How to Sell Gold in Pune: Best Places, Maximum Price & Avoid Fraud

Selling Gold in Pune: The Complete Guide

Selling gold in Pune can feel intimidating — jewellers may offer below-market rates, and without knowledge, you can lose 10–20% of your gold's value. This guide helps you get the best possible price.

Where to Sell Gold in Pune

1. Established Jewellers (Best Rates)

Top jewellers on Laxmi Road and Camp area typically offer 97–99% of the day's 22K rate. They want your repeat business and referrals.

Best jewellers for selling:

• P.N. Gadgil & Sons (multiple Pune branches)
• Waman Hari Pethe Sons (Laxmi Road)
• P C Jeweller

2. Gold Refineries / Bullion Dealers

Offer pure market rate minus a small refining charge (0.5–1%). Ideal for large quantities.

3. Banks

SBI, HDFC accept gold coins/bars sold back at near-market rate. Jewellery exchange is limited.

4. Cash for Gold Chains

Avoid these! Typically offer 70–80% of gold value. High margin businesses with aggressive tactics.

5. Tanishq Exchange Program

Best for upgrading jewellery — they exchange your old gold at fair rates if you're buying new.

How Gold Purity Testing Works

When you bring gold for selling, the jeweller will test it:

Fire Assay (Most Accurate): A small scraping is burned and chemically tested. Precise to 0.1% purity. Standard for large transactions.

Touchstone Test: Gold is rubbed on a black stone and compared with acid reactions. Quick but less accurate.

XRF Machine (Karat Meter): X-ray fluorescence test. Non-destructive, accurate, increasingly common in Pune showrooms. Insist on this.

Deductions to Expect

When selling old jewellery, jewellers deduct:

Making charges: Already paid, now lost (8–25% of purchase price)

Stone/Diamond value: Removed and returned or minimal value given

Melting & refining: 1–2% of gold weight

Impurity deduction: 0.5–1% based on purity test

Net realization: 92–96% of current market rate (for good quality 22K jewellery)

Documents Required to Sell Gold

• Aadhaar Card (mandatory for transactions above ₹2 lakh)
• PAN Card (mandatory above ₹1 lakh per transaction as per IT rules)
• Original purchase receipt (helps establish holding period for capital gains)

Capital Gains Tax on Gold Sale

Short-term (held < 24 months): Added to income, taxed at slab rate Long-term (held ≥ 24 months): 20% with indexation benefit

Tip: If your gold is inherited (with no purchase date), it's considered long-term. Consult a CA.

Red Flags — Fraud Prevention

Jeweller uses touchstone only and refuses XRF — get a second opinion

Weight shown on their machine differs from your calculation

Quoted rate differs from the day's published rate without explanation

Pressure to sell immediately ("offer only for next 30 minutes")

No receipt given for the transaction