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Gold Ornaments - Keep Or Sell

Discussion in 'General Discussions - USA & Canada' started by Angela123, Feb 11, 2020.

  1. Angela123

    Angela123 Gold IL'ite

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    I have some gold which is gifted by my parents at my wedding. Right after wedding, I kept this in PIL's bank locker, and later moved this to my own locker. Then I moved to the US, and never used all of it. May be a necklace or two bangles. Couple years ago, I exchanged some gold for a new necklace for my sister at her wedding, other than that we pay for the locker every year and keep it safe (that's what we think) in the bank. Is this a good idea? Anyone has done anything different with gold or ornaments? It is sentimental for me because my dad and mom gave me those ornaments, but DH is like there is no point in keeping them since you are not using it, so let's sell it. Also,I guess now there are changing rules in India which allows you to keep only certain amount of gold with you. Any ideas/suggestions?

    Thank you!
     
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  2. shravs3

    shravs3 IL Hall of Fame

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    If it’s a gift and sentimental to me I would not sell them.
    If you are worried about paying locker fee why not ask your parents to keep it safely.
     
  3. Mehana

    Mehana Platinum IL'ite

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    I am in the same boat. I don't no what to do with some jewelry I have in India. Wanted to sell few as being in USA we are not going to wear them often .

    You can turn into cash for the jewels you brought in the same shop. Any gold shop will give you cash if you brought from them. Make sure you have sales receipt then turn into dollars online bank account.
     
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  4. Angela123

    Angela123 Gold IL'ite

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    Locker fees are fine. We have decided not to involve parents in our finances. If there any issue later regarding anything at all, it we do not want to take blames. They do not like to take that responsibility either. That is why we moved the gold to our own locker even if we do not use any bank accounts there.

    The question is why to keep the gold if we are not using it. Will there be a future use for it? I cannot decide.
     
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  5. Angela123

    Angela123 Gold IL'ite

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    This what I am not sure to do. Converting to dollars and using it here, it would just evaporate:blush:.
     
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  6. shravs3

    shravs3 IL Hall of Fame

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    Gold prices are soaring up. If you want to sell it’s a good opportunity. But if you are still confused wait for few more years and then decide. Or why don’t you get it to US? May be you can wear them when you attend any desi functions. But again safety matters! So you may need to invest in safe deposits..
     
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  7. Mehana

    Mehana Platinum IL'ite

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    No you can invest in something else...stocks or shares or savings account??? Being here it's useful than sitting in the locker. But again it's my opinion:)
     
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  8. yellowmango

    yellowmango IL Hall of Fame

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    Don't sell till you have a certain plan on how to invest the money you get.
    It is gold....you can sell it anytime you want...unlike property that takes time to sell.

    Also remember..your gold is your personal security till it is still your wedding jewellery. Once you sell it , it will be your family money ...and will be used as such.
     
  9. MalStrom

    MalStrom IL Hall of Fame

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    A locker is probably the safest place to keep valuable jewelry in India. Almost no one we know keeps any quantity of real jewelry at home. Most ladies in my family use “covering” jewels for daily use, except for essentials like mangalsutra.
     
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  10. shravs3

    shravs3 IL Hall of Fame

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    Yes Ofcourse. I meant if OP was concerned about locker fee that’s an alternative.
     
    Last edited: Feb 12, 2020
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