Selling gold jewelry is an excellent way to make quick cash. Most people have unwanted jewelry gathering dust in a jewelry box or drawer. Unwanted gold rings, bracelets, watches and earrings are plentiful. A pawn shop is possibly the best place to turn that junk into cash. However, there are pros and cons to consider before running to the nearest pawn shop.
Positive Aspects
Speed is the main benefit of selling gold to a pawn shop. You gather your gold jewelry, drive to the shop and receive an offer. You would have the money in your hand in less than an hour. If you need quick money, this is definitely the route to take. In addition to speed, ease of selling is also a benefit.
Selling to a pawn shop is easy. It is usually just a matter of walking in the front door. If you have something of value, the shop owner will certainly do business with you.
You do not have to make an appointment, pay the shop or spend money on postage. Simply walk in, sell your gold jewelry and walk out with cash. Sounds like the perfect situation. Unfortunately, very few things in life are perfect.
Negative Aspects
If your jewelry is more valuable than scrap gold, you will probably not get its true value. This is not because the owner is purposely ripping you off. It is simply a matter of financial mathematics. The bottom line for the pawn shop owner is turning a profit. In order to achieve that, she must buy your items for as little as possible.
Consider a gold bracelet worth $350. The owner cannot pay you $350 because the bracelet is used. Even if it looks brand new, it is still not worth $350. The value drops to $300 or lower. So now, the most the owner can get for the bracelet is $300 or less. That means they might offer you $150 to $200 cash.
Choosing the Best Option
You have to decide what is important. If you are selling gold jewelry for quick cash, a pawn shop should do the trick. If you want to get as much cash as possible, you should probably look elsewhere. Unless your jewelry is very valuable, a pawn shop will not give you much money. Try a jewelry collector or auction website like eBay.