Whether you want some extra cash in your pocket or need money in an emergency situation, pawning jewelry is a viable option. If you have jewelry of value that you want to pawn, it is important to be prepared and know what you're doing before you step foot in a pawn store. Being prepared will help ensure that you get the best price possible for your jewelry. Use the following tips when you plan to pawn your jewelry:
Understand the Value of What You Have
It is never a good idea to grab pieces of jewelry out of a jewelry box and head straight to the nearest pawn shop. If you have jewelry of value and plan on pawning it, it is always in your best interest to know what your jewelry is worth beforehand. Determining the worth may take a little bit of time, but doing so is the best way to ensure that you don't pawn your jewelry for a mere fraction of market value. If you have gold jewelry to pawn, pay close attention to the price of gold—it tends to fluctuate frequently, so check the value shortly before going to a pawn shop.
Do Not Expect to Receive the Full Value of Your Jewelry in Cash
You may be excited to learn that you have gold jewelry or jewelry with precious gemstones that is worth a good amount of money. However, it is important to note that you will not get the full value of your jewelry in cash when you choose to pawn it. Pawn shops need to clear a profit when they sell your jewelry to one of their customers, so their value will be less than the market value. Make sure that you are okay with this fact before you enter a pawn shop hoping to pawn your valuable jewelry.
Be Ready to Negotiate
What many people do not realize about pawning jewelry is the fact that it is possible to negotiate when you're at the shop. When you know what your jewelry is worth and what similar pieces are retailing for, it puts you in a better position for negotiation. You can also be more successful when negotiating a price if you present your jewelry in the best way possible. Always make sure that you clean jewelry before going to a pawn shop, and consider placing it in a jewelry box for better presentation.