When you need some quick cash, a trip to the pawn shop can help you get back on your feet super-fast.
In fact, close to 30 million Americans use pawn shops to get loans every year. Understanding how pawn shops appraise jewelry and other items will help you feel more confident when the time comes.
If you’re thinking about pawning a ring, bracelet, or necklace, you’re not alone.
Since these items are small, easy to transport, and tend to hold their value, they’re a popular choice for pawn sales. Here’s what to expect when you pawn your jewelry or watches.
How Pawn Shops Appraise Jewelry Made of Gold, Platinum, or Silver
With the current price of gold just under $1,300 an ounce, pawning gold jewelry will almost always bring you a good chunk of cash. Note, however, that while most pawn shops are thrilled to accept solid gold pieces, they won’t make an offer on anything that’s gold-plated.
The price you’ll get for the jewelry you sell or pawn will depend largely on the type of metal it’s made of.
Other important factors include the weight, karat, current market conditions, and the pawnbroker’s discretion. Platinum are gold are currently valued at about the same price, while silver jewelry is worth far less.
Pawning Jewelry with Diamonds and Gemstones
Pawn shops love diamonds but are generally only interested in ones that are a quarter of a karat or larger.
If your jewelry has small diamonds, semi-precious stones, or lab-made diamonds, they aren’t likely to impact your offer. In this case, the offer is based on the value of the metal contained in the pieces you’re trying to sell.
What to Expect When Pawning a Watch
How much you’ll get for your watch depends largely on the brand name, age, and condition of the watch.
High-end brands like Rolex, Chopard, or Panerai often receive offers for several thousand dollars. Mainstream brands like Fossil, Seiko, and TAG Heuer will usually get you anywhere from $30 to $250.
Why Your Offer Doesn’t Match the Current Market Value
After reviewing the information above, you’ll probably have a decent idea of what your jewelry is worth. Remember, however, that the offer you receive will be lower than the appraised value. This is because the pawnbroker needs some wiggle room to make a profit.
You can typically expect to get an offer of about 60% to 70%of the jewelry’s actual value. You may get a higher offer if you’re selling instead of pawning.
Don’t Wait Any Longer: Pawn or Sell Your Jewelry Today
Now that you understand how pawn shops appraise jewelry, you’re probably feeling much more comfortable. Your old jewelry isn’t doing you any good tucked away in a drawer, so there’s no time like the present to turn it into some fast cash.
Want to make sure you get a great deal? Start by advertising your items with us. We have connections with some of the best pawn shops for jewelry and will make it easy to compare multiple offers and choose the best one.