How do you become a gold Reseller?

How do you become a gold Reseller?

To be a gold dealer, one has to find gold to buy. Doing this can be accomplished by asking your friends and family, placing ads in traditional print media like newspapers or online message boards, and generally letting your community know that you purchase gold coins, jewelry and scrap gold.

How do I sell scrap gold?

You can sell your jewelry on websites such as eBay or Craigslist, to websites that purchase your jewelry when you mail it away, to local jewelry stores or pawn shops, or at gold parties. Check that the business you sell it to has a business license and is a member of a jewelry trade association.

How much profit does a gold business make?

If you buy 10 jewellery items at Rs. 30,000 each and it takes a year to sell them, you pay the upfront cost of 10 x 30,000 = Rs. 3,00,000 (3 lakh). With a 20% markup or 16.67% profit margin, your Selling Price for each item is Rs.

Is selling gold profitable?

Timing When You Sell Because you will be buying gold or other precious metals below market value, you can sell them quickly for a small profit. However, holding back until the market goes up is a better idea. Then you will see a better return on your money.

How do jewellers cheat customers?

Usually, jewelers cheat customers by selling low carat gold at a high rate. That means jewelers sell 18 carat gold and charge the price of 22 carat gold.

What is the making charge of gold per gram?

Some jewellers include making charge at a fixed rate per gram of gold, while others charge is based on a percentage of the total jewellery weight. For mass-market machine-made jewellery like simple gold chains, the making charges usually range from 3% to 25%.

What do I need to get a scrap metal license?

Organize your business information. Prior to applying for a scrap metal license you will need to have several other business documents handy. To apply for a scrap metal license you will need to obtain your sales tax identification number, a certificate of occupancy document from the department of billings and a copy of your fingerprints.

What’s the best way to sell scrap gold?

Start a blog using WordPress.com and comment on other related blogs as an expert on gold buying. Your local newspaper, cable TV station and radio stations will assist you in designing ads for your business. You can also run banner ads on sites of stores for women’s clothing, for example.

Do you need a precious metals dealer license?

But before you begin, determine whether you need a precious metals dealer license.If you’re involved in buying and selling items made of or containing gold, silver, platinum, or other precious metals or jewels, including scrap metal, you likely need to get approved for your precious metals license.

How can I tell if my scrap gold is real?

A magnet isn’t the only way to sort out your scrap gold from real or fake. Another method of testing is using an acid test. The gold piece is rubbed on a touchstone and some of the metal is left behind. Then Aqua Regia (A mixture of calibrated nitric and hydrochloric acid) is placed on the mark.