How Much do Pawn Shops Pay for Gold per Gram?

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Are you looking to sell or pawn one of your gold bracelets? Do you have some gold jewelry that you no longer need? This article aims to provide some information on how much pawn shops pay for gold per gram.

Often, people buy jewelry as a form of personal adornment or decorative use. Other times, people buy jewelry as an investment for future use. They purchase expensive jewelry at a low price so that they can sell it later on at a higher price and make profits. Pieces of jewelry made from gold, silver, or diamond tend to appreciate with time, causing many people to invest in them. Most people prefer to sell their pieces in pawnshops to get the most value for their goods. Therefore, how much do pawn shops pay for gold per gram?

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How to sell gold jewelry?

Once you set aside the pieces of gold jewelry that you want to sell, you must conduct some research on jewelry sales, especially in pawn shops. Gold is an expensive commodity, worthy of a good amount of money. Even in its worst shape, gold does not lose its value as it can be melted down. Here are some essential tips on how to sell gold to pawn shops effectively.

Find its value

There are different types of jewelry available in the market today, made with distinct stones and metals. Whether it is gold or sterling silver, you must find out the exact value of your product. You may opt to ask around or use a scale to determine its value.

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A jewelry scale is an effective way of finding out the weight and value of your gold jewelry. Find a scale that weighs to a tenth of a gram.

However, keep in mind that the total weight of the ornaments is not equal to the weight of the precious stone in the ornament. Modern-day gold jewelry is rarely made with 100% gold.

As a result, added components to the gold may increase the overall weight of your jewelry. Ascertain the exact weight of gold in your piece by checking the proportionate weight of the precious metal or stone on the stamp on the jewelry.

Gold jewelry has stamps reading 24K, 18K, and 14K, among others, to show the purity of the jewelry. Once you find out the weight of the gold, you can look for its price online.

Another way to find the value of your jewelry is by consulting a trusted jeweler. Professional jewelers have years of experience and expertise and can easily take a glance at your piece of jewelry and approximate its value.

However, seek several opinions before concluding on its value since some jewelers may be trying to dupe you into getting your jewelry at a low price.

Find the best price for your jewelry

After finding out the value of your gold piece, venture out to various people who may be interested in your product. The gold market is quite competitive, so you are sure to find several interested buyers. Do not accept the first offer you receive. Be sure to check out more options before taking a final offer.

 

How much do pawn shops pay for gold?

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Pawnshop jewelry prices vary widely and depend on certain factors, such as weight, karat, the availability of the market, and the pawn shop’s discretion. Often if you are not familiar with anyone in your local pawnshop or have never sold jewelry before, they will likely try and convince you to pay less for your item.

One of the factors that influence the price of your jewelry is karat. Karat is the amount of purity of gold in your bracelet. Hallmarks, like 18K, 14K, 417, and 585, should be inside or on the clasp of your jewelry. The higher the hallmark number, the higher the level of purity of gold in your item.

Anything less than 24K Gold is a mixture of silver and gold alloy. Gold is priced per ounce, putting into consideration the weight of the item. As discussed above, use a jewelry scale to ascertain the weight of your product before approaching any buyer.

Factors such as supply and demand, current events, and speculation immensely contribute to the price of gold sold at pawn shops. As a result, its price constantly fluctuates, leaving the seller at a grey area. It is also crucial to remember that the pawnshop is trying to make some profit on your jewelry upon buying it.

This factor also plays a vital role in dictating the current price of gold at a pawnshop. Experts recommend that you compare the current price of gold and its historical price on the day you purpose to sell the piece to have a more exact value.

 

How to calculate the value of your gold jewelry?

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As with many other valuable items, there is a formula that can approximately give you the value that pawnshops will buy your gold bracelet. Once you find out its weight (only the gold part), proceed to multiply that value by the number that indicates its purity.

For instance, if your bracelet has a weigh of 21.4 grams, and it shows on the clasp that it is 14K Gold. 14K Gold is similar to 58.5% gold. Multiply 0.585*21.4 to get 12.51grams. Afterward, multiply the resultant value (12.51) by the current price of gold to get the approximate value pawnshops is likely to offer you for your piece of jewelry.

 

Conclusion

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The price of gold per gram in pawnshops depends on a variety of factors, as discussed above. Gold is an expensive and area commodity; thus, its ability to give you a couple of dollars in case of an emergency. A golden tip to remember when making deals with pawnshops is that they are a business looking to make profits, just like you are. As a result, they must pay less than what they will sell it for to another buyer. Therefore, ensure you get the best price possible for your gold jewelry.

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