Things to look for when selling Gold Jewellery in a Pawn Shop

If you are looking to sell some gold that you own, you may be wondering how best to go about doing so. The commodity is precious, and has been a large earner for people over the years, due to the high demand of the metal.

If you find some gold in your possession, it can be a quick route to making some fast, easy cash; however, it is important to try your best to get the right deal for you, as a range of different buyers will offer different prices based on their expertise in the field.

You could sell it to gold specialists in your local area, you could sell to Pawn brokers, or you could sell it on an online marketplace. Selling to specialists or through online platforms may take considerable time, however if you sell through a pawn shop, you are more likely to access quick cash if you need it. Below, we list a few key factors to consider if you are going to be selling gold jewellery to a Pawn Shop.

The current value of gold

It is important to have a finger on the pulse of the current market price of gold. Like any other commodity, the price of gold fluctuates, and so being aware of its market value at the time of sale is a good first step. The pawn shop is unlikely to pay the full market price for your gold, as they do need to make some sort of profit — but knowing where this benchmark is set is a good first step.

How fine your gold jewellery is

It is also important to know the quality of your piece of jewellery in terms of fineness. Ultimately, this means being aware of the gold’s karatage, as this indicates the quality of the product, and how much pure gold is in it. The higher the purity level, the more it will be worth.

Visit several pawn shops

No two pawn shop will offer the same amount for your jewellery, so it’s important to scout around the area and visit a range of shops, effectively to test the water. For those in living in Melbourne, there are a range of Melbourne pawnbrokers that you can visit, all of which are worth it if you are looking to obtain the best price for your product.

It is important to be aware of both the pros and cons of selling gold through a pawn shop, and we would suggest that it is likely an option best suited to those who are looking for quick cash. You may be able to earn more money from a sale through a gold specialist or online platform, but these methods will come at the expense of time. For those looking for a convenient, quick sale and have a strong awareness of the quality of their jewellery, selling through a local pawn shop may be the best option. What’s more, who doesn’t like supporting their local businesses?

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