Buying Gold

[Silaaj]

Re: Buying Gold

@Chicken_Biryani

• Do you keep the receipts safely? and take them with you if you are carrying a significant amount of gold with you , while travelling? Someone told me that it becomes difficult to sell gold if you have lost the receipts , how true is that?

In the UAE, if you save the receipt, you can get it exchanged from the shop you bought it from…and you will get a better return price. Other shops will not exchange it. They will buy it for cash instead…and that too at a much lower price. So yes, saving the receipt does help if you intend to get it exchanged for something else from the place you originally bought it from.

( a desi aunty told me once, its difficult to leave gold in the bank coz she gets charged everytime she operates her locker , so she tends to hide it around at home )

THat must be a small bank, otherwise, most major banks just charge an annual fee for storage, and allow you as many visits as you want. So it is really safe and cost effective to store expensive jewelry in a safe deposit box. Plus, you can also get the box insured for the value of the contents, so in case there is a theft at the bank, or a fire etc, you will get your value back.

I get told quite often that the quality of Gold in Pakistan isnt as good as what we get in the middle east , so sometime back I asked a few shop keepers and they said its true because they dont accept Pakistani gold since they cant be sure of the quality or quantity of it .. while , Pakistani goldsmiths told me thats not true and Pakistani gold gets accepted for selling purposes everywhere in the world

Gold shops in the UAE do not buy/exchange against jewelry bought from Pakistan becasue of the reasons you quoted above. In one experience we had, my wife had a 22k piece of jewelry from Pakistan, and the UAE shop was willing to buy it at 18k price for the reason that they dont trust the contents…and unfortunately, it is true. Pak jewelers have developed a bad rep the world over.