Prince Jewellery, Chennai — Buyback of gold jewellery
I am here to share a very unprofessional experience I had with PRINCE JEWELLERY, CHENNAI.
My wife had some gold ornaments purchased from them in mid 2006 during our wedding. We decided to sell them to raise the funds for the new house and visited their showroom. Remember, all the ornaments are 916, BIS marked and these fellows had agreed at the time of purchase that they will buy it back anytime in future for the 'CURRENT MARKET PRICE'. But to my surprise they were not very interested in taking it back and we were not impressed with their way of treatment. Finally they offered me a price of Rs.1413/- per gram which was around Rs.60/- lesser than todays market rate. In addition to this they will reduce 4% of the total sale amount.
Having experience with many other standard jewellers in Bangalore, Chennai and Kerala I find it very reasonable if they reduce Rs.5 to Rs.15 per gram. But Rs.60 + 4% is too much. After some arguments I decided not to waste my time and left the place.
I walked into Saravana stores and they offered me a price of Rs.1432/- per gram for jewellery that was not even purchased from them! And there is no question of 4%!!. I sold it there and got hot cash.
All of you who consider gold as an investment, beware of PRINCE Jewellery. They have branches in Chennai, Bangalore and Trivandrum.
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