How Do Pawns Shops Determine the Trade-In Value of My Jewelry?
If you’re not familiar with pawn shops, you may have some preconceived notions about the pawning process. At The Jewelers & Loan Co., we believe that pawning will be prominent and improved in the future for customers, but the best bit of advice we can provide is to consider all your options before you sell your valuable jewelry.
Understanding the Difference Between Pawning and Selling Jewelry
It’s easy to muddle the similarities between pawning and selling and assume that they are one and the same, but pawning your jewelry is not the same as selling your jewelry. Pawning, or borrowing short-term, can be a temporary process if you abide by your pledge. We appraise the value of your items, which can consist of:
- Coins or Loan Collections
- Luxury Watches
Then, we safely store the collateral while the customer receives the cash they are looking for the same day.
In general, pawning allows you to maintain ownership of your jewelry while still leveraging its value for the cash you need.
Selling, on the other hand, is very straightforward. When you choose to sell your jewelry to a pawn shop, you may find that you receive a higher offer for a standard sale than a pawn-loan agreement.
Pawn loans use the value of the collateral to obtain the short term money that you need. Visit our “How Pawn Loans Work” page to look at examples of our Pawn Loans Disclosure Transparency invoices and forms.
What Is the Process for Determining the Value of My Jewelry?
In addition to the Daily Gold, Silver, & Platinum Spot Price, numerous other simple contributing factors will factor into the cash value of the jewelry, including:
- Karat Purity
- Diamond or Gemstone Quality
- Carat Weight
- Brand Name
Unfortunately, many pawn shops also have to factor in their own profits, which can cut into the final cash value you receive on your piece.
If you are interested in selling or pawning your jewelry, it’s important that you shop around for a pawn shop or jewelry buyer you trust. Pawnshops buy and sell all sorts of items, from luxury jewelry to gold and silver coins.
If you are interested in getting the highest value for your precious jewelry, it’s always prudent to keep an eye on the daily spot price, shop around for buyers, and do your research on the best time to sell when the metal prices are high.
Research Before You Decide To Sell
If you, or the pawnshop, is inexperienced with the item you intend to sell or pawn, it can be easy to misconstrue the value of your piece. For this reason, it’s essential that you do your research on your jewelry before you plan to sell. In general, the heavier the jewelry and the higher the karat purity, the more the item’s purchase value will be, but certain brand names and precious stones can increase the value of your jewelry.
Explore all the possible outlets for selling your jewelry before you decide to buy. Chances are you took your time selecting your jewelry, so it’s essential to be thoughtful about the selling process as well. The Jewelers and Loan Co. Quincy also offers consignment services for clients interested in selling the items and being more patient to properly market the valuables on the second-hand marketplace.
For more information about pawn-loans and selling your valuable jewelry, contact our team today or reach out to schedule a private appointment!