If you are planning to sell the gold plated jewelry that you bought off a high-end store a few years back, you may be looking at selling it off at the pawnshop.
But how do you go about selling jewelry in pawnshops? Can you even sell a gold plated piece of jewelry in a pawnshop?
In this article, we’ll look at everything you need to know about selling worn jewelry in pawn shops. But first, what is a pawn shop or its purpose?
Why sell worn jewelry in a pawnshop?
A pawn shop or a pawnbroker refers to a shop of a business that often loans money to people who bring them valuable items whenever they leave their shop.
Often, people leave jewelry, watches, gold, cameras, televisions, musical instruments, etc., in exchange for money.
Can I pawn gold plated jewelry?
Yes and no. It depends.
Yes, if the base metal for the gold plated jewelry is made of expensive and valuable metals, for example, silver. In such cases, the chances are often yes. However, even with expensive base metals, you may not pawn the plated jewelry in some stores/ shops. It’s important to remember that the gold plated jewelry is often worth a good chunk of money, which means that there is always the likelihood that the pawnshop will take the jewelry.
On the other hand, there are cases when it wouldn’t be a good idea to pawn your gold jewelry. This is often the case when the gold plated jewelry is made of stainless steel or any other metal alloys like brass and zinc and alloys. The pawn shop will often refuse to take up these kinds of jewelry because they are significantly cheap, which means that the gold plated jewelry won’t be worth much.
So, how do you pawn your gold plated jewelry successfully?
Tips for pawning your gold or gold plated jewelry.
1.Always stick to the high-quality pieces
If you are planning to pawn off your high-quality pieces of jewelry, you might want to pawn off the high-quality gold, diamond, sterling silver, or even the jewelry made of semi-precious stones.
These are great options for you because they have a high inherent value in comparison to the simulated stones jewelry, as well as plain gold plated pieces. To get the best value, always choose the higher quality pieces.
2.Get it appraised
Before pawning off the gold or the gold plated jewelry, you may want to get the piece appraised. Even with a high-end piece, you should get it appraised by a leading/ reputable jeweler before you pawn it off. If it’s made of diamonds, for example, you need to keep in mind that there are several features that affect its quality and value, hence the need for an appraisal.
3.Pawn it off at the right pawnshop
Different pawn shops offer different rates for the same items, and others will not accept other types of jewelry.
Before you walk into a pawn shop, walk around town and look for the pawn shops known to handle a wide variety of jewelry, along with some of the most generous sales policies.
You should also choose the pawnshop with great expertise in jewelry and the widest varieties of jewelry.
You also need to find out the kinds of jewelry accepted by different pawn shops. While pretty much all pawnshops will accept different kinds of gold jewelry, you need to keep in mind that not all pawnshops will accept the gold plated jewelry, which means that if you insist on pawning off the gold plated jewelry, you’d want to keep looking for the store that accepts the plated jewelry.
4.Prioritize the pieces of jewelry
This may not sound like the kind of news you wish to hear today, but if you are going to pawn off the gold plated jewelry, you should keep in mind that the most valuable pieces of jewelry may be the jewelry you are quite attached to.
If this isn’t an option or something you are willing to lose, you may want to look for a few other options in your jewelry storage box to enjoy the same high-value jewelry benefits.
5.Do not overestimate the jewelry’s value.
You will think that the jewelry is worth a lot, but it may not be worth that much, which is why you shouldn’t overestimate the value of the jewelry.
While the jewelry you have may hold great sentimental value, a lot more goes into determining the value of the jewelry, which is why you must be aware of the actual value of the jewelry.
It’s also important to keep in mind that the pawnshops will only give you an estimate of the jewelry’s actual value, which is why you need to keep an open mind and keep your expectations realistic.
When it comes to vintage jewelry, it’s important to keep in mind that these kinds of jewelry can be quite valuable, especially if you are dealing with older pieces that tend to be rare.
However, you need to be aware of the fact that there are numerous clues that could help you accurately determine the possible value and the age of the jewelry.
That said, you shouldn’t keep your hopes up or make big plans until you have the jewelry evaluated and appraised. Don’t have unrealistic expectations; these expectations often prevent you from recognizing an excellent deal when you come by it.
6.Clean your jewelry first
If you haven’t worn your jewelry for a while, it will be naturally dirtier and even dingier, which is why you need to clean it to make it look newer and a lot more appealing.
Just make sure to clean it using gentle cleaning agents specifically designed for the gold plated gold jewelry.
This is important because it ensures that there is no damage to the gems or the metals used for the jewelry.
7.Learn and understand the lingo often used in the world of gold
The only way for you to make sure that the gold plated jewelry fetches a great and reasonable price at the pawnshop is by being aware of how different types of gold jewelry are sold or discussed.
For example, learning about all you need to know about gold means that you understand that most of the gold jewelry on the market is not 100% gold.
As mentioned above, real gold is a rather soft metal that can’t be used to make jewelry, and the only way to add to its durability and strength would be by adding more metals to it.
Note, however, that jewelry with more gold is valued higher than gold without much gold. Therefore, understanding what it means to have 14k, 18k, 20k, and 925 gold is quite important.
You may need money rather urgently, hence the decision to pawn off your gold plated jewelry, but before you do, it may be important for you to consider your options first.
What this means is that you should read the terms, policies, and practices of the pawn against the terms of the loan and the repayment interests.
Doing this reduces the risk of losing the jewelry, should an unfortunate scenario come up.
If you are wondering if you should pawn off your gold plated jewelry, the information shared here should guide you to make the best decision.