Old Gold Jewelry Exchange in Bengaluru

Recently, I and my wife decided to gift ourselves platinum love bands on our wedding anniversary.

We figured that we do not have enough money to buy it outright, and decided to exchange our unused gold jewelry to cover the cost. Most of our jewelry is done by an old family goldsmith almost 10 years ago. Understandably, there is no receipt, as most of it is done based on trust.

Our first problem was to find someone trustworthy to handle our jewelry. Trusting can be tricky, so I decided to find someone with clear and transparent exchange process. I talked with Tanishq, Orra, Joyalukas and a few others.

Among above all, I found Tanishq (Jayanagar, Bengaluru) most straightforward, with a clear and transparent process. They will evaluate the jewelry, and will give a rough estimate. If fine with us, they will melt the jewelry. If purity is found below 91.6, they will deduct 8%, otherwise 2% from the estimate. All the work, including melting, will be done in front of us. None of the company offered cash in case of exchange. The entire exchange amount needed to be spent on the purchase.

We went to Tanishq (Jayanagar), with our jewelry. Unfortunately, we could not find the sizes readily available for the rings we liked. Salesman gave option of doing it on order, and told it will be delivered in 30 days. We had our anniversary in 2 days. Salesman once again explained jewelry exchange steps, which were clear & transparent.

Just as we came out, we found Orra in front of Tanishq. My chat with Orra earlier was satisfactory. We entered the showroom and met Mr. Syed. He was courteous, and we found the ring bands, per our liking, for our sizes, readily available. I asked him about jewelry exchange, and he pointed out the same steps as Tanishq.

We decided to take the leap of faith, and agreed for exchange. We handed over the jewelry in a blue tray. Mr. Syed removed the Lak (susbstance used for holding the hollow bangles together). The process broke our bangles, but we didn't care sufficient, as we were positive about exchanging it (even if not this time).  Another person (seemed the senior employee) took the jewelry in front of us, and started checking for purity, in a computer. There seems to be a software for it.

While this was going on, the shutter were downed, because it was already 9 pm. To be honest, I was concerned for few minutes, but overlooked it looking at professionalism of the personnel.

After a long wait, and subsequent process of weighing the jewelry, the gentleman came to us. He explained that our multiple jewelry items have shown different carat of purity. He took the maximum, i.e. 19 carat, and gave the estimate by multiplying Carat Rate * Weight of jewelry. He also explained that there can be a 5% variance (up / down). If satisfied, we were to nod for melting, which we did. All the jewels were put in a heating machine in front of us. After a few minutes, the melted gold was poured in a tray. Our gold, now a biscuit, was weighed again and checked for purity. It came of 18 carat, and the weight was same. The variance (negative) of the estimate came at around 8%.

We then paid the differential, and bought our new rings. The whole process was smooth and transparent. All our fears and concerns about being conned were put to rest.

I wrote it to educate and help someone who may be concerned about doing it in Bengaluru. If someone has a specific question about our experience, please put a comment, and I will answer.


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