February 29, 2020 - Jewelry & Luxury Items
Not all jewelry is valuable but knowing how to pawn your pieces will ensure you’re getting the best possible deal as you part ways with grandma’s earrings.
Here are 5 tips to keep in mind when pawning jewelry.
You should know the value of what you have before you step foot in a pawn shop. You’re very unlikely to ever receive the full value of any piece you pawn because pawn shops are resellers, but knowing in advance what it’s worth will give you more bargaining power.
You can negotiate for a better price.
This is where it’s important that you know the value of what you have.
It’s a good idea to start your negotiations high. This will give you something to step down from.
You wouldn’t try to sell a car after you’d been 4x4ing offroad. The same concept extends to any jewelry you want to sell. You want your pieces to look as presentable and attractive as possible.
You should clean any jewelry you intend to pawn. If you’re unsure of how to clean your pieces have a professional jeweler do it for you.
Different metals and gems require different cleaning methods and this is something you don’t want to get wrong. Incorrect cleaning can damage or even destroy certain jewelry. If in doubt, pay a professional.
Pulling a messy tangle of gold out of your bag is the quickest way to signal to a pawn shop clerk that you don’t know what you’re doing. They’ll either assume what you have is cheap or, if the piece is valuable, they’ll think you don’t know what you have.
Presenting your jewelry properly is the best way to avoid this first impression. If you have the original packaging for your pieces that’s ideal but jewelers will often have surplus cases you can buy for very little expense.
Proper boxes also ensure your newly-cleaned jewelry is kept clean and undamaged.
If your jewelry is gold then you will want to know the price of gold. These prices fluctuate and so you need to look up the current prices just before you intend to sell.
If the gold prices are high, you might be able to make more money by selling through a shop that specifically buys gold.
Keep in mind that such facilities will only pay you for the gold value. If your jewelry has diamonds or other gemstones selling to a pawn shop instead will account for the cumulative value.
Know the value of what you have, present it in its best light, and don’t be afraid to negotiate for a better price. Knowing how to pawn items is a skill but it’s one that won’t go to waste.
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David Stiebel is one of the cofounders of PawnGuru. David was educated at MIT, where he studied Math. He subsequently worked at Bain as a data scientist before starting PawnGuru in 2015. He started PawnGuru to build a better tool for pawn shops and consumers to connect.More Articles