why old gold is not selling
One thing that needs to be understood is that most of the jewelers in India are gold retailers. Just like retailers do not buy back everyday items, these jewelers also do not accept old jewellery. They are ready to give new jewelery equal to the weight of old jewellery. Rather, now the goldsmiths are not even ready to buy gold coins. Apart from gold, you find it difficult to get cash even for cheap metals like silver.
where can old gold be sold
As per a Moneycontrol report, the jewelery retailers are not accepting the old jewellery. But there are also specialized jewelers who accept vintage jewelery and display it outside their stores. Jewelers around Zaveri Bazaar and Opera House in Mumbai are ready to pay cash for old gold. But even at these shops, if you get the equivalent value of your gold, then tell that it may or may not happen.
there is another reason
Gold prices have risen due to external factors such as war and volatility and uncertainty in oil prices. According to a Johri, a rebound in this trend will be seen soon. But at this time, jewelers will suffer if they buy old gold. That is why jewelers are avoiding buying old jewellery. One thing is that buy rates and sell rates are different, so it is difficult for them to compensate for the value of your precious metal.
check how to rate
You can check the sell rate (the amount you buy it at) and the buy rate (the price of the gold you bought). You can check the rates from the Indian Bullion and Jewelers Association website and social media handles. A missed call on 8955664433 can also help you to know the rate by day.
Hallmarking has been made mandatory in India since last one year, so your old jewelery may or may not be hallmarked. If you as an individual ask a jeweler to hallmark your old gold and then accept it, they will be unwilling to accept it for fear that the old metal will be of low carat. That is, it is now difficult to sell old jewelry overall.