Pawn Gold Fourways
Gold is traded on an open market 24 hours a day and seven days a week. Its price also keeps moving constantly. There is however a common value that everyone in the industry works with in order to determine how much value the gold carries and how much they can buy gold for. Therefore while you pawn or sell gold, do not expect anything near the price of gold from jewelry stores.
It is important to try and get as much as you can for the gold sold by you at a pawning store. If you however follow simple steps, you have a higher chance of getting a decent price for it. So, how can you effectively pawn or sell gold?
Step # 1 – Determine the material of your jewelry
Pawn shops accept mostly platinum and gold. Normally, such metals have a commodity price for every gram, which pawn shops pay. Check the purity of the material your jewelry is made up of. Normally, you will find that the purity of the material is stamped on your jewelry itself.
Checking the purity of the material of your jewelry is important, since pawn dealers can pull wool over your eyes by telling you that an 18 carat piece of jewelry is just 9 carat.
Step # 2 – Assess the weight and the size of your jewelry
Weigh the jewelry on a weighing scale. Now that you have the weight of the jewelry, calculate an approximate value.
Step # 3 – Assess the approximate price you will get
If your piece weighs a hundred grams, for instance, multiply it by the approximate rate pawn dealers give for scrap gold. In order to know the approximate value of your jewelry, check with a jewelry store.
Step # 4 – Check the size of the diamond on your jewelry
If there is any diamond on your piece of jewelry, make sure you check its size as well as the approximate price you would get for it. For small stones, pawn shops pay a lower price, while for large stones, they follow a particular report.
If your piece of jewelry is a big brand name such as a Gucci or a Cartier, it would command a higher price, since branded pieces come at a fixed resale value.
Step # 5 – Value your jewelry
Get a gemological report done for the diamond on your piece of jewelry. When you get a certified appraisal and take it to your local pawn shop, it would be easier to get a fair price for your jewelry. Taking along an older appraisal report would not be of any help, since the prices of gold and diamonds keep changing all the time.
Consider taking along an appraisal report that is less than a year old. An appraisal that is even more recent will fetch you a good price for your jewelry.
Step # 6 – Pawn the jewelry
If your ring or earring has an old cut diamond in it that is much harder to get value out of than the gold, then do not expect much money out of it.