Selling Silver– Things to remember

India is a country where things are passed on from generation to generation, where heirlooms occupy a bigger space in our hearts than they do in our homes. While we generally treasure such heirlooms, there are times when we might be forced to sell them in order to meet certain pressing issues. A majority of gold and silver purchased in India is passed on through a family, making it an integral part of our lives. Passing on heirlooms also makes sense financially, as one is immune from changing gold and silver rates in the country. For example, silver which cost around Rs 20,000 a kg a few years ago in Delhi costs Rs 35,630 today (as of September 24, 2015). Keeping traditional heirlooms helps you use these resources without having to burn a hole in your pocket to purchase gold/silver at current market rates.

While one might not truly want to let go of an heirloom there could be times where we are left with no choice than selling it. So what are the things to remember when selling such silver or gold artefacts?

In next few slides, you will find some key points to remember before handing over your memories and heirlooms to others.

Weigh itSilver or gold are sold by weight, with heavier quantities costing more. One should always weigh their heirloom before deciding to sell it as it helps them get an estimate of the amount of silver/gold present in it, thereby helping them put an estimated value on that piece.

Check PricesOne might have purchased a particular piece for an extremely low cost, but silver prices in India change every day and selling it for the price purchased might be a bad decision in terms of current rates. One can visit a trusted jeweller or check the silver prices online in order to get a clear picture of current trends.

Quality CheckIt is imperative to check the quality of a particular artefact before deciding to sell it. Sterling silver which is 92.5% pure costs more than other impure forms of silver, making artefacts made from sterling silver more expensive.

Are you Sitting on an Antique?It is possible that the heirloom you have has been passed on for generations, with a history dating centuries. Selling such artefacts at regular rates might be a bad decision as antiques generally command a higher value compared to new pieces. For example, a silver jewellery set purchased at Rs 25,000 ten years ago might be worth nothing compared to a silver set which is a hundred years old.

Sell RightSelling to the right person is very important, as one is assured that they won’t be cheated in the process. Also, one could approach them to buy back the artefact once they have enough cash on hand, ensuring that their family legacy lives on.

Don’t Rush ItSelling a particular item in haste might come back to haunt you as there are chances to skip certain facts during such decisions. Staying calm and cool helps you rationalize your decision to sell a particular heirloom, enabling you to get more value for it.

Thank YouVisit

https://www.bankbazaar.com/silver-rate-india.html to get updated with Silver Rate In India.