The Best Insider Tips for Getting Top Dollar When Selling Jewelry
I need money, and I want to sell some of my jewelry, but I don’t know how or where… What do I need to know before I sell my jewelry? Where can I sell gold and jewelry?
Many people have these questions. Selling watches, rings, bracelets, necklaces or diamonds is an easy way to get fast cash, but it’s important to know where and how to do it.
If you want to get top dollar for your jewelry at a pawn shop and experience a healthy transaction, this is what you must know.
What You Must Know Before Selling Jewelry at a Pawn Shop
The first step when selling gold jewelry is to get an idea how much your gold is worth before trying to negotiate a price for your items. There are two ways you can go about finding out the value of gold jewelry:
1. DYI Method:
- Look for a stamp on the piece. Those 24K, 18K or 14K, markings indicate the purity of gold. If you´ve got more than one piece, put all of the 18K jewelry in a small stack, then all of the 10K jewelry on a different stack, and so on.
- Use a kitchen scale to weight each of the stacks. Unless you have a jewelers’ scale at home…
- Find outhow much gold costs. You can check the price of gold the World Gold Council website Just remember, the price of gold changes every day, so what’s true today may not hold tomorrow.
- Use a gold calculator to figure out how much your gold is worth. Conventional calculators will not do. Most likely, you´ll need to input the karats and weight in grams.
- Subtract the weight of gemstones and other non-gold pieces.
Needless to say, this method is complicated and can be inaccurate.
2. Pawn Shop Valuation:
- Take the pieces to a reputable pawnshop , and have them evaluated. A pawn shop that buys gold should be transparent with you regarding the weight, purity and value of gold jewelry.
Try a combination of Number 1 (DYI) and Number 2 (Pawn Shop Evaluation).
- Examine your items closely at home. Make a note of the markings. Research the price of gold. Weight them if possible, but just to get a general idea.
- Then, bring the gold and jewelry to a trustworthy pawn shop, where they’ll use a very precise jewelers’ scale and other professional tools to do an evaluation.
At CashCo, we feel strongly about empowering clients to take the right decisions when they sell or pawn their jewelry items. Jewelry evaluations are free in our San Diego pawn shops. Our jewelers are GIA certified, which means they abide by the highest codes of ethics in the industry, and that’s what you are looking for when selling or pawning jewelry.
Should I Get an Appraisal for my Jewelry?
There´s a difference between appraisal and evaluation. Among other cases, an appraisal is recommended:
- For insurance purposes. Insurances require appraisals to determine the value and premium of your jewelry.
- As an identifier, The appraisal document, with its detailed description of the piece, can be used to identify jewelry if it is stolen.
- For very expensive or antique jewelry. These pieces may have a value beyond that of the gold. Their design, history and craftsmanship could raise their value. You could get more money for this kind of jewelry because it’s not meant to be melted but kept as is. The appraisal will help you make your case.
- For estate purposes. The appraisal criteria are different. You may need it if for tax purposes, for inheritance purposes, in the case of a divorce, and even for donating jewelry.
WhereCan I get an Appraisal?
Any Tips to Get Top Dollar When Selling Jewelry at a Pawnshop?
Even if you are just inquiring, do the following:
- Bring the original packaging of the item with you
- Bring any certificates and warranties that came with the item, or you have obtained
- About the pearls in those gold earrings… Gemstones may have little to no resale value. If they don´t, and this doesn’t affect your selling price, ask the pawn shop employee to give them back to you before selling. Eventually, you could have them set on a different piece, or give them to your children.
Does jewelry made of other metals besides gold have any resale value?
Yes, platinum jewelry is also valuable. Silver jewelry can be valuable as well, depending on many factors. The value of gemstones can vary greatly. If you have questions, schedule an appointment, at your trusted pawn shop.
Why are you so insistent that I visit a “reputable place”? What’s the harm in shopping around?
It is your right to inquire and shop around. However, if you approach an unregulated business or a random person, you may set yourself up for trouble. The consequences may go from getting lowballed, to having your jewelry damaged, valuable stones replaced with cheap imitations, and in the worst scenarios, compromising your personal safety. Do make sure you are dealing with an upstanding pawnshop.
How can I tell if the pawnshop I’m dealing with it trustworthy?
Pawnbrokers and businesses that buy gold are required by law to ask for the seller’s photo ID and file a report. This, to keep the trade safe. We strongly advise against doing business with any buyer does who does not ask for your identification. For other tips, read our blog on “How to find the best pawn shop in San Diego.”
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CashCo Pawn Shop and any third parties or individuals appearing in this article are not specifically recommending any particular financial product or service. The information shown is for illustrative purposes only and is not intended as financial, legal or tax planning advice. Unless specifically identified as such, the individuals interviewed or otherwise listed in this piece are neither clients, employees nor affiliates of CashCo Pawn and the views expressed are their own. Please consult a financial adviser, attorney or tax specialist for advice specific to your financial situation.Promotions are subject to change without notice, conditions apply, check with the store for participation rules.