The Pros And Cons Of Pawning And Selling Gold Jewellery

Aug 17

The Pros And Cons Of Pawning And Selling Gold Jewellery

Many of us will come across times in our lives when money is tight, and we could do with some quick cash. In these times of need, we often resort to selling or pawning our precious items such as gold jewellery, and valuable electronics, but pawn shops have had some bad press in recent times. There are some unscrupulous pawn shops out there, but there are also many excellent ones that offer fair deals whether you are looking to pawn or sell your valuables. Which method is best will all depend on you individually, and also your circumstances.

How Attached Are You To The Jewellery?

If you are attached to the item of jewellery that you are looking to cash in on, then pawning may be your best solution and you will need to shop around to get a good deal. Gold Buyers Melbourne is one of the pawn shops Melbourne people trust, so you can use their prices as a guide to a reputable pawn shop you might want to consider using. If you are not sentimentally attached to the jewellery, you may wish to think about selling your gold jewellery instead.

Know Its Value!

Unless you are selling your gold jewellery in a private sale to someone that appreciates the beauty of it, you are only going to be able to get the scrap value of the precious materials used, which is often a lot less than the retail value of an item. An antique ring has a buyers market, so if it is of high quality you should see what the pawn shop will offer you for it, but you will most likely be able to get a higher price when sold to an individual.

How Quick Do You Need The Cash?

If time is of the essence to you, then a private sale will most likely be ruled out, unless you already know of someone that would be willing to purchase your jewellery. One of the benefits of using the services of a reputable pawn shop is that if you need quick cash, you can pawn it or sell it and have the cash in your pocket in no time at all. Whichever method you decide to use a pawn shop is an excellent service to use if you need the money quickly, so is something that you should always consider, no matter what you are thinking of selling.

Be Careful Of The Charges & Interest Rates

One of the first considerations you should think of when you choose to pawn an item of value such as gold jewellery are the costs that you will incur. You do need to shop around and ask each pawn brokers what their charges are, especially their interest rates. A reputable one will offer fair and competitive rates, with a small commission on any transaction. When you know what the charges are, you will then be able to decide if you are going to sell or pawn your gold jewellery, and get ready to spend your cash.