February 07, 2020 - Jewelry & Luxury Items
First off, the answer to this question is yes.
Now that you know this, we’ll let you in on why pawn shops buy engraved jewelry and how pawn shops determine the value of engraved jewelry. We’ll also tell you what the most savvy pawn customers are doing to pawn and sell their engraved jewelry online.
This process is fast, easy and it helps point you in the right direction for which pawn shop will give you the best offer on your engraved jewelry.
Pawn shops buy engraved jewelry when the ring, earrings, necklace, bracelet, etc. is made of previous metal or stones. Otherwise, they’re likely not going to be able to resell it. This is because it won’t have any value if its materials don’t have value.
Pawn shops buy engraved jewelry because they are able to re-sell the precious metals to be melted down. They won’t often sell engraved jewelry in their shops because it contains personalization.
Customers don’t want to see someone else’s name on their jewelry, except maybe if it’s a celebrity’s. After all, who is going to want to buy a necklace that says “John & Jane Doe 2-14-2007?”
Pawn shops essentially determine the value of engraved jewelry by material type, weight, purity, market value and their ability to turn a profit on it. Below, we break down how a pawn shop will determine how much they’ll pay you for your engraved jewelry:
The type of precious stones and precious metals in your engraved jewelry will largely determine the overall cash value of your piece. Some are more valuable than others!
The weight of the materials is an important factor in determining value. You should have a general understanding for how much your jewelry’s stones and metal weighs before you pawn or sell it.
How pure is your metal and how much clarity or brilliance does your stone have? This is another important consideration. Check the hallmarks (markings) on your jewelry which are typically numbers and/or symbols that signify the type of precious metal used to make your jewelry.
Precious metals are traded daily on the open market. Things like current events, supply and demand and speculation will determine the value of the precious metal.
It’s important to keep in mind that a pawn shop is buying jewelry from you in hopes that it can turn a profit when they resell it. This means that they will likely give you slightly less than what it is valued at. This is the small price you pay for the convenience of getting fast cash.
Now that we answered your question “do pawn shops buy engraved jewelry” you might find these other articles to be helpful!
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
July 25, 2018, 1:07 AM
Thank you for the information that pawn shops buy engraved jewelry only if they’re made of precious metals or stones. I had no idea that they are doing that not to sell to anyone because of personalization. Instead, they are being sold for melting purposes so they could form a new set of jewelry. That’s cool!
December 20, 2019, 6:43 PM
Some states Pawn regulations prohibit Pawning or selling jewelry that has a name or other identifying info (DL#, SS#) unless the seller is the one whose identifying info is on the item, or the seller has a notarized bill of sale from the original owner to the seller. Check with your state’s regulations.