You may have any number of reasons for pawning your jewelry but it is usually because you need fast cash for something else that is more important. Pawning works a lot like a loan. You use the jewelry as collateral to get the money you need. You then have a specified amount of time to repay the loan and get your jewelry back.
The pawn shop that you go to will determine the value of your jewelry and the percentage of that value that they are willing to loan you. If you fail to meet the terms of the loan by the deadline given, the jewelry becomes their property to sell to someone else.
If you are pawning your jewelry to get money, then you probably have a certain amount that you need. You want to get the most money possible for each piece. Following are some tips for helping you take home more of the cash you need.
1. Stick with Quality Pieces – Jewelry made with diamonds, gold, sterling silver, and sometimes semi-precious stones are going to have a higher value than gold-plated or simulated stones. A lot more! In fact, a quality pawn shop is not even going to offer you anything for jewelry that isn’t high quality and somewhat valuable.
2. Have It Appraised – Have your high-end diamond jewelry appraised by a reputable jeweler before taking it in to have it pawned. Diamonds come in a wide range of quality and the value isn’t based on size alone. Take the documentation with you to the pawn shop.
3. Choose the Right Pawn Shop – Take a little time to shop around for a pawn shop that handles a lot of jewelry and that has the most generous policies. A pawn shop that has a lot of expertise with jewelry is more likely to give you a fair price than one that doesn’t.
4. Clean It – If a piece has been in storage for a while, it may be dirtier and dingier than you think. Cleaning it can make it look newer and more appealing. Use a cleaner designed specifically for jewelry to avoid doing any damage to the metal or gems.
5. Don’t Overestimate the Value – It is easy to imagine that jewelry is worth a lot of money when you have had it for a long time or it was given to you as a gift. Keep in mind that the story that goes with a piece of jewelry and the sentimental value are only important to you. Also, pawn shops only give you a percentage of the actual value.
Vintage jewelry can also be quite valuable, especially older pieces that are rare. There are some clues to help you determine the age and possible value of your jewelry but, again, don’t get your hopes up until you have it appraised or evaluated. Unrealistic expectations can prevent you from recognizing a good deal when you get it.
6. Learn the Lingo for Gold – Most gold jewelry is not made with 100% gold. Real gold is actually a soft metal that is combined with other metals to add strength. The more gold your jewelry contains, the higher the value will be. Learn what to look for to identify which pieces of your gold are real and those that are worth the most money.
7. Find out What Kinds of Jewelry the Pawn Shop Accepts – Nearly every pawn shop accepts gold jewelry but they probably won’t take jewelry that is gold plated. Once you have followed the previous step, you will understand more about why your choice in pawn shops is one of the most important details when pawning your jewelry. Those that deal in jewelry regularly will know how to evaluate your jewelry’s value and give you the best price.
8. Prioritize Your Pieces – Your most valuable piece of jewelry may also be the one that you are the most attached to. Although you may have options for extending your loan if you aren’t able to pay it off in full, you may be concerned about pawning your jewelry and taking a risk of losing it. Instead, consider whether a combination of other pieces might be valuable enough to get the money you want. They might present a better option for you than the one that is worth the most.
9. Minimize Your Risk – When you need money in a hurry, it is easy to think that you will have the money to pay back the loan when you need it. When something else comes up that prevents you from paying the loan off on time, you will want to know your options. Before pawning your jewelry, find out the pawn shop’s policies and practices. You may be able to extend the loan by paying the interest. This reduces your risk of losing your jewelry when if another situation should arise.
10. Sell It for Scrap – If you don’t have a sentimental attachment to your jewelry, you may be better off selling it instead of pawning. Pawn shops pay more when they buy jewelry instead of pawning it. Gold jewelry can be especially profitable when it is sold. Take your gold jewelry to a gold buyer before going to the pawn shop and they may be willing to top the offer.
Getting The Most When Pawning Your Jewelry
When emergency situations arise, pawning your jewelry provides a good option for raising cash fast. Medical bills, dental emergencies, or repairs on your car are just some of the reasons getting cash can become a top priority. Getting the most for your jewelry can be a lot better option than putting the charges on a credit card or borrowing the money from a family member or friend.
Wanting the most money for your jewelry is common sense and it may make the difference in having the cash you need for something important. Contact us to learn about the Monte De Piedad Advantage and ask us how we can help you get the most money whether you are ready to sell or pawn your jewelry.