Gold: Selling Tips

Know of the Tricks of Dishonest Jewellery Dealers

Dishonest dealers who take advantage of the common man’s lack of jewellery knowledge are a dime a dozen. Arm yourself ready with knowledge about the customary conduct of these fraudulent jewellery dealers:

They may quote an unrealistically high buying rate for your old gold. It is highly unlikely that these deceitful companies can deliver what they promise.

To compensate for the exaggeratedly high buying rate, these dealers will either adopt weight deception methods or buy at loss from the unknowing customer. These dealers may use any of these known weight deception methods, so always be on the lookout:

  1. Pre-weighing: The dealer pre-weighs the gold valuables with a tampered weighing scale. They will brazenly show the customers the incorrect reading, reflecting the lesser weight. As the items are pre-weighed, the customers will not witness first hand if the reflected weight is accurate.
  2. The Great Tray Swap: This method of deceit requires two weighing trays of varying weight. While calibrating the weighing scale to zero, the dealer will use the heavier weighing tray (e.g. 20 grams), and then make the quick switch, using the lighter weighing tray (e.g. 12 grams) to contain the gold valuables for weighing. In this case, there will be a notable 8 gram difference.
  3. Dropping Items: This modus has the dealer pretending to accidentally drop an item or two to the weighing scale. As the customer does not see what is going on inside the transaction counter, he/she normally won’t have clue. However, if the customer does notice the dishonest act, the dealer will simply claim that dropping the items were just a product of their carelessness.

The dealer will calculate the value of the gold valuables based on an incorrect, lesser weight. Unfortunately, there are a few customers who are too trusting to even consider that they have been conned. Customers who are well-versed in assessing the value of their items are least likely to be conned. It is important to find out about the: gold rate and the correct weight of your gold valuable. It is essential for customers to know the actual weight of their gold valuables to keep deception at bay.

The dealer will deliberately categorise the customer’s gold jewellery into a variety of classifications. For example, they will delude the customers into selling their gold at a lower price by classifying their valuable as one with “lower gold purity”.