Expert Tips for Selling Gold Jewelry at a Pawn Shop in San Fernando Valley
If you have gold jewelry and need cash, you’ll find that there are many choices in the San Fernando Valley and greater Los Angeles. Selling gold jewelry to a pawnshop nearby can be fast and convenient. Buyer beware; there are some essential things that you should know if you’re planning to sell gold jewelry for cash at a pawn shop.
How much money can I make by selling my gold at a pawn shop near me?
The amount you will be paid for your gold jewelry depends on several factors. The most significant are:
- Your jewelry’s gold karat
- The current Market Value of gold
- Choosing the right pawnshop
This article will help you understand the process of selling your gold to get the best possible deal and how you can use your gold jewelry to get cash without selling it by using it for collateral for a pawn loan instead.
How much gold is in your jewelry
Gold jewelry is typically made from gold mixed with other metals, known as alloying elements, to increase its durability for wearing. Most gold jewelry is either 10 karat, 14 karat or 18 karat gold. The “Karat” is the unit used to measure how much gold is in a ring or a piece of jewelry relative to the other metals present. A higher Karat means more gold in your jewelry.
Most gold jewelry has its karat stamped or noted somewhere. On an engagement or wedding ring, you can usually find the gold karat engraved on the inside of the band, although there are more step involved in verifying its accuracy. A reputable pawnshop will use technology and training to help you better understand the value of your gold.
The market value of your gold
Determining how much you’ll be paid for your gold jewelry starts with the current price of gold. Like other commodities, the price of gold fluctuates over time based on market conditions. Gold prices can change rapidly, so it may be a good idea to check the current price before visiting a pawn shop or other business that buys gold.
It’s important to note that no pawnshop will pay the market price of gold. Instead, you’ll usually be offered an amount that’s slightly lower than the market, or spot, price. Our team is trained to help customers understand the amount we offer for gold jewelry and to make sure that you’re getting the most for your jewelry, even broken or mis-matched pieces.
Choosing the right pawnshop
Not every pawnshop specializes in gold. Some may have team members that aren’t adequately trained or lack access to the technology necessary for proper testing. Although most pawn shops will base their offers on the current price of gold, their processes may differ from one to the next. Because of this, it’s critical to visit a trusted pawnshop like Trader’s Loan and Jewelry that’s been in business longer than any other pawnshop in the Valley and has hundreds of 5-star Google reviews. Our customers trust us to give the highest payout possible and the best service. We also sell a wide variety of new and used fine jewelry when you’re ready to upgrade!
Should you pawn or sell your gold?
Both pawning and selling your gold at a pawnshop will put cash in your pocket, but it’s important to understand the difference between the two types of transactions.
As explained earlier, selling your gold is a straightforward process where you’ll be given an amount based on current value, and that’s the end of the transaction.
But what if you are not ready to part with the item and instead would like to get it back later? In this situation, you may consider pawning it. When you pawn an item, you use it as collateral for a loan, and then you get it back when you repay the money you’ve borrowed as well as the associated interest and fees. Some customers choose to pawn their gold jewelry rather than sell it because it has sentimental value. Others want to use their gold jewelry to get the cash they need again in the future, realizing that they can sell it just once but they can pawn it again and again.
Whether you decide that selling or pawning your item is the best fit for your situation, our team is prepared to help you get the cash you need. Stop by Traders Loan and Jewelry today and we’ll do our best to offer you the best possible deals on all your treasures! To get your pawning adventure started, come visit us today at 18505 Sherman Way Reseda, CA 91335, call 818.345.8696 , or simply fill out the form on our contact page if you have any questions.