Have gold jewellery you don’t wear anymore? Here are 5 things you can do
Do you have gold jewellery or ornaments at home that you are considering parting with? You may have thought about selling them to get cash, but is that really the best option?
You may not get the expected amount for your gold jewellery if you sell it, as the making charges are deducted and there’s a difference between the buying and selling price.
So, what are your other options? Let’s have a look.
Remould gold jewellery
If you feel your existing gold jewellery does not complement your personality or choice of attire, it is possible to redesign the same to look more contemporary and unique. For instance, traditional gold earrings can be attached with stylish ear cuffs.
Multi-layered necklaces can be split into single gold chains, rings transformed into hathphools, double storeyed earrings can be split into two pairs, and so on.
Exchange pure gold jewellery with coloured gold
Pure gold is bright yellow or reddish yellow in colour. If you desire a different look or tint, you may exchange your gold pieces for gold mixed with different metals in different proportions. Your jeweller could help you design white, red, or green gold ornaments that look unique and complement different styles.
Instead of letting your gold rest in a bank locker for which you need to pay a maintenance fee, you may like to deposit it under the Gold Monetisation Scheme. You can invest in the scheme with jewellery, coins, and bars, and earn interest on it.
Melt gold into coins
Your gold jewellery can also be melted to create new designs such as a gold necklace with coins. Alternatively, the resultant coins can be stored, used as valuable gifts, passed on as heirlooms, or monetised, in due course.
Gold glitters in all its forms. If one isn’t working for you anymore, you can consider a variety of other options to benefit from the economic and social benefits of gold. If you’re thinking of selling your gold, remember that you may not be able to pocket its current market value. You will get a part of the scrap value after the artisanship or style designing (making) charges are deducted. Also, you are paid according to the purity of your gold. So, be sure to consider the above options if you’re unsure about what to do with your unused gold.