Keep your gold jewellery safe.
Legitimate Pawn brokers, like jewellers or gold traders are subject to authentication and verification.
ALL dealers in gold need to be licenced and it is easy enough for you to check if your pawn broker or gold dealer is legitimate. At the end of the day, whether you pawn your gold or sell It, it is up to you to make sure you are dealing with reputable agents.
Pawn brokers fill a gap in the industry that allows you to lend or borrow money (against) collateral of the same (usually higher) value. Pawn brokers used to deal in electronics and cars etc, and some still do. But most pawn brokers these days have turned to specializing in precious stones and metals as well as luxury watches. Leaving mass store converters to deal with electronics.
As a result, pawn brokers have become highly specialised in dealing with luxury items, allowing them to give top value. It is, however, in the terms and conditions that the consumer needs to be aware.
MAKE SURE YOU KNOW WHAT YOU HAVE
Whether you use several pawn brokers in the area to supply estimates of your gold and jewellery, or whether you have items specifically appraised, it is always a good idea to know what you have before rushing to sell.
Some items may seem small or insignificant, but could infact have great historical value. In such a case it is worth more as an heirloom than just it’s gold value.
When dealing with gold, it important to know both “karat” (quality of gold e.g. 24,18,9 etc) and weight. This will determine it’s value.
FIND A REPUTABLE DEALER
Every one is out to make money. But in order to protect yourself it is important to make sure credentials are in order.
Anyone buying or selling gold, is required, by law, to register and obtain a license to do so.
Search your local community for a licensed pawn broker that not only has a good reputation but has been buying or dealing in gold and jewellery for many years.
Lending money can be a nervous experience but if the pawn broker has a good reputation, it will put your mind at ease.
Pawn brokers aren’t necessarily out to trick you. If you don’t verify the contract and read the fine print, You run the risk of losing something of value quite by accident.
If you are selling your gold, be sure to check the scale.
Reputable dealers regularly have their scales verified.
BE sure to separate different karat gold items. Weighed together you are then offered the value of the lowest karat.
BE sure to have a fairly recent knowledge of gold price.
If you are loaning against your gold or jewellery, understanding your contract is most important.
Terms and conditions will determine repayment amounts and dates over a specific time period. A miscalculation or misunderstanding of these terms and conditions may result in the sale of your item to cover your initial loan.
They are your valuables, so take the time to understand your agreement.
A pawn broker is the perfect option if you do not wish to sell your Gold but you still need cash in a hurry .
Your pawn broker will keep your gold secure while you make use of an immediate financial injection, safe in the knowledge that if you meet your requirements, your item of value will be restored to you.