February 24, 2020 - Jewelry & Luxury Items
Hard times fall upon all of us, and pawning jewelry is a great way to get quick cash when you’re in a pinch. Whether you’re intending to use your necklace as collateral for a loan or you plan to sell your necklace outright, you’ll need to know a few things to ensure you get top dollar for your necklace.
At PawnGuru, we are your number one resource for learning how to pawn a necklace and jewelry in general. We also help you pawn other items such as electronics, guns and appliances for the best price possible.
The best part is that we make it extremely easy for you to get offers online for your necklace today.
It’s as easy as taking a couple of minutes to list your necklace on PawnGuru. It is free and you can watch your local pawn shops bid on your necklace almost instantly.
Once you receive a bid that satisfies you, you can enter the pawn shop and get cash in hand today. There’s no obligation to accept an offer if you don’t like the bids you see, but we serve as a great resource for understanding what pawn shops are willing to pay for your necklace.
This is the easiest way to pawn a necklace for top dollar, because you will have a handful of pawn shop offers in front of you that you can compare and choose the best one.
Read on to learn more tips on how to pawn a necklace for top dollar.
If you are willing to wait to get the highest price for your necklace, understand how the commodities market works. Commodities are any basic material like gold, silver, natural gas, oil, or soybeans. When the stock market crashes, the precious metal commodities markets increase in value and you can get the best price for your necklace!
A broken necklace is still worth lots of money. Keep in mind that pawn shops are always willing to give you an offer on any item that has worth. The materials that comprise your necklace or any other piece of jewelry are valuable.
Wondering how to pawn a necklace that is broken or missing pieces? If you’re looking to pawn a broken necklace, you can simply collect the pieces if you have them and bring them to the pawn shop. They are sometimes willing to repair the necklace on their own.
Mostly, pawn shops care about the value of the metal or the stones. This means that if you want to pawn a broken necklace for top dollar, it should contain gold, silver, or platinum and you’ll want to collect as many of the missing pieces as possible.
We must emphasize that if the necklace contains precious metals such as gold, platinum or silver—or precious stones such as diamonds—you’re more likely to get more money.
Even if you don’t have some of the missing pieces of your broken necklace, precious metals and stones still hold value. If your necklace is just costume jewelry, we have to be blunt and tell you there is no such thing as getting top dollar for that.
If you want to know how to pawn a gold necklace for top dollar, you should understand how gold is priced.
Basically, the more your gold necklace weighs, and the higher the karat, the more money you are going to get for it. Also take into account that you’ll want to pawn your gold necklace when the open market price of gold is high.
You’re in a good position if your necklace is actually gold.
You’ll be in an even better position if you get a rough understanding of the quality of the gold in your necklace. Find the hallmark on your necklace that has a number or a number with a K next to it, and refer to the gold karat chart in our post titled, How Much do Pawn Shops Pay for a Gold Bracelet. You can even use the formula in that post to figure out how to calculate the value of the gold in your necklace.
Keep in mind that pawn shops need to turn a profit, so you won’t get that full value.
Much like a gold necklace, a silver necklace is generally a silver metal necklace with possibly a valuable gemstone in the centerpiece. You can either sell your necklace for scrap or for the value of the necklace. Keep in mind though, pawn shops are reselling agents and care about their ability to resell your jewelry for a higher price.
At a bare minimum, your silver necklace will be worth the price of the silver in addition to the price of the gems. In order to get a full version of how silver is priced, please check this out. For a simple and fast version, look for the three numbers engraved on your necklace. These three numbers may be 800, 925, 958 or 999 and this is the content of silver within the metal of the necklace, measured in parts per thousand. To get a good idea of the market value of your necklace, measure the weight of your necklace, then subtract what you believe to be the weight of the gemstones or other non-silver parts of the necklace.
Then take the (weight of the silver)x(the three numbers) and divide by 1000. This is the true amount of silver in your necklace. Here is the price of silver on the world market. Keep in mind that pawn shops are resellers and need to resell your necklace at a profit. They provide a fast and easy way to pawn or sell your necklace for instant cash.
Platinum is easy to mistake with silver or white gold, so it’s important to read up on how to tell the difference before you bring it into a pawn shop.
Look for the engraving. If it is a platinum necklace is will be engraved with “PT”, “Platinum”, or “PLAT”. It will also be engraved with 3 numbers which detail its content, much like silver. The three numbers are usually 800, 850, 900, 950, or 999.
Platinum is worth far more than gold or silver, so if you have a platinum necklace, you are lucky!
Read our post on How Much Pawn Shops Pay for Platinum.
To pawn a diamond necklace for top dollar, you’ll want to have a general understanding of the quality of the metal in your necklace, as well as the quality of the diamonds.
These are the factors that determine diamond quality and price:
Basically, this means that the weight of the diamond, how it is shaped, the purity and the color of the diamond all affect how a pawnbroker will price the diamonds in your necklace. Bigger diamonds with round cuts and a lot of clarity will get you top dollar for your diamond. White diamonds that are off-white will be priced at a lower value.
As we mentioned earlier, if your necklace contains silver, platinum or gold, you’re in an even better position. Use this website as a reference for what the current market value of these precious metals are. Do some research on jewelry hallmarks (the markings on your necklace) to determine the quality of the metal in your necklace.
The higher the quality, the easier it is to get top dollar.
If you want to sell your necklace outright to the pawn shop, you would just complete steps 1-4 and finalize the offer. Then, you would hand over your necklace for cash in hand. It’s that easy!
Now that you’ve learned how to pawn a necklace for top dollar, you may want to learn more about pawning jewelry such as rings and watches. Here are some related posts below!
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