Selling Gold Jewelry at a Pawn Shop: Is it right for you?

If you’re looking to get rid of used jewelry, your first thought might be to sell online or donate to a thrift store.  You might get what you want from those options—but don’t rule out pawn shops.  There are several benefits to selling to a pawn shop, including better deals and convenience.  But how do you know if selling to a pawn shop is the right choice for you?  And what should you know before going in?  We broke it down for you, so you have all the knowledge you need to sell at a pawn shop.

Flexibility

Pawn shops offer a little more flexibility than other gold buyers.  For example, if you’re not ready to part with your jewelry forever, you can take out a pawn loan.  A pawn loan is when you give up the jewelry temporarily in exchange for a loan—once you pay it back, you get your gold back.  Most jewelry stores won’t give you that option.

Convenience

Googling “pawn shops” and going to the first result that pops up is certainly the most convenient option.  But it probably won’t get you the best the price.  Going off of personal rapport is also tempting.  If you’ve sold to a certain pawn shop before, you might feel more comfortable with their personnel.  It makes sense to trust someone you’ve already had positive experiences with, but they still may not give you the best price if they’re not particularly interested in what you’re selling.  This leads us to…

Research and Reputation

You’re going to have to do your research.  When deciding on a pawn shop, consider reputation and inventory.  Does that pawn shop frequently buy and sell jewelry?  Or are they more focused on things like TVs or used instruments?  If a store doesn’t trade extensively in jewelry, that probably means that it’s costumer base isn’t very interested in it.  That’s why it’s important to do your research and find out about a pawn shop’s reputation.  Make sure you go to one that is interested in jewelry to get the best price.

You’ve found your pawn shop.  Now, how do you get the best price? 

First, Getting an appraisal before selling gold jewelry is critical to getting a fair price.  While you can calculate a value of gold based off of karats and weight, precious and semi-precious stones can drastically alter a piece’s worth.  An appraisal shouldn’t be too expensive, and it will absolutely be worth it.  Second, it is essential that you clean the jewelry before you sell it.  A pawn shop might undervalue your jewelry if it looks dingy.

Are you selling gold?  The Gold ATM will buy it or give you a pawn loan!  Call us at 770-843-4653.