This week, we answer the common question, “How much do pawn shops pay for a gold bracelet?”
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There are two methods for getting an estimate for how much a pawn shop will pay for a gold bracelet. One is to do some online research, and the second is to educate yourself on how pawn shops price gold bracelets and jewelry in general.
In this post, we’ll cover how much pawn shops pay for a gold bracelet by telling you how to price your bracelet online. We’ll also break down the pricing of gold, show you how to calculate the value of your gold bracelet, and tell you how pawn shops determine jewelry value.
Find out the Price of your Gold Bracelet Online
How do you find the price of your gold bracelet online? You list it on PawnGuru. If you haven’t heard of PawnGuru, we allow you to create a listing for free that alerts all pawn shops in your local area that you want to see what they would bid on your gold bracelet.
There’s no obligation for you to accept a bid. You would just take a couple minutes to list it and watch the offers begin to roll in almost immediately.
To be efficient with your time and get the most accurate estimate for how much pawn shops pay for a gold bracelet—and yours in particular—you’ll want to let PawnGuru work its magic while you read the rest of this post.
List your gold bracelet here for free now to get offers from pawn shops.
Next, we’ll help you determine the value of your gold bracelet on your own so you can be aware of how much it is worth.
How Much Pawns Shops Pay for a Gold Bracelet Depends upon 4 Factors
- The Open Market
- The Pawnbroker’s Discretion
Karat is the purity of the gold in your bracelet, and since gold is priced by the ounce, that’s where weight comes into play.
Gold is traded on the open market. This means that supply/demand, speculation and current events influence the price of gold. It’s bought and sold 24/7/365, so the price of gold constantly fluctuates.
On top of this, a pawnbroker will try to turn a profit on your gold bracelet when they buy and resell it, just like jewelers do. The pawn shop will be looking to price your jewelry based on all the factors above, while trying to make some money off the sale.
Next, we are going to review how to determine the karat of your gold bracelet, the weight, and the current market value so you can see how much your gold bracelet is worth.
How to Determine the Karat (Purity) of your Gold Bracelet
Because one of the factors in how much pawn shops pay for a gold bracelet is the purity of the gold in your bracelet, you’ll need to know the karat of your gold. You determine this by checking inside the bracelet or on the clasp for a symbol.
Karat Symbols (Hallmarks) and what they Mean
The symbols on the inside of your gold bracelet will either read 10k, 14k, 18k, 417, 585 or 750. These are called hallmarks and they represent the purity of your gold. The higher the number, the purer your gold is. This means that there is less of other non-gold metals mixed in with it.
You may have never heard of the three-digit numbers before. They all are representative of karats. Use the following as a gold karat guide.
- 10k or 417 = 10 karat = 41.7% gold
- 14k or 585 = 14 karat = 58.5% gold
- 18k or 750 = 18 karat = 75% gold
Anything that is less than 24K gold is a mixture of gold and silver alloy.
The markings GF, GS, HGE, and fractions in front of a karat (e.g. 1/10 14K) indicate pieces that you likely won’t get much money for. If you see these on your bracelet, it’s likely costume jewelry.
How to Determine the Weight of your Gold Bracelet
The weight of your gold bracelet is easy to determine. You just need a scale that weighs to a tenth of a gram.
If you have any embellishments on the bracelet such as stones or non-gold charms, you need to estimate how much those weigh and subtract it from the weight of your bracelet. Once you have that number, you can move on to calculating how much your gold bracelet is worth.
How to Calculate the Value of a Gold Bracelet Based on Karat, Weight & Market Value
To figure out how much pawn shops pay for a gold bracelet, you can use karat, weight and market value to mimic what a pawnbroker would do to price it out.
You will need to know the weight of the gold portion of your bracelet, in grams (to the tenth of a gram). We reviewed this above.
You also need to figure out the karat. As we reviewed earlier, look on your bracelet carefully to find the hallmarks that we went over. Then, get the percentage that we listed next to the karat hallmark matching your bracelet.
Next, look up the current market value price of gold in grams.
Calculating the Value of your Gold Bracelet
Here’s how calculate approximately how much pawn shops will pay for your gold bracelet:
- Multiply the weight of your bracelet (just the gold part) by the percentage of gold that your karat indicates. For example, let’s say your bracelet weighs 21.4 grams and that it is 14K gold. Since 14K gold is 58.5% gold, you would take .585 X 21.4. This leaves you with 12.51 grams of actual gold to work with.
- Multiply the grams of actual gold (12.51 in the example) by the current price of gold in grams.
As of the exact moment this post is being written, that is 12.51 X $41.91 = $524.29.
In summary, on 11/29/16, a 14K gold bracelet weighing 21.4 grams is worth roughly $524.29.
If you see a store selling the same bracelet for more money, remember they are factoring in the labor costs required to make the bracelet. The above calculations are just based on the gold itself and you likely won’t get that exact price. It’s good to use as a reference, though.
When you take this to a pawn shop, you can likely expect to get less than $481, since they need to make a profit. Keep in mind that pawn shops are businesses, and you need to remain respectful that they need to turn a profit in order to stay in business.
How to Determine the Right Time to Pawn a Gold Bracelet
Since gold prices fluctuate every day, it is wise to check the price of gold and historical prices on the day you intend to sell it. You can look at historical gold pricing charts and see for yourself.
The chart below shows historical gold pricing fluctuations from 2007 to 2017. Take a look at the past 5 years below that so you can see more granularly which months gold tends to rise and fall.