan. Contact any bankers who provides loan against hypothecation. For large scale, please let me know the project details and I shall direct you.