Pawn Shops Near Me For Jewelry (2024)

FAQs

Is it better to pawn or sell jewelry? ›

Pawning or selling is a personal choice. It boils down to two options: wanting to get items back or not wanting them back. If customers want their items back, then pawning is the best option. But if they want to get rid of their items, selling is the better choice.

Diamonds and other precious stones like rubies, sapphires, and emeralds are all popular and valuable at pawn shops. Semiprecious stones like turquoise, pearl, and amethyst can also have a high value but the determination depends more on the color and weight over the type of stone.

Pawn shops are usually only interested in pure metals, like gold and silver, and diamonds. They often turn down gold-plated items, as well as costume jewelry. Take your jewelry to an appraiser or jeweler for a free assessment to find out what your jewelry contains and what it's worth.

How do pawn shops calculate value? Most pawnshops try to maintain a 38-50 percent profit margin, which means they want to earn that much compared to what they offer you. So, they'll assess your item's market value, then reduce it by their profit margin.

Pawning an item is essentially a short term loan with the item as collateral. The shop will keep the item for the amount of time in the agreement and you have until then to pay off the debt plus fees/interest. If you don't they ill then process the item and put it up for sale.

Most pawn shops offer loan amounts of 25% to 60% of your collateral's value.

High-quality materials, such as gold, platinum, and precious gemstones, not only retain their value but may also appreciate over time, making for a solid long-term investment.

Of these four primary types of jewelry, earrings were the most popular, making up 41% of the combined demand among these top four. Rings were also quite popular, though, earning more demand than necklaces and bracelets combined. Next we examined different types of gems and jewels.

DON'T: Do not point out flaws in an item you want to purchase. This is just rude to the pawnbroker who spends their time assessing the value of the item and has years of experience doing it. Do you think you're better at pricing secondhand items than them? Perhaps not.

How much is a 10K white gold ring worth at a pawn shop? ›

A 10K gold ring is worth $38.73 or less at a pawn shop. Most pawn shops only offer between 40% and 60% of your gold ring's value but that is too less money. Without a doubt, Jewelry is a prime candidate for price negotiation, because it's expensive and the margins are fat.

If you accept our formal offer, we'll send you pre-contractual information and a loan agreement to e-sign. You will also need to provide us with proof of ID (driving licence or passport) and proof of address (a copy of the bank statement for the account into which the funds will be paid).

The average price of a 1 carat diamond is currently $4,197 (see price chart below). 1 carat diamonds can cost anywhere from $1,384 - $9,822 depending on the diamond's shape, color, clarity, and other factors. To see specific details on diamond pricing by shape see our 1 carat diamond prices table below.

Precious metals are a fantastic item to pawn in any form. Gold, silver, and platinum are always in high demand and can snag you a hefty payout, especially if you decide to pawn or sell at Precious Metals Refinery. Like precious metals, diamonds are one item that seems to never go out of fashion or drop in desirability.

If you no longer need or want an item, it makes sense to sell it and put the money to better use. If you don't want to lose ownership of your valuables, using them as collateral to get a pawn loan is the way to go.

Another benefit of selling something to a pawn shop instead of getting a pawn loan is that you typically receive more money for the item. The pawn shop will determine the value and make you a slightly lower offer. After all, it still needs to sell it to make a profit.

Resale Value. Generally, when you sell pre-owned fine jewelry, you can expect to get around 20 to 50% of the original purchase price. There are a few exceptions to this range. For example, very rare and highly desirable pieces may fetch a higher price.

While diamonds do have resale value, it's very unlikely that you'll be able to sell your diamond ring for the same price that you or your fiancé paid for it when it was new. In fact, in just about every case, you can expect to sell your diamond at a significant loss.

Know the worth

Many factors go into determining the current value of a piece of jewelry, including fashion and style, current condition, designer (or not), and wearability or repair needs. Remember, that chain or gold watch is always worth its weight in gold, but may not be worth any more than that.