Lack of Gold Buying services in India
Gold Prices are at an all time high and with continuing economic turmoil especially with Greece, prices are going only one way and that is up. However, nobody can foretell the future when it comes to commodity prices in the current turbulent economic scenario and even at current prices it can give a really good appreciation and return for people who have bought jewellery at cheaper prices.
Though unfortunately unlike the west, where pawn shops and other businesses are pervasive, selling gold jewellery in India is not easy. Not all jewellers buy old ornaments in India and even if they do, they don’t follow any best practices or give assurance to the seller about best valuations and prices. Even in metropolitan cities like Delhi, such services are absent. Though in recent years banks and NBFC’s like Muthoot, etc. Have opened many branches in New Delhi and the National Capital Region in places like Gurgaon, Faridabad, etc. , but they only offer loan services and do not offer buy back, leaving consumers with few choices.
Even the loans are offered up to 60 % of precious metal value, leaving consumers with only a partial leverage and liquidity of their precious metal assets. It’s quite surprising for such precious metal buying services to be absent in a gold crazy nation like India, for according to some estimates private individuals in India have over 18,000 tones of gold in their hands and India imported close to 1,000 tones of the metal last year alone to meet the demand.
Most people in India buy it as an Investment, but an enormous portion of the Indian GDP is hoarded into jewellery without any reinvestment into the economy unlike other mediums of investment like stocks, bank savings, mutual funds, etc. & secondly its buyers don’t have access to streamlined selling services like pawn shops, refineries, etc. If an ecosystem of these services should emerge it would lead to emergence of trusted and reliable names that people could bank upon to sell their jewellery. These services are essential not only in metropolitan areas like Delhi and their suburbs like Gurgaon, Faridabad, etc. but also the interiors of the country, especially rural India.
Jewels Capital, a gold buying service introduced by Ambica Jewellers in New Delhi, India, offers to bring such How to sell gold jewellery in India and How to sell diamond jewellery in Delhi. Jewels Capital offers sellers free quotations and valuations. You can find out more information and contact details about Jewels Capital on their website: www.jewelscapital.com.
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