Jewelry is a decorative item that is worn for personal adornment. There are different types of jewelry which include:
- cufflinks etc.
Oftentimes, people buy expensive jewelry when it is cheap as an investment because when they need money, they can easily sell the jewelry at a price higher than when they purchased it. This is because most of the expensive jewelry is made with either gold, diamond or silver which their value tends to appreciate with time.
For a long time, jewelry has been kept as an asset by royals and wealthy merchants. People also buy and keep jewelry as a mean of securing their future. When they are in need, they sell their it in exchange for money. Most people sell their jewelry at a pawn shop. It is the most common way of jewelry sale. However, you need to know how to pawn jewelry or else you will be cheated when attempt to sell your jewelry at a pawn shop.
How to pawn jewelry the right way?
There are risks involved in selling jewelry at a pawn shop. Before taking your jewelry to a pawn shop, you need to be aware of some simple details that will help you complete a successful transaction.
First thing you need to do before taking your jewelry to a pawn shop is to find out its value (for example how much is sterling silver worth at a pawn shop; that is, if you have sterling silver among your jewelry or how much are pearls worth at a pawn shop if your jewelry are pearls). As mentioned earlier, there are different types of jewelry, and they are all made with various precious stones and metals. Gold is the commonly traded jewelry followed by gemstones and precious metals. Silver is also widely traded although the value of silver is less than that of gold.
You can find out the worth of your jewelry yourself. It can be difficult if you are not familiar with how to value jewelry, but it is something you can do even in your kitchen. All you need is a scale, preferably a jewelry scale where you will measure the weight of your jewelry. One thing you should know is that the total weight of your jewelry is not the total weight of the precious stone in the jewelry. There is hardly a piece of jewelry that is made with 100% gold or silver. They are usually made with other components that have no value. This component tends to increase the weight of the jewelry, but you can know the proportionate weight of the precious metal or stone on your jewelry by checking the stamp that is on your jewelry. Jewelry has stamps that read 24k, 18k, 14k and so on. These stamps indicate the purity of the jewelry. After knowing the weight, you can check for the value online.
Before you visit any pawn shop, it is important for you to have and idea of how much jewelry is worth at a pawn shop. The question that should come to your mind is how much does pawn shops pay for jewelry?
How much can you get for your gold jewelry at a pawn shop?
Getting answer to this may be difficult if you don’t have any local pawn shops around or you don’t know anybody that deals in jewelry. However, with the help of the internet, you can find a good number of websites that will give you a price range pawn shops pay for the different types of jewelry.
For example, as of the day of writing this article pawn shops pay around $1250 for an ounce of pure gold. If you have 10k gold jewelry, you can sell it for $16.35 per gram, and 14k gold jewelry can be sold for 423.50 per gram.
This price is not exact because pawn shop jewelry prices vary widely, which is why you need to find the best place to pawn jewelry at a reasonable price. If you have never sold jewelry before, you won’t know how pawn shops pay, and this will put you at risk of getting cheated, most especially if you are selling a very rare and expensive piece of jewelry. After knowing this, you can then visit a pawn shop and ask for the value of your jewelry.
The value may differ because they will likely want to pay you less. However, the difference should be minimal. If any pawn shop is offering to pay a ridiculously lower value than the one you assessed yourself, it is obvious they are trying to rip you off. You should walk away and try another store.
Selling silver at a pawn shop
You may have a collection of different jewelry you’ll like to turn to cash, but you need to know how and where to sell it to avoid making the mistaking of selling them for a price that is less than their value. If it is silver you want to sell, you need to find out how much is silver worth at a pawn shop. Different pawn shops may deal with specific jewelry, and you need to take note of this.
A pawn shop that specializes in buying silver may not likely purchase gold, and if they notice you are ignorant of the right place to pawn your gold, they may buy your gold for the price of silver. So to get the best value on your gold, you should look for a cash for gold pawn shop if for instance you are interested in pawning gold rings.
It is important to point out that if you are dealing with a piece of very expensive and rare jewelry, the best option is to consult appraisers or gemologists to know the value of your jewelry. You should not just go to any appraiser or gemologist. You should be careful in dealing with these people. You can ask for referrals or check for people’s review and comments online, and you can use this information as a guide to get the best appraiser or gemologists.
Apart from knowing the value of your jewelry, these are information that will help you have a successful transaction and the get high value for your jewelry. The fact is you cannot get the exact value for jewelry that you assessed from a pawn shop. The cost is a guide for you to know how much to bargain for the best price possible.
Finding a good pawn shop is the key
The bottom line is that you have to find a good pawn shop to monetize your jewelry maximally. Apart from the local pawn shops, there are a good number of pawn shops online nowadays. These online pawn shops have customer review page where you can go and read what other customers have to say about them. However, not all of them have a customer review page.
You just have to keep trying different ones until you get a good one that is willing to give you a good price. You can only know you are getting a good price for your jewelry if you know the value of your jewelry. Even if you go to a good pawn shop, you will still need to negotiate to get a good price. Armed with the knowledge of the market value of your jewelry, you are set to turn those precious items of yours into some cash.
And in case you don’t want to deal with all this hassle and still get a great price, you can always contact us. We specialize in buying jewelry as well and our customers tend to be very happy with the offered rates.