1. Loans against gold: Banks and companies like Muthoot and Mannapuram offer loans against gold as a security. Some lenders load up to 80% of the value of gold jewellery.
2. Sell physical gold or ETFs: Whether you own gold in physical form or in paper form (ETFs), you can consider selling to raise cash. If you go to a pawn shop, you might not get the best price. Don't forget your negotiation skills if you want to get the best rates.
3. Gold deposit schemes: You can also deposit your gold into a gold deposit and earn interest on it. Some banks like SBI offer this service. Your gold will be converted into bars and you will get a certificate to the effect. At maturity, you have the option to get repayment either as gold or as cash. Rather than let gold lie idle, you can generate some income on it.
4. Leasing your gold jewellery: This is practiced by retailers and beauty shops who provide wedding dresses. You can earn a rent on jewellery.