When you require a little extra cash, searching through your jewellery box isn’t a bad idea, to begin with. However, for obtaining cash for your gold jewellery, you might be wondering whether to approach the jeweller or a pawnshop for receiving the best price.
Tip 1: Be Realistic
Before getting overly excited to make some cash, you need to root your expectations in reality. Well, you may have an attractive necklace belonging to your great aunt, a precious family heirloom so to say, but it may happen that the diamond in the necklace may not be real. Moreover, it’s very rare that a second hand jewellery piece sells for anything near to its purchase price. Never sell the antique jewellery that you love, as you won’t be making any profit out of it. However, if you’re desperate and badly require money then go ahead and sell your scrap gold or antique gold for cash.
Tip 2: Get the Ballpark Figure of Your Jewellery Piece
To evaluate your antique jewellery piece, you should look at it impartially. Look at eBay auctions that are fulfilled, or look at others’ jewellery pieces with similar features, so that you’ll get an idea about the ballpark figure of your jewellery piece. Alternatively, you can take it to a professional to evaluate it.
Tip 3: Prepare the Item for Sale
Restoring your jewellery piece can go a long way in acquiring a respectable price. At times, a bit of cleaning is all that is required to make it shine again. Take some dish soap and a little warm water to clean the jewellery piece and get the lustre back. To clean the item gently, make use of a soft bristle toothbrush only (as hard toothbrush can scratch gold jewellery and other precious gems), and leave it to be air-dried.
THE BEST SOLUTIONS FOR YOUR COMMON QUESTIONS
- Should I Sell Gold to the Pawnshop or Jeweller?
This question comes to everybody’s mind when it comes to selling his or her used gold jewellery for cash. When buying and selling gold is concerned, one common denominator helps to keep things fair and honest among different buyers out there. Gold is being traded on the open market for 24 hours a day and 7 days a week continually. Gold price is constantly changing but has the same price anywhere you go at any particular point in time, all around the globe. Everyone works with one common value to decide the gold’s worth, which helps them to decide at what price they can buy gold in Sydney. Gold price remains constant the world over and would not change. Therefore, it doesn’t matter whether you go to a jeweller or pawnshop because they all work with the same basic value of gold. That’s the reason why overall public gold buying market is generally quite firm and steady.
- How Much Will Pawn Shop Pay For Your Gold?
Well, it will depend on the pawnbroker as to how much they are willing to spend on a particular gold jewellery piece. Generally, all pawnshops will be happy to offer cash for gold between 50% and 80% of the current gold value. Pawnbrokers will buy gold from you to sell it to others, and because the gold prices constantly keep on changing, pawnbrokers have to take into consideration the fluctuating gold prices, so if at all, the gold prices drop, they aren’t trapped paying a high price for your gold when they go for selling it.
The Bottom Line
Gold jewellery is pricey to own and with the sentimental value attached to it, hardly people are happy when they go for selling it irrespective of whom they are selling it to. However, if you aren’t ready to sell your gold jewellery yet and still need cash for gold, then pawnshops are flexible enough to offer you with a pawn loan against your gold jewellery. That is something you need to keep in mind for the future so that you’re aware of the option and can use it when you want to get some urgent money out of your gold jewellery in a dire situation.