Many of us end up with gold jewelry that we don’t wear much, and so you may be asking what you can do with it to see some sort of benefit rather than continuing to let it collect dust. Of course, pawn shops are always a valid option for establishing a collateral loan or simply pawning for profit. But for the best price, there are certain things you can do to increase your chances of receiving a higher payout. Part of the process is finding the best pawn shop in Westminster for fair deals, but there are ways to prep your gold jewelry before bringing it into the store.
Determine Why You Want to Pawn Your Gold Jewelry
Why might you want to part with your gold jewelry? Your prized possession can make for an adequate collateral loan if you happen to be in a pinch. If you’re not wearing it anyway, this is the fastest way to receive a loan without needing to wait days for the transaction to go through while avoiding checks on your credit score. It helps to view an example of a good collateral loan so you know if you’re getting a decent deal or not. If you have no interest in getting the jewelry back, you could simply pawn it for some permanent cash that you can do whatever you want with. Once you’ve decided on a pawn loan or full sale, the next step is figuring out how much your gold jewelry is worth in the first place.
Understanding Your Gold Jewelry For a Fair Price
While many retail stores will consider certain factors like popularity and resale value in their offer, pawn shops will take your item at face value. This is more to your benefit since retailers prioritize themselves and their ability to get the best price for your item. Pawnbrokers have a more objective way of seeing things due to their desire to frequently move inventory for a constantly-rotating stock of goods. This is why you’ll always get the fairest amount of cash when visiting your local pawn shop in Westminster. Appraisers on staff will quickly and efficiently weigh your jewelry and compare it to the current market price of gold and use that as a baseline for negotiations. It will also save you a lot of trouble to know the karat of your gold ahead of time. For reference, 9K gold has a purity rating of only 37.5% while a 24K piece of gold has a near-perfect 99.9% score. These are all very important factors that have a great impact on your final price.
| Number of Karats | Gold Purity Rating |
|---|---|
| 9 | 37.5% |
| 12 | 50% |
| 18 | 75% |
| 24 | 99.9% |
Finding the Right Pawn Shop
No matter what you have in your possession, the value you end up with greatly depends on the person you’re selling it to and how much they’re willing to pay. But how do you know if a pawnbroker is being fair? There are certain qualities you can look for in a pawn shop to help you determine whether or not the place is worth your time.
Scope Out Their Reputation
The best way to tell if a pawn shop offers great service is to see what previous customers have to say. You can walk through their experiences through their detailed reviews online to get an idea of what to expect in terms of friendliness, cleanliness, fairness, and so on.
Learn Their Years of Experience
A pawn shop that’s doing good for itself will proudly state the number of years that they’ve been serving the local area if you ask them. The way they carry themselves is a great way to judge how confident they are in providing excellent service.
Find Out Their Broken Jewelry Policy
An easy way to tell if a pawn shop cares more about the face value of an item is to ask if they will accept broken jewelry. Everyone knows that gold has many uses other than monetary value as long as the owner is willing to melt, reshape, and repurpose it. Although it may shave a few bucks off of the value, a dedicated and trustworthy pawn shop will be happy to take broken jewelry off your hands for its base value despite needing to give it extra care.
Tips For Getting a Higher Price
If you have the time and just a little bit of patience, you could increase your final price by a decent amount. What do you need to do? Buyers are more likely to be attracted to gold jewelry that has a certain sheen to it. There are special solutions you can buy to clean your jewelry, although gently using warm water and soap can do the trick just fine. However you choose to do it, taking a few extra minutes to enhance your jewelry from dull to shiny will work in your favor. You’re guaranteed to get even more if you present the jewelry in its original case along with anything else that it came with. This could include certificates, tools, or extra pieces. It also helps to learn how to haggle at a pawn shop so you know how to influence an absolutely fair deal.
Pawn Your Gold Jewelry At Westminster Mega Pawn!
How can you find a pawn shop with all of the qualities that you need to guarantee a fair price for your gold jewelry? If you live in Westminster or the surrounding area, Westminster Mega Pawn is the place to go to ensure the best service with the fairest prices. You’ll get an objective quote and the choice between straight cash or a flexible loan term. You can call the friendly staff anytime at 714-893-0555 for more information on the process and what to expect so you can come absolutely prepared to pawn your gold jewelry!