If you’re considering pawning or selling a piece of jewelry, you’ve probably already considered how much you may get in exchange. At pawn shops, there are specific ways to determine how much an item is worth and it depends on many different factors. Therefore, your initial expectations may be extremely different from the pawn shop’s offer.
Understanding the factors that go into pricing jewelry can help you feel more prepared when you take your jewelry item in for sale or pawn.
What is the Jewelry Made of?
The type of metal the jewelry is made of is one of the biggest factors when it comes to determining value. The quality of the metal and the current demand heavily influence the price. For instance, even though your silver may be in great condition and able to withstand wear and tear, it still won’t stand up to the price of gold. The price of gold depends on the karat and the higher that number, the more valuable it is. It also depends on the type of gold – yellow, white, rose, or green gold. A pawn shop has the tools needed to be able to identify the quality of your metal to determine the value. They also stay up-to-date with the industry trends to remain knowledgeable and current with the demands.
What Type of Stones Does it Have?
If your jewelry has stones, they can also be a large influence on the value. Diamonds and other precious stones like rubies, sapphires, and emeralds are all popular and valuable at pawn shops. Semiprecious stones like turquoise, pearl, and amethyst can also have a high value but the determination depends more on the color and weight over the type of stone. Bigger stones generally cost more than several smaller ones, as that singular stone is likely more expensive.
Pawning vs. Selling
Pawning and selling are two different things and both are viable options if you are in need of monetary compensation. When you pawn an item, you are essentially using it as collateral for a loan. Interest will accrue over time and you must pay off the whole loan to get it back. When you sell an item, you are getting rid of it entirely in exchange for money. It’s likely that you will get a higher offer if you are selling versus pawning.
Do you have jewelry items you’d like to sell or pawn? Rely on Sol’s Jewelry & Loan for knowledgeable, researched, and calculated pricing for your items. Give us a call or visit us today to discuss your jewelry and needs. We have multiple locations throughout the La Vista and Omaha, NE areas.