You could be hard up for cash. You could have gifts from an ex you’d like to get rid of. You could have something really ugly you inherited. The point is if you have some jewelry you’d like to get rid of, you need to know how to do that.
How Does It Work?
So, how do you go about pawning gold at a pawn shop, anyway? Before you even set foot in the pawn shop, clean your pieces to the best of your ability. Do so appropriately for the jewelry you have on hand. Locate a couple of pawn shops near you and read any reviews you can find. It’s okay to go to all of them to see who can give you the best prices for your items. Like most retailers, pawn shops have an ebb and flow to what sells in their stores at the moment. One may not be turning over jewelry with the same frequency as another. You’ll get a better price for your pieces from the pawn shop that frequently sells more jewelry.
What’s the Difference?
Pawn shops and the stores that advertise giving cash for gold aren’t exactly the same thing. The intent of a pawn shop proprietor is to resell your items to someone else who wants them. The cash-for-gold people send your gold to be melted down and made into something else. This affects you because a better quality of gold will fetch a better price from a cash-for-gold store. Pawn shops will give you a portion of what they feel is the resale value of your items; this is fair because they need to turn a profit, too.
Even though pawn shops pay only a portion of your item’s resale value, it’s worth your time to take your pieces there. Established pawn shops tend to have better reputations for fairness than the recently risen up cash-for-gold places. If you have broken pieces of jewelry, it makes more sense to take it to a cash-for-gold location. The quality of the item is secondary to the quality of the gold for them.
Know Before You Go
You already know you don’t have to take the first offer you receive for what you’re selling. You should also know how much gold is selling for on the open market. If you’ve checked that, be sure to ask the shop proprietor to tell you how much they’re willing to pay you using the same measurement you’ve researched. Decide ahead of time what you’re willing to accept and don’t be afraid to ask for more than that as a way of negotiating. It’s common, even expected, so don’t feel as though you’re being greedy. Ask for your quote in writing with the name of the employee on the paper. That way, if you’re returning to the same store later and that person isn’t there, you can still get the amount you’ve been offered.
No matter the avenue you chose, you can get rid of your unwanted items and score more than just a little pocket change in the bargain.