Gold is an ancient metal and have been very popular and desired metal in all ages and it still is. In its purest form, it is a bright, somewhat reddish yellow, thick, soft, supple and tensile metal. Moreover, gold is a preferred investment of all-time and as such the value of gold always keeps on rising and so it is also considered as a safe investment. With the passing of time, our gold jewellery and ornaments tend to depreciate; however, they will be valued at the current market prices, which will earn you good money, better than the price you actually bought your gold jewellery years ago. That’s why, investing in gold is considered safe.
Year after year, hundreds and thousands of people turn to pawn shops for instant cash loans in Australia. If you’re one of them, you’ll want to know exactly how pawnshops or pawnbrokers appraise gold’s value.
The Criteria followed by Pawn Shops to Appraise Gold
If you’re contemplating to sell your old gold jewellery at a pawn shop, they can give you a better idea of what to expect and help you fetch the best price for your gold.
How Pure Your Gold Is?
Ascertaining the purity of gold is the first thing any pawn shop will do. Most of the modern day jewellery will have some type of stamp to show how pure it is. Some of the popular ones are 24-carat, 20-carat and 18-carat, etc. 24-Carat gold is considered the purest. You should be aware of your gold’s purity in advance so that you can better judge the estimation of pawnshops.
What Is the Weight of Your Gold?
Once gold’s purity is established, the next step pawnshop undertakes is to weigh your gold. Gold’s weight determines its price. The pawnbrokers will precisely know the running rates of gold and give you, your jewellery’s worth. The price of gold keeps on fluctuating on a daily basis due to a number of reasons. It is good to know an approximate idea about gold’s prevailing market prices beforehand to know you’re getting the right value for your gold. Keeping a watch on gold prices will also give you an idea of when it’s the right time to sell off your old gold items.
So how to get the best price for your gold…
Well, some sort of specialised knowledge is required to sell off your gold for cash. To ensure you get the right price for your gold, here are some vital things that you should be aware of:
Weighing Scales
Watch out for the weighing scales – gold is normally weighed in conventional grams. Ideally, gold is measured in Troy – 1 Troy ounce equals 31.1 grams. You also need to know that gold is never measured in ounces (1 ounce equals 28 grams) – so be cautious because if your gold is measured in ounces, you may well lose out on your money. It’s imperative to ensure that your pawnbroker or pawnshop is using Troy as a scale for weighing your gold to provide you with a rightful price for your gold.
Keep the Gold with Different Carats Separately
At times, pawnshops may offer you with gold’s price based on the lowest carat of your gold jewellery. In case, you have different purities of gold, then it would be better for you to keep the gold separate carat-wise and take the gold (having the same carat) to sell it. For instance, if you have 24-carat and 18-carat gold items – you may take gold jewellery having 24-carat first, then in your next visit, or to a different pawnshop, you may take gold jewellery having 18-carat or vice versa.
Evidently, it’s easier to deal with trustworthy pawnbrokers who will provide you with the best price for your gold jewellery.
Get In Touch With a Local Pawn Shop near You
If you want to avail a loan against your gold in Australia, right away visit Mega Cash who is a licensed pawnbroker and second-hand dealer having eight pawn shops across New South Wales and Queensland locations.
