Recycle Your Scrap Gold And Get Paid For It

wealthymattersBeing something of a gold-bug and an investor with a preference for tangible assets, I don’t much care for the line of thought that sees gold as a dead asset. Moreover, no matter however deeply unfashionable, I believe that by “worshipping” gold as we Indians do, we actually help keep our politicians “honest”. Gold has a way of exposing the economic lies and false promises of the powers that be.

However, should you have scrap gold with you-broken artefacts,worn out jewellery that simply can’t be repaired any longer,9Kt gold,14Kt gold- the new gold deposit scheme is a god send.

Normally, you’d have to pay to have the gold melted down and made pure but as per the provisions of the Gold Monetisation Scheme, the banks would pick up this tab. And they have to pay you a small interest for the period you choose to entrust the gold to them.

So go ahead and approach the banks with your scrap gold. A short while later, you should be able to withdraw your gold as 995 gold bullion.

Where To Sell Your Gold?

wealthymattersPerhaps you wish to book profit now that the price of gold has risen again?Perhaps you need cash urgently in these hard times of tight liquidity.Or perhaps you just want new patterns for your wardrobe?Or perhaps you are preparing for a daughter’s wedding?Then the question is simply where to sell your old or scrap gold.

Obviously the answer is the person who will give you the most for your gold.

In Mumbai,a good place to go to is Jugraj Kantilal & Co.It is a well-known name in the bullion business in Zaveri Bazar. The private entity deals primarily in scrap. They buy old jewellery and then have it refined and then sell again it again in the market. This is a family owned business spanning seven generations. They handle some 100 kgs of scrap a week.

Here is the street address of the shop:155, Shop No 1, Bherumal House, Opposite L K Market, Sheikh Memon Street, Zaveri Bazar-Kalbadevi, Mumbai – 400002

Due to import restrictions on gold,and a need to export ornaments before importing gold,jewellers have now turned to scrap to provide raw materials,so now is a good time to sell gold if you need to.

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