Selling gold jewelry to a pawn shop can be a good option in certain situations. Pros and Cons of Selling Gold to a Pawn Shop For example, popular items such as gold wedding bands have a large market of potential buyers, making them easier to resell than items that only appeal to a smaller audience of potential customers.Īlthough this can vary from one pawn shop to another, items that are easy for the pawn shop to resell might be valued differently from those purchased based on their scrap value. Some types of jewelry are easier to resell than others. The Ease of Reselling Your Jewelryįinally, while most pawn shops will use the current price of gold to value your jewelry, many will also consider how easy it is to resell your jewelry after purchasing it. Although most pawn shops will base their offers on the current price of gold, operating costs and profit margins can vary hugely from one business to the next, meaning you may receive very different offers for your jewelry from different pawn shops.īecause of this, it’s often a good idea to visit several pawn shops before choosing where to sell your gold. Third, it’s important to be aware that the amount you’re offered for your gold jewelry will likely vary from one pawn shop to another. Make sure that you’re aware of your gold’s fineness before you approach a pawn shop, as this will help you better understand its market value. In most cases, the higher the purity level of your gold jewelry, the more it’s worth and the more you’re likely to be offered by a pawn shop. On an engagement or wedding ring, you can usually find the gold fineness engraved on the inside of the band. Most gold jewelry has its fineness noted somewhere. 18k gold is 18 parts pure gold per 24, and so on.
14k gold, which is commonly used for engagement and wedding rings, consists of 14 parts gold and 10 parts other metals - typically copper, silver, nickel or others. Pure 24 karat gold is 24 out of 24 parts gold. The number used to denote a gold’s karatage, or fineness, refers to the total parts or pure gold per 24 parts of metal.
The vast majority of gold jewelry, from wedding and engagement rings to watches, earrings and pendants, is either 10 karat, 14 karat or 18 karat gold. Instead, most gold jewelry is a blend of gold and other metals that are added to increase durability and scratch resistance. Gold jewelry is almost never made from 100 percent pure gold, as pure gold is soft and easy to scratch. Second, it’s important to understand gold fineness.
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As Richard Weaver, President of the Professional Numismatists Guild, says “Know the current spot price of the precious metal you want to buy or sell.”Īlthough the specific price you’ll be offered can vary from one pawn shop to another, 50 percent of the gold’s scrap price is a common amount. Most of the time, the price you’ll be offered per gram will be lower the smaller the amount of gold you have to sell. Knowledge is key. Instead, you’ll usually be offered a significantly lower amount than the market price. Pawn shops need to make a profit in order to stay in business, meaning you’ll never be offered the exact spot price for gold jewelry. It’s important to note that no pawn shop will pay the market price for gold. Gold prices can change rapidly, making it important to check the current price before you visit a pawn shop or other business that buys gold. As of July 23rd, the price of gold in the USA is $60.13 per gram, $1,870.54 per ounce and $60,131.54 per kilogram. Like other commodities, the price of gold fluctuates over time based on market conditions. Let’s start with the current price of gold. To read more about our process for secret shopping and reviewing companies and additional details about how we operate, check out this article.ĭeal Alert: Save 10% off Lab Grown Diamonds at James Allen! The Market Value of Your Gold Mike is recognized as an industry expert and has been quoted in publications such as Us, People, Page Six, The Next Web and more. This has given him a unique perspective on what information truly helps our readers in their quest for finding the perfect diamond engagement ring or piece of jewelry. Mike Fried has written hundreds of articles and helped answer more than 30,000 emails from our readers. Mike followed that up by spending years buying and selling diamonds on the wholesale market as well as selling tens of millions of dollars worth of diamonds to diamond retailers. Mike started from the bottom, sorting and evaluating hundreds of thousands of diamonds to learn every facet (pun intended) of diamond quality and value. The author of this article, our CEO, Mike Fried has over 20 years of experience in the diamond industry. To help you with the diamond buying process we lean on our expertise and experience.
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