How much is white gold worth at a pawn shop? Pawnshops are regarded as the absolute best place for you to score a good deal on high-end jewelry, without worrying about breaking the bank or getting fleeced of your high-value piece of jewelry.
But is the pawnshop the most ideal place for you to buy or sell jewelry from, do pawnshops offer the best price for white gold jewelry, and how much is the white gold in the pawn shop worth?
As you look for the best deals on white gold jewelry, you might want to read this article to learn more about purchasing white gold in the pawnshops.
So, let’s get started!
How much is white gold worth at a pawn shop?
First, the basics. You need to remember that in as much as the pawnshops are said to offer the best deals, that isn’t always the case, especially because the value and cost of gold changes often, and the price of gold in the morning will be different from the cost of gold in the evening.
This happens because the price of gold is affected by the world market prices. The price of the white gold jewelry will also be determined by factors such as the current price of gold on the market, the fineness of the gold jewelry, as well as the expected price margins by the owner of the pawnshop.
Therefore, the white gold at the pawnshop may not be worth much.
And if you are buying from the nearest pawnshop, it would be essential for you to think of the actual value of the white gold jewelry, and whether the gold jewelry is easy to sell or not.
Tips for selling your gold at pawn shop (step by step guide)
To get the best value for the white gold jewelry, regardless of what the jeweler is known for, you need to know all there is to know about selling precious jewelry at pawnshops and how to score the best deals.
Though selling off some of your beloved pieces of jewelry can be stressful and heartbreaking, sometimes you are left with zero options and you cannot see the way forward, which is why you may need some help.
You are in the right place since this article looks at everything you need to know about selling white gold jewelry in pawn shops.
So, let’s get started with some of the important tips and tricks for selling gold at pawn shops.
1.Ensure that the gold you are selling is clean
Before you take the piece of jewelry to the pawnshop, ensure that it’s cleaned thoroughly.
Ensure it looks as good as new for the piece to give you the highest returns.
Just don’t use harsh cleaning materials and avoid harsh cleaning solutions for gold.
2.Determine the weight of the gold
The total value of the gold is very much tied to the weight of the gold. To this end, the pawnshops will use penny weights or grams to determine the weight of the gold.
Since most pawnbrokers use penny weights, you should know that one pennyweight equals 1.55grams.
Using this calculation, you get to easily calculate the price differences between different brokers.
This also means that you should never settle on the prices offered by one broker.
3.Determining the gold’s percentage purity
The offers you will receive on the white gold jewelry depends on the percentage purity of the gold.
What you need to know is that 10K gold is 41% gold, 14K gold is 58.5% gold, and 18K gold had a percentage purity of 75%. Higher purity gold is valued higher.
4.Assessing the market value of white gold
Next up is the important step that everyone planning to sell gold had to follow… this is the assessment of the value of the gold on the market.
This can be a tricky subject though, especially because the market value of gold fluctuates significantly. But even with the constant price changes, you’d have to check the current prices offered by the most reputable pawnbrokers and the gold markets in general.
Using the current market value, you can determine the value of your gold.
Here is a simple formula for you to use:
Trading price of gold/ 31.3*Percentage Purity of Gold*Weight of Gold.
The other important consideration to keep in mind is that oftentimes, the market value of the gold is actually the value of the melt gold, and the pawnbrokers will quote lower prices for them to easily resell the gold they just purchased, making a huge profit off it.
5.Getting an offer
First, you need to know that you won’t get what you bought the white gold for.
The main reason for this is that when you are buying gold jewelry from the jewelry store, the stores account for all the costs involved, from the manufacturing costs and cost of raw materials to the marketing costs among many other operational costs. These are costs that you will never recoup.
Then you have the pawnbroker who is in the business of making profits, they wouldn’t exist otherwise.
Taking these factors into consideration, you may not be able to find a good deal easily, which is why you shouldn’t rush the process.
Instead, research, negotiate, and renegotiate, and only settle on a pawnshop when you are certain that they offer the best deal for you.
This is also the reason why we insist on you researching and determining the value of the white gold independently. Having the right information about what to expect from the market will ensure that you aren’t duped.
Looking to sell that piece of luxurious white gold jewelry and you aren’t sure if that would be a good idea or have no clue of how to go about the process, this article is for you.
He simple steps above should guide you to sell the jewelry at the right time and for the right amount.