When you need urgent cash to deal with pressing issues at hand, a pawn shop is a go-to place to get cash instantly whether by selling your gold jewellery or pawning it. But how to get the best rate for your gold jewellery whether you want to pawn or sell it to the pawnbroker.
Well, before visiting your local pawnbroker, you must first know the worth of your gold jewellery, so knowing the value is critical.
Understanding the Rudiments
The current markets drive gold’s value. Gold used in jewellery comes in different karats; they are:
• 24 Karats (k) is 100% pure gold.
• 14 Karats (k) is 58.3% pure which is the most popular type of gold used in jewellery.
• 10 Karats (k) is only 41.7% pure.
You can know the authenticity of your gold jewellery as it would be marked with the karat weight. But if you don’t see the karat weight, then you can take it to your local pawn shop for valuation.
Valuating Your Gold Jewellery
When you bring your gold jewellery to the pawnbroker or pawn shop, they will carry out multiple tests to ascertain the karat weight of your gold and its true value. The higher the karat weight, the purer the gold and the more you’ll get for your gold jewellery.
What type of gold pieces are accepted by the pawn shop?
It may differ from pawnshop to pawnshop; however, most of the pawn shops generally accept yellow gold, necklaces, rings and earrings. Besides, they also accept broken or damaged gold pieces and other fine jewellery.
What jewellery pieces can fetch more money?
• Generally, gold coins are 22 to 24 karat gold and they will normally fetch you the nearest amount to that of the market value. Some gold coins may also fetch added value as collector’s items.
• If your jewellery also contains natural stones such as rubies, diamonds, sapphires etc., then you may be offered more money for those valuable stone pieces.
Final Words
Hope you have got a fair idea about how to approach the pawnbroker for quick cash for your item of value whether you’re pawning or selling gold jewellery. With the right knowledge about how the pawnshop evaluates your gold jewellery, you’re in a better position to get the most bang for your buck.
