Getting a fair price while selling gold jewellery
Almost every family possesses gold in the form of ornaments, in small or large quantity.
While the chief reason for holding the precious metal is cultural, gold also provides a hedge against financial insecurity and gives a big support to a family to overcome financial crisis.
And for one, who wants to get better value for their ornaments, it is important to preserve some purchase receipts. The documents not only act as a proof of formal ownership of the bullion but also allow one to get better prices.
Gold traders suggest that it is better to sell the jewellery from the shop it was purchased from. This is because it will allow the owners to sell the ornament at the price that is 20 per cent less than the market value.
If anyone wants to exchange existing ornaments for new ones, the price will be 10 per cent lower than the current market value.
Traders say the purchase receipt of the gold must be shown to accomplish the job.
"If someone has lost the receipt, he has to bring the photocopy of the national identification card and the citizenship certificate while selling gold," said Kartick Karmakar, owner of Shatarupa Jewellers.
There is issue of the amount of pure gold an ornament contains.
Gold traders say there had been a lot of confusion among jewellers in the past. The situation has improved a lot after the Bangladesh Jewellers Samity (Bajus) made the use of hallmarks mandatory in 2007.
Jewellers have to engrave the amount of pure gold an ornament contains. They also require to clearly mention the amount in the sales receipt issued to buyers.
Dilip Kumar Agarwala, general secretary of the Bajus, says it is better to go to the shop from which the seller has bought it in order to get a fair price.
Again, if he doesn't go to that shop, if he has pure gold, he will get a fair price if he goes to any jewellery shop in Bangladesh.
Many shops now have gold testing machines to measure the amount of pure gold in an ornament.
Jewelers also give out mortgage loans against ornaments to people who need funds to meet emergency needs. In that case, one has to pay the same interest as in the bank.
"I don't want people to sell their favourite ornaments in difficult times," said Agarwala, managing director of Diamond World Ltd, which is licensed to provide loans against mortgaged ornaments.