Today, the situation remains the same, from financial products such as gold and silver investments to stylish and luxurious items such as jewellery.
When it comes time to sell these products, not everyone knows about the process or how the different products are classified. For this reason, let’s look at some basic information that you may need when you decide to sell your precious metals.
Invest gold and silver against jewellery
The most important difference is between investment products and jewelry. Investment gold is a financial product with a different legal definition than “ordinary” gold. Investment products follow strict production, purity and authenticity criteria that allow them to be classified as financial products.
Investment products are available in two forms – coins and bars.
The criteria for each of them to be classified as an investment are as follows:
– Gold in the form of bars or plates of a weight accepted in the gold markets and a purity equal to or greater than .995 thousandths (23.88 carats);
– Gold coins, set by order of the Governor of the National Bank of Bulgaria and the Minister of Finance, for which the following conditions are present at the same time:
– their purity is equal to or greater than .900 thousand;
– were cut after 1800;
– which was or is a legal tender in the country of origin;
– usually sold at a price that does not exceed the market value of the gold in the coins by more than 80%.
As can be seen from these criteria, jewelry and other items are only luxury items containing these precious metals. For this reason, they are treated differently when it comes to selling them.
Sell jewelry
When it comes to selling jewelry, what you’re really selling is the precious metal it contains. Artistic value, the markup you paid, stones or other similar decorative elements are not included in the price. The only thing that is assessed is the gold and silver content of the jewelry itself.
In this process, the buyer tests the jewelry to determine the true purity of the metals. With this information, the buyer can estimate the total precious metal content of the item and then estimate the total value.
When deciding where to sell your jewelry and gold and silver products, it is most important to find a dealer who follows all standard business practices and the price of gold it is always updated with it. Transparency is important, which means that the merchant does everything in front of you and explains every step of the process and answers any questions so you can be sure you are treated fairly.
Sale of investment products
When it comes to selling investment products, the seller must:
– checking the parameters
– placing weight on the items on the scale
– check if the product is in commercial form:
– For coins – are there deep wounds and scratches; are there solder joints?
– For the bars – is the packaging intact; has the package been opened or damaged?
The packaging of the gold bars is very important, it is empty and it is a certificate of authenticity, so if the packaging has been seriously damaged or opened, the product can no longer be treated as an investment product.
How to store gold and silver investment
It is extremely important to ensure that your bars and coins are in merchantable condition, as visible damage to the bar’s packaging or the coin’s surface can reduce their resale value. For this reason, it is important to store your products in a safe way.
Physical investment Gold and silver can be stored anywhere. Usually in:
– safe;
– in a safe place at home;
– bank gradient;
– public cellar.
The most important thing to protect gold and silver from damage is to store them in the original empty packaging (for bars and some coins) or in a special capsule. Do not press your investment products with heavy objects and do not place them near substances that are dangerous to them (eg nitric acid).
2024-04-30 23:50:56
#sell #gold #silver
