How does ClearKarat value my gold?
We weigh your gold on a scale whose display faces you, take out the weight of any stones, lac or dirt, test the purity while you watch, and multiply the net weight by the purity and the day's gold rate. Each of those numbers goes on its own line of a written slip before you decide anything.
How is the purity of my gold checked?
Purity is tested in front of you and the result is explained to you, not just announced. The reading is written on your slip as a karat value such as 22K or 18K. You can read more about the common testing methods in our guide to how gold purity is tested.
Why are stones and dirt weighed out?
Stones, lac, enamel and dirt have weight but are not gold, so they cannot be paid for as gold. Removing them gives the net weight, which is the weight your price is based on. The deduction appears as its own line on the slip so you can see exactly what was taken out.
Do I have to sell my gold after it is weighed and tested?
No. You can say no at any step. Nothing is bought, melted or kept until you agree, and old gold you brought in goes straight back into your hands.
How do I release pledged gold with ClearKarat?
You tell us the lender, the loan amount and the approximate weight of your gold. We confirm the exact payoff with your lender and give you a written slip. If you agree, we buy your gold at the day's current market price, clear your loan with the lender, and pay you the money that remains.
What if my gold is worth less than my loan?
Then nothing would be left to pay you, and we will tell you so on the slip before you decide. Your pledged gold simply stays where it is with your lender and nothing changes for you.
What documents do I need?
A photo ID is needed for every sale. For pledged gold, also keep your lender's name, your loan account number and the pledge receipt if you still have it. If the receipt is lost, tell us and we will explain what your lender can provide instead. Bills or hallmark papers for old gold help but are not required.
How and when will I be paid?
The amount, the way you are paid and the timing are agreed and written on your slip before anything moves. You will also get a receipt for every rupee paid and every gram handed over.