The quickest and easiest way to get cash is to sell gold jewellery. That is right but it can be a bit confusing when you have to decide who or where you should be selling your gold jewellery. Do you go to a jeweller, a gold buyer or a pawn shop? Where will you get the most cash for gold from? Who is more trustworthy?
These three do the same thing: they buy gold jewellery but they all do things differently if you are going to sell gold jewellery you should take time to understand how each one conducts business.
The truth is they all do the same thing but in a slightly different way. Everyone uses the same spot price regardless of where in the world they are based. The spot price of gold might change all the time but it is ways the same spot price that a pawnshop, a gold buyer or a jeweller will base their price on. The two most important things to consider is the weight and the karat of the gold. Gold buyers will then pay you a percentage of what the market value of gold is.
Gold buyers pay on average 50-95 percent of the market value. Jewellers mays offer between 45 and 75 percent of the market value whilst pawnshops come in as low as 20% to 70% of the market value of your gold jewellery.
You need to understand that jewellers aren’t in the business of buying of jewellery but they are in the business of selling. When they buy second-hand jewellery the goal is to buy it at a lower price and resell it at a higher price.
Most jewellers resell to their customers not some wholesale network. They can be selective about the amount of money they can offer.
Pawnshops are in the business of pawning. You can use your gold jewellery as collateral to take out a loan from a pawnshop. The pawnbroker will hold on to your pawned jewellery until you pay the full loan back. This is a good idea for you if you still want to hold on to your jewellery. You can get cash for gold by selling your gold outright to a pawnbroker, but you need to be aware that pawnshops have a big spread and will not offer you as much money as a gold buyer.
Pawnshops have to keep a high volumes of customers and inventory so that they are always busy. They may take the risk of buying gold jewellery but low ball you on the price just to see if you’ll accept the offer. You should always be prepared to negotiate your way to a better price.
People tend to have less respect and trust for pawnshops. The problem is that they buy everything, it’s hard to trust that your precious jewellery will be properly valuated.
Gold buyers usually have an extensive network of gold dealers, coin buyers, recycling refineries and precious gem wholesales to get the best prices for everything from scrap gold to high-end Tiffany pieces. There’s always a buyer for what you want to sell gold.