What do You Need to Know Before Selling Gold Online in Bangalore?
Selling gold online is a quick and easy way to get cash. But gold is not just a metal it is a
precious asset in our lives therefore we need to be aware of legalities and precautions. being
informed will help you avoid risks and will be helpful in giving a smooth process when you
need to sell your gold. Here’s what you need to keep in mind!
Legal Considerations When Selling Gold Online
Verification of Ownership
○ The gold seller needs to provide proof of ownership as it is legally required.
whether you want to sell your jewellery or any form of gold, you must present
a valid invoice or receipt from the time of purchase
○ When selling gold online the buyers may also request identity verification to
ensure the sale is legitimate by asking for documents such as an Aadhar
card, PAN card, or passport.
Compliance with Gold Purity Standards
○ When you sell the gold, its purity is measured in karats. The value of your gold
directly influences the amount of money you will receive. Trusted and reputed
platforms will check the purity of gold and use government approval
standards like BIS(Bureau of Indian Standards), to give you a fair price.
○ It’s important to choose a platform that follows these standards to avoid any
mismatch in the valuation of your gold.
GST Regulations
○ As per the Goods and Services Tax (GST) Act in India, selling gold attracts a
3% GST. However, if you’re selling used or second-hand gold, it’s considered
exempt from GST as long as it’s for personal use and not for business
purposes.
Red Flags to Watch Out For
Lack of Transparency
○ Beware of platforms that do not disclose the exact process of valuation or fail
to offer detailed receipts or paperwork. Transparency in weighing, purity
checks, and pricing is critical.
○ Avoid sites that offer surprisingly high prices compared to the market rate—it
may be a scam.
Unclear Return or Payment Policies
○ Reliable online gold buyers have clear terms regarding how they pay you
(e.g., bank transfer or cash) and what happens if you decide not to proceed
with the sale after receiving the valuation.
○ Avoid platforms with vague or hidden policies, as they may charge extra fees
or have delayed payment practices.
No Proper Certification
○ Only deal with buyers that have proper certification from recognized financial
institutions or regulatory bodies, such as the Reserve Bank of India (RBI) or
the World Gold Council. Avoid platforms that lack credentials or third-party
endorsements.
Sketchy Contact Information
○ Trusted gold buyers will provide valid contact details, including a physical
address and customer support number. Be cautious if you encounter websites
with only an email or no clear way to contact them.
Trustworthy Platforms for Selling Gold Online
Gold Trust India
○ As one of the leading gold buyers in South India, Gold Trust India offers a
transparent, fair, and quick process for selling gold online. They provide
competitive rates and use government-approved gold purity assessments.
○ The platform also prioritises customer satisfaction, ensuring clear
communication, swift payments, and no hidden fees.