Pawning unneeded jewelry is a terrific option to get cash fast for an emergency or to increase your liquidity while paying for a big purchase. What jewelry, on the other hand, should you pawn and what should you not pawn? For better results, learn a few dos and don’ts.
Are Diamonds and Gemstones Pawned?
One of the most regularly pawned things is diamond jewelry, which you may almost always sell to your local pawn shop. Diamonds are also frequently the most expensive due to their international popularity and steady worth. If you’re choosing between pieces, diamonds are likely to be the most valuable.
Most valuable stones, such as rubies, emeralds, and sapphires, have a high monetary value. Semiprecious stones aren’t necessarily as valuable as precious stones, but they can be used as a backup or supplement.
Don’t: Pawn fakes
Before you go to the pawn store, double-check that your jewelry is genuine. Costume jewelry, of course, will not fetch the same price as genuine jewelry – and you’d rather find out at home than at the store counter. Look for manufacturer, carat, and weight indications on the metal. To be sure you know what you’ve got, do a magnet test (gold doesn’t cling to magnets) or other basic checks.
Although costume jewelry may not have the same value as real jewelry, you may be able to work with it. If a specific kind of costume is currently trendy, you might be able to sell it for a reasonable amount.
Do: Pawn gold and silver
Gold and silver metals, like diamonds, are suitable for pawning. Gold and silver have the benefit of being able to be sold as individual wearable jewelry pieces or scrap metal. The majority of individuals have scrap metal in their collections, including as broken chains, settings with lost jewels, worn rings, and out-of-date items. These may not seem like much on their own, but when taken collectively, they add up to a lot of value.
Don’t: Pawn sentimental items
Whatever situation you’re dealing with, think twice about selling jewelry that holds a lot of personal importance for you or your family. Getting money through a sale or a pawn loan should be a pleasant process that makes life simpler. However, putting anything with personal connections at jeopardy may exacerbate your emotional difficulties. Only do this if you have a strategy in place to pay off the pawn loan on schedule.
Look around for other goods to replace an heirloom necklace, your grandmother’s (or your own) engagement ring, or a watch you planned to gift to your child before selling them. Electronics, guns, mobile devices, actual metal flatware, and collectibles are all items that pawn shops are interested in, and all of them have less sentimental value.
Do: Pawn watches
Have you thought about how much your watch is worth? Watches are an underappreciated, yet possibly lucrative, commodity that pawn shops are interested in. Watches are more difficult to pawn for their full worth than more common things such as gold chains and jewels, yet they may bring in thousands of dollars. The secret is to know how much your watch is worth in the lucrative watch market, so spend some time learning about it.
Want to know what jewelry you should bring to the pawn shop and what you should leave at home? Call USA Pawn at 601-501-7296 with questions or to get help.