Wondering how to pawn a necklace for top dollar? We’ll help you out!
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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.
How to Pawn a Necklace that’s Broken for Top Dollar
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.
How to Pawn a Gold Necklace for Top Dollar
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.
How to Pawn a Diamond Necklace for Top Dollar
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:
- Color & Hue
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.
How to Pawn a Necklace for Cash Today
- List your necklace on PawnGuru—it’s free and only takes a few minutes!
- Watch the offers roll in from multiple pawn shows in your area
- Accept the highest offer for your necklace
- Bring your necklace and its components into the pawn shop that made the best offer
- Get an appraisal for your necklace from the pawnbroker
- Discuss the terms of the cash loan, such as fees and payback date
- Accept the offer if you agree to it and hand your necklace over
- Take the receipt from the pawnbroker with cash in hand
- Come back to the pawn shop before the payback date to pay back the loan
- Get your necklace back
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!
- How to Pawn Jewelry
- Pawn or Sell a Ring
- How to Pawn a Rolex Watch
- How Much do Pawn Shops Pay for a Gold Bracelet
- Pawning a Watch for the Most Money Possible
- How Much do Pawn Shops Give for Diamond Rings