Gold is often stored at home for years as jewellery or family heirlooms. But does it lose value with age? Here’s what happens to gold when kept for decades safely.
Gold does not become less valuable simply because it has been kept for a long time. The metal is highly durable and does not easily deteriorate, which is one reason it has been used as a store of value for centuries.
Whether it is a gold chain bought 10 years ago or an old family heirloom, the age of the gold itself does not reduce its purity. However, its market value can change depending on the prevailing price of gold.
Purity And Weight Matter More Than Age
When old gold jewellery is sold, factors such as purity and weight are important. Gold is available in different purities, with 24-carat being the purest form, while 22-carat gold contains other metals to make it suitable for jewellery.
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In India, a BIS hallmark helps consumers identify the purity of hallmarked gold. Jewellery carrying the current hallmark includes the BIS logo, purity or fineness and a six-digit HUID number.
Therefore, simply keeping a gold ring, chain or necklace at home for several years does not make the gold less pure.
Why You May Get Less Than What You Paid
The resale value of gold jewellery may not be the same as the amount originally paid for it. This is because the purchase price can include making charges and other costs in addition to the actual value of the gold.
At the time of resale, the gold's purity, weight and prevailing market price are considered. This means an old piece could be worth more than its original gold value if prices have increased, but the final amount offered may still differ from the original purchase price.
Old jewellery without a hallmark can also be sold to jewellers. Consumers can have gold jewellery tested at a BIS-recognised Assaying and Hallmarking Centre to determine its purity.
In short, gold does not lose its value simply because it gets old. Its resale worth depends mainly on factors such as purity, weight, current gold prices and the terms offered by the buyer.
