Pawning jewelry can be an easy and efficient way to quickly gain cash, but can be risky.
When you pawn jewelry, you give it to a pawnbroker as collateral against a loan they offer you. If you fail to repay within an agreed time period, they have the right to sell your item without your permission.
Sometimes pawnshops may be an attractive solution; however, there are certain things you must take into consideration prior to pawning jewelry.
Do Your Research
Before taking your jewelry to a pawn shop, it’s essential that you conduct extensive research. Be aware of its worth and be ready to negotiate if a deal seems unfair or inadequate.
Keep any documents you may have related to your item that can help increase its resale value.
Pawn shop inventories change constantly, so it is wise to visit often in order to see what new items have arrived and if any that you may wish to purchase or sell have come available.
Prioritize Your Pieces
Pawning your jewelry can be an effective way to reduce bills. But to make sure you’re getting the best possible deal, it is vital to find a trustworthy and reputable company before handing over any cash. Also make sure that before leaving the shop you have prepared a list of questions to ask and have done some research beforehand – otherwise you might just end up disappointed and with bad memories of pawn shop experiences and potentially worse credit score and bank account! The best pawn store would have an outstanding reputation and inventory selection that meets both criteria!
Know the Value of the Item
Prior to pawning jewelry, it’s essential to ascertain its true value. This can be accomplished through comparison to similar items in similar condition or through online databases such as eBay, Kelley Blue Book and Craigslist.
Market value will ultimately determine how much you receive for it and provide an indication of how quickly you’ll pay back any loans taken out against it.
Howard’s Pawn & Jewelry provides expert evaluation services so that you can get an accurate assessment of the value of your jewelry, enabling you to make informed decisions and maximizing its potential return. Visit us today at Howard’s Pawn & Jewelry for your free appraisal so that we can ensure an enjoyable pawning experience and maximum return for you and your piece.
Be Prepared to Negotiate
When taking your jewelry to a pawn shop, be prepared to negotiate. Doing this will allow you to secure the best possible price on your item while preventing you from being taken advantage of by unscrupulous sellers.
Before making a final decision, it’s wise to visit two or three local pawn shops before making your final choice. Doing this will give you an accurate representation of prices offered for your items as well as allow for easier comparison between each pawn shop.
Pawn shops exist solely to turn a profit and will do anything possible to maximize this return – including offering you discounted jewelry prices in order to gain your business.
Be Prepared to Walk Away
Pawn shops may seem like the ideal solution to sell jewelry at a fair price; however, depending on their overhead costs and local resale market conditions they might only pay out 30-60% of its value.
Be ready to walk away if you feel that you’re being treated unfairly; some pawn shops can be very predatory when taking advantage of desperate people who need cash quickly.
If you’re uncertain of the value of your jewelry, consulting with a jeweler first could help provide clarity as to its worth and offer. They can give an accurate estimation as to the fairness or otherwise of their offer and it would also allow for trying on pieces for appraisal so as to familiarize yourself with their style and retail value.
Probably after reading this blog you still have questions and that’s ok. That’s why we recommend Sunset Pawn and Jewelry, they will give real value to your jewelry and your time. Sunset Pawn and Jewelry will help you assess what you have and create a strategy that results in fast cash with no stress. Just contact them and ask your question, I’m sure you will be heard.