I am wondering if it is the right time to sell gold since the prices are so high? I dont use any of my gold from the nikkah or walima other than my gold diamond ring so I have decided to sell it all. but just wondering if this is the right time?
am off to Dubai soon and want to sell it there…any ideas?
Re: Selling gold?
where is ur set n whts ur demand ?
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These days jewelers don't buy gold for cash in Dubai. Well not most of them and they do ask for receipt of your jewelry you are selling if you don't have that then copy of your ID or passport.
I was given good rate for exchange but cash price was awful. If something for exchange was worth 1000$ they were giving $715 cash.
Re: Selling gold?
My question is, what are you going to do with that money? Investment in the form of any precious metal is usually a very good investment. You already have that with you. Unless you have a solid plan of how you are going to re-invest your money, I say that dont sell it.
Re: Selling gold?
You'll also get ripped off if there are stones in it, as they remove the stones, and weigh the gold separately. Others already commented on the devalued price for cash instead of exchanging it for their jewellery.
Re: Selling gold?
I agree with TLK dont sell it. Or i think it will be better exchange to latest design cuz cash u will spend. My sister wants to sell it, but i told her no
I have 20 years old gold set, which i dont wear either, but i am saving for my daughters to exchange it later.
Re: Selling gold?
I am wondering if it is the right time to sell gold since the prices are so high? I dont use any of my gold from the nikkah or walima other than my gold diamond ring so I have decided to sell it all. but just wondering if this is the right time?
am off to Dubai soon and want to sell it there...any ideas?
Selling pure / only gold can bring you money but not diamond . you will not get good price of diamond. so my advice Diamond>> donot... plain gold> ok to exchange with new desigs
Re: Selling gold?
Now is not a good time to sell gold, in fact its a very good time to buy, as its so low. Selling gold in Dubai is your best bet for getting a fair amount in return.
as someone mentioned earlier they will take the stones out and weigh the gold, however if you brought it years back then off course you will make money on it depending on how high the rate has gone up.
You will get the cost of the gold, plus the jeweller will take a cut for himself, you won't get anything back for the making charges you paid or tax, just the value of the gold.
If you are still stuck PM me and i can give you a few respected jewellery shops in Dubai that won't rip you off. mind you there are very strict regulations in Dubai for the jewellers, any mess up and they lose their licencse.
Re: Selling gold?
Most of my gold is plain gold that I got at my wedding from my parents and in-laws. I will not sell the 2 sets I have with stone in them. only planning to sell the plain gold sets, bangles and rings.
that way I will still have 2 small gold sets with stones and my diamond rings left for personal use. I havent used any of the plain gold since my wedding and just paying zakat every year.
I want to put the money I get from my gold into our savings account so that we can affort the dream house we want to buy in 2 years time.
Since we are not gonna buy the house before 2013 will that be a stupid move to sell it now? we might not go to Dubai before that time and I guess Dubai will be the right place to sell my gold?
Re: Selling gold?
Now is not a good time to sell gold, in fact its a very good time to buy, as its so low. Selling gold in Dubai is your best bet for getting a fair amount in return.
as someone mentioned earlier they will take the stones out and weigh the gold, however if you brought it years back then off course you will make money on it depending on how high the rate has gone up.
You will get the cost of the gold, plus the jeweller will take a cut for himself, you won't get anything back for the making charges you paid or tax, just the value of the gold.
If you are still stuck PM me and i can give you a few respected jewellery shops in Dubai that won't rip you off. mind you there are very strict regulations in Dubai for the jewellers, any mess up and they lose their licencse.
Please do PM that info. thanks:)
Re: Selling gold?
Now is not a good time to sell gold, in fact its a very good time to buy, as its so low. Selling gold in Dubai is your best bet for getting a fair amount in return.
hmm when did the gold rate become low? I have heard its just increased in the past years...
Re: Selling gold?
gold rate is not at a low....in fact it is at a pretty high rate comparatively speaking.
I wouldn't sell the gold. How much closer could it possibly get you to that dream house that you still have two years to save up for?
Maybe $20K or $30K if you have really heavy sets? Is it worth it? I don't think so. Put it away and forget about it. It is a nest egg for when you really need it.
Re: Selling gold?
Oh no - dont sell it - save it for your kids other wise inshallah when the time comes, it will be too expensive to rebuild everything from scratch!
Re: Selling gold?
TLK and Munza mentioned it already.
I just like to add that the jewellers will cut a a certain percentage margin for their own profit.
Do mind telling us which country you are from and how much you think you want to sell it for ? I wouldnt mind considering to buy if its offered for a good price maybe others would be interested ?????
Re: Selling gold?
My question is, what are you going to do with that money? Investment in the form of any precious metal is usually a very good investment. You already have that with you. Unless you have a solid plan of how you are going to re-invest your money, I say that dont sell it.
Investing in gold for returns is a poor decision. However if you feel like you want a hedge against inflation then yeah, fair enough. Eitherway, never put all your eggs in one basket.
Re: Selling gold?
Investing in gold for returns is a poor decision. However if you feel like you want a hedge against inflation then yeah, fair enough. Eitherway, never put all your eggs in one basket.
that is what I meant and that is why I said that unless you have a solid plan of how you are going to re-invest your money, I say that dont sell it.
Re: Selling gold?
hmm when did the gold rate become low? I have heard its just increased in the past years...
Gold rates go up and down in line with the markets, its been the lowest rate all this year (when i wrote the original email), checked it yesterday and it has gone up, with news about the new plan for Europe from Sarkozy.
Re: Selling gold?
A rumor has it that gold rate is going to dwindle and will be same in 2013 as it was in 2007. I dont have an authentic info on it, a colleague told us many days back with reference to an economy analyst. So, if thats true, and the gold rate does fall as suddenly as it rose, maybe its a good time to earn some profit. Im not in favour of selling gold anyway for any reason. I plan to bequeath it to my children as my nishani. 
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