When pledging jewelry, don't expect jewelry prices. That said, it's important to get as much of it as possible. By following the tips in this article, you will have a better chance of getting decent prices.
Steps
Method 1 of 4: What is the jewel made of?
Step 1. Determine the material your jewelry is made of
The pawnshop mostly accepts gold and platinum.
Normally these precious metals have a price per gram at which the pawnshop pays
Method 2 of 4: Evaluate Weight and Dimensions
Step 1. Weigh the jewel on the appropriate scale
Once you have established the weight, including that of any stones, you can calculate the approximate value.
Step 2. Multiply the weight of the grams by the current price charged by the shops pledging used gold
For example, the piece weighs 10 grams: multiply 10 x 28 € (check the best rate among the various shops based on the gold carat, for example 9 kt, 18 kt, 24 kt).
It is very important to check the purity of the gold or platinum of your jewelry. Normally the indication of purity is stamped on the piece: 375 means that it is 9kt; 750 means it is 18 kt. It is essential because whoever pledges the jewel can deliberately confuse you by telling you that it is a 9 kt piece, when in reality it is 18 kt
Step 3. Check the size of the diamond or stones
Normally small stones under 0.5 kt are paid very little, as there are many on the market. For larger stones, such as diamonds, the value is calculated based on the Rappaport report (usually half the value of retail prices).
- Pawn shops usually pay the value reported by Rappaport minus 40%.
- Note that houses like Cartier, Chopard, Gucci, etc. they apply added value, as they are brands with fixed resale prices. Retailers would have to pay 50 to 70% of the value of these pieces. See on the Internet how much they are sold for and you will know.
Method 3 of 4: Estimate the jewel
Step 1. Get a gemological report
It may be useful to produce a gemological report. Get a certified appraisal and take it to the pawnshop - it will be easier to get a fair price. A dated appraisal won't help you much, because the value of gold and diamonds can change significantly over time. An evaluation that is less than two years old is the best solution. Chances are you will get more out of a valued piece of jewelry than a non-valued one.
Suppose you have a diamond ring with an estimated retail value of around € 2,950.00. You can expect to get 25% to 30% of this value when sold at a pawnshop. Imagine that this way you will make about € 885.00 by selling the item at a pawn shop. This value comes very close to the revenue you would make using the Rappaport relationship. If this is the calculation, first divide the estimated retail value (€ 2950.00) by two, which would be: € 1475.00. Apply 40% and the revenue from the pawnshop sale would be € 885.00 or about the same amount as you would expect using the first method, which is approximately 30% of the estimated retail value. It works pretty much the same way either way
Method 4 of 4: Pledge the Jewel
Step 1. Note that not all jewelry can be sold
For example, an old ring may have a diamond set with an old cut whose value is very difficult to assess!
Also, some jewelry is not in fashion, so don't expect any monetary value for the model of the piece
Step 2. Consider using an online pawnshop based in a seriously regulated state
- If you live in the US, be aware that the Texas Office of Consumer Credit Commissioner has ordered authorized pawnshops to have a maximum interest rate of 1% per month on loans over $ 1,980.00 as of July 1, 2013.
- Also if you live in the US, beware of Colorado-based online pawn shops, as there are no laws governing the interest rates they can charge. Some charge up to 12% per month on major loans.
- Unlike most physically present pawn shops, this type of operation usually focuses on jewelry that has a gemological certificate.
Advice
- Weigh your jewelry before pledging it.
- Go around the shops that buy and pledge gold.
- Don't be in a hurry. If you don't like the offer, let the merchant know that you will think about it.
Warnings
- Don't lose sight of the jewels. Unwanted exchanges are easy.
- Do not have your 18 kt piece valued for 9 kt. Know what are the indications and signs to identify on the jewel.
- Bring your scales to weigh the jewel. This way you won't be fooled.
- Don't try to sell stolen goods.
