What must one know before exchanging old gold jewellery in India?

Jewellers deduct weight of stones and other non-gold components, while melting and testing losses may affect the jewellery's exchange value. It's advised to keep old bills or inheritance documents and know that PAN details are required for gold jewellery transactions over ₹2 lakh. Moreover, gold held for over 24 months may attract 12.5% LTCG tax on taxable profit, without indexation.