20 Ways to avoid Gold buying Scam

gold scam

Stop Gold Buying Scam by following simple procedure

Unfortunately, It is difficult to stop gold buying scam as it is difficult to spot. You can get multiple suggestion on How to stop gold buying scam. But we all know, as problem arise we find solution for that too.

If we have some basic information we are able to ask some important question that can help us avoid getting cheated.

Types of Gold Scam:

1.Fake Gold:

The most common gold scam to target common people is by selling fake gold jewelry or gold bullions.  They made metal that look similar to gold. To avoid this kind of gold scam always buy hallmark jewelry or use high performance machine to check purity. Like, Hi-Tech XRF analysis German technology that can be used by gold bullion buyers or seller.

2.Fake Documentation:

In this digital world, It is quite easy to to make a fake document or to use same document multiple times. Gold Scammers use Photoshop software to do gold scam by changing the document date and description. They even can create completely new fake document.

3.Partial Delivery of Gold items:

This gold scam is very common in online gold buying. Unverified or Unauthorized websites are epicenter of online gold scam. In this case, two type of gold scam is possible.

After paying half of the money, they will never send you the product.

They will send you product with less weight or will send you fake gold item.

4.Impractical Offer:

These gold selling company lure common people by offering very less price for gold that is actually not possible. Once you will send the money company will vanish. you wont even find its office at the address they have given.

These kinds of scam happen at gold buying company also. Once you send your gold to them they will run away without giving you money. You can’t even contact them by phone call.

Always choose Best Gold Buyer to sell your gold. They even give you online facility to check your current gold value.

gold rate calculator

5.Collectible Gold items:

Some people have hobbies to collect archive gold items. It is very difficult to recognize whether they are the original one or someone have faked it to scam. Gold scammers are smart enough to create fake item with same design, texture and even symbol.

 

Steps to follow while buying Gold to get ride off Gold Scam:

1.Understand what you are buying:

Rate:

A buyer whether he is buying gold jewelry, Scrap Gold, Old Gold, Bullion Gold. He must know spot price of the gold. Spot price is price at which anyone can buy or sell his gold items. We also need to understand that we can’t buy gold jewelry at spot price as many types of expenses are added while making a jewelry. If you will sell your old gold or scrap gold to any online gold buyer as they provide best price is the market. You won’t get spot price as they also have their expenses like gold melting, purity checking, executives and many more.

gold buying scam

Weight:

As Gold is very costly metal, difference in weight can give you a big loss. Doing gold scam by showing more weight is common. To know how to weight gold jewelry is also important. Troy ounce is one of the internationally accepted measure. Don’t confuse troy ounce with standard ounce. Both are different, 1 Troy Ounce = 1.0971 standard ounce Deal with reputed Gold

Dealers:

Always buy gold or sell your old gold at reputed gold seller or buyer respectively. This is one of the important step to get away with gold scam. Finding a reputed gold buyer or gold seller is not that difficult. Better way to find best gold seller or buyer is research on online forum. You can get many forum where you can research company. Google review is another way to check company status.

If you are looking to buy bullion gold in high amount, its better to check BBB(Better Business Bureau Listing). Whenever anyone got scammed while buying gold, they use to complain to BBB. Checking the rating you can understand how trustworthy that company is.

Companies with B rating or above are trustworthy.

2.Make sure you get your gold in hand:

Many gold scammers trick people by offering certificate or share instead of physical gold. As long as gold scammer are here in this world, try to deal in physical gold. It is safer than gold certificate or shares.

Once you choose to deal in physical gold, you must have to arrange safe storage for it.

3.Check purity:

Most of the gold businessman uses Karat meter to check the amount of gold but gold expert suggest that it is a faulty practice. Bureau of Indian Standards doesn’t recognize Karat meter as genuine way to check gold amount. Fire assay method that is accepted world wide including BIS is one of the fine method to check gold quality. In this method gold buyers melt part of gold and check gold quality.

4.Ask for their buy back policy:

People buy gold for multiple reason. It can be gold jewelry for them, gold items to gift someone or gold bullion for investment purpose. In all the cases we sell our jewelry at some point of time. Reason of selling gold can be different.

  • people sell their old gold to buy new one.
  • They sell scrap gold as they can’t wear that anymore.
  • Bullion gold that they had brought for investment purpose.

If gold jeweler is selling pure gold then he knows the value of that gold jewelry. He will not hesitate to buy that gold back. If you are not satisfied with their buy back deal try to look for another jeweler or gold buying company that can give you better instant cash for your gold.

5.Ask for document:

Whether you are buying gold or selling gold, always ask for document. Check the document properly. While buying gold, If required verify it with respective company or shop. Always check for gold purity using best technology possible. One of the best Online Gold buyer in India, BENAKA GOLD COMPANY uses Hi-Tech XRF analysis German technology to check gold purity.

Benaka Gold is the only company which believe in serving its customer and provide maximum instant cash for their gold. It has branches all across India. If you have old gold that you doesn’t use or scrap gold or bullion gold that you want to sell. Visit your nearest Benaka Gold Branch to get benefitted.

benaka gold contact number
BENAKA GOLD COMPANY

6.Choose verified seller to buy gold jewelry or gold bullion:

Whether you are buying gold at any jewelry shop or to online gold buyer. Always choose authentic gold seller to save your hard earned money from getting scammed. You must be more conscious while buying gold from online gold seller.

7.Choose verified gold buyer while selling your old gold:

While selling old gold jewelry for cash or selling scrap gold or even bullion gold always choose gold buyer by considering some points in mind:

Always choose online gold buyer who are registered and have SSL certificate.

Must have technology to check gold quality without touching your gold.

Must have safe environment at their branch to do business.

And obviously, they should give maximum instant cash for your old gold.

Benaka Gold Company is the only company that fit in all the criteria.

Always buy collectible items from verified user:

As I mentioned before, buying collectible items is always a vulnerable practice. Expert in gold also get cheated in this business. So, always buy these kind of items from verified sellers and don’t forget to get help from experts.

I believe it will help you getting some short of idea to deal with gold scam.

You may have missed:

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Best place to sell old gold jewelry in Hyderabad.

How to release pledged gold.

top five uses of gold.

Best place to sell old gold jewelry in Chennai.

8 things to consider before buying gold.

Best place to sell your old gold jewelry near you.

Best place to sell old gold jewelry in Bangalore.

How to get instant cash for gold in financial emergency.

Gold buyer near you.

top gold buyer.

Best place to sell your gold.

 

 

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