With an uncertain economy, many people are turning to pawn shops, to save money on purchases and possibly discover a rare find. As more people decide to use these to earn extra cash, you are more likely to be lucky and find fine jewelry, at much lower rates than you can find at jewelry stores or estate sale auctions.
What Gold Do Pawn Shops Sell?
There are a few factors affecting what price sellers receive for their items, and what those pieces are then sold for.
One key factor, obviously, is the current price of gold. For jewelry, the karat level, which indicates the purity of the gold, will also impact its cost. Most gold jewelry is 10, 14 or 18 karat gold. Pure gold is too soft to work with.
Finally, how quickly and easily the item is likely to be sold, and at what profit margin, impacts the cost.
Why Buy Gold?
You may be interested in buying gold as an investment, especially if you can find it at a lower-than-market price.
Gold is a solid investment, as it is not linked to stock market performance, and it holds its value against inflation, since gold prices usually increase as cost of living does. It’s a fairly safe and common savings method, which helps to keep its value high. It is one of the most stable investments, holding its price even in highly unstable markets.
Why Buy From Pawn Shops?
Because inventory changes regularly, and a wide range of items may be brought in, you can find some exciting surprises at less than retail value.
You can find unique pieces of jewelry, including historical and vintage jewelry, to fit your unique style.
Pawn shops’ gold is generally sold more cheaply than at a new or used jewelry store, as pawn shops usually make a profit from selling pieces quickly, rather than getting the highest amount on each item. You can even find unworn pieces at second-hand costs. Discounted pawn shop prices can make for some great deals.
Although jewelry is second-hand, it’s often in excellent condition. Fine gold and silver jewelry tends to be gently-used and well cared for, and some pawn shops carefully restore pieces before sale. In addition, quality used goods are often more durable and well-made than new ones.
Buying used jewelry is more environmentally-friendly, since it reduces mining of a precious metal, loss of natural resources, and pollution from making new jewelry.
Use Reputable Shops
Always buy from a reputable pawn shop with good notoriety. Googling for the local pawn shop nearest you, or using online sites with unverified sellers to purchase gold jewelry can be risky. Reputable ones can authenticate and certify pieces so you know what you are buying. Most gold jewelry also has its purity marked on it somewhere, such as on the inside of a ring; always be sure to check for this.
It’s unlikely a pawn shop will have very rare gold coins or other such items, so be extra cautious if a pawnshop is trying to sell one. However, it is possible to find genuine silver and gold items, and real gems, including diamonds.
Gold is the most likely of precious metals to be counterfeited. Counterfeit gold or gold that has been artificially enhanced can be found at less-reputable pawn stores, so again, always buy from legitimate places with proper expertise.
Gold items in a pawn shop are usually at a lower price than in a traditional store, and often, you may buy something and have it appraised for more than you paid. However, it’s recommended to get estimates from multiple places, to ensure you are informed before buying.
Even with knowledgeable pawn shops that authenticate pieces, an individual item may be over- or under-valued, so, while you may get lucky, it is best not to leave it to chance and it is always best to check around for estimates.
Watch also for lower-quality gold pieces with abnormal wear, excessive scratches and dents, and fading.
If the shop can’t certify an item, don’t be afraid to negotiate a better price or ask to get a third-party appraisal.
Where Can I Buy Gold Jewelry?
The most important thing, however, is to find an item that you love at a great price.
Green Moolaa’s team of experienced buyers allows us to sell quality items at lower prices. You can be confident all of our items are quality merchandise. Our expert buyers test everything, but our sales associates do a second test before you buy, to protect you.
We are conveniently located, and offer a 30-day guarantee, so don’t pay full price when shopping for jewelry or other items.