When circumstances or investment opportunities compel Syrian citizens to sell part of their gold or foreign currency savings, a lack of knowledge of some simple market rules can lead to financial losses. Here are essential tips and steps to help you sell your assets at a fair price and avoid exploitation.
1. Know the Real Prices Before Leaving Home
The biggest mistake a seller makes is entering jewelry or exchange shops without prior knowledge of current exchange rates and gold prices. Some traders may take advantage of your lack of knowledge and offer prices lower than the prevailing market rate. Make sure to open our website, review the real-time update tables for gold and currencies, and fix the prices in your mind before negotiating.
2. Compare Prices Among Several Shops (Market Tour)
Prices in parallel markets and jewelry markets are not entirely fixed; they may vary slightly from one shop to another based on the trader's available liquidity or their willingness to buy. Do not sell your assets at the first shop you encounter; visit two or three shops, compare the offered prices, and choose the highest and best offer for you.
3. Pay Attention to the Weighing Process and Craftsmanship Fee Deduction
When selling gold, the jeweler deducts the full craftsmanship fees and weighs the pieces without dust or non-gold parts. Ensure the scale displays zero (Tare) before placing your gold on it, and review the weight recorded on your old purchase invoice, comparing it with the jeweler's current weight to ensure complete accuracy.
4. Avoid Times of Sharp Fluctuations and Rapid Volatility
On days experiencing rapid and significant price increases or decreases within a few hours, traders and shop owners tend to widen the spread between buying and selling prices to protect themselves from risks, which can disadvantage you as a seller. If you are not compelled to sell, wait until the market stabilizes relatively to sell fairly.
Final Reminder
Your financial rights begin with accurate information. We provide you with price updates to help you track gold and currency movements and make a more informed decision before selling, helping you protect your life's savings and hard work from loss.
Before selling, review today's gold prices and Syrian pound exchange rates.
