Life is full of uncertainties. There are times when we need cash and we need it fast. There are many ways we can achieve this and more than often, a lot of people prefer to sell their jewelry. Here at GEM Pawnbrokers, we accept a wide variety of jewelry and our experienced pawnbrokers are always ready to help you, appraise your items, inspect it thoroughly and give you a reasonable cash offer.
If you have a lot of valuable jewelry on hand, it might be hard for you to know which item to sell and which item will give you the most cash. If you need help on how you should decide, you have certainly come to the right place.
As you already know, selling your authentic jewelry is one way of getting quick cash from a pawnshop. If you have costume jewelry, it may not fetch you a great amount of money unless it is a valuable designer piece. In general, gold, silver and diamonds will always give you a substantial amount of cash.
If you are planning to sell your jewelry, you must be aware that good quality will always be the first thing that pawnshops will look for in your valuable items. The better the quality of your jewelry, the bigger cash sum you will get and the easier it is for them to sell your item and get a good deal out of it. So, if you are planning to offload some of your jewelry collection for a quick buck or if you have just inherited some jewelry from a relative that doesn’t hold much sentimental value to you, visiting a pawnshop and taking your valuable items there is always a good idea.
If your jewelry pieces are not in great shape, do not worry as this is just a minor problem. Precious metals like gold and gemstones can always be pulled from other pieces to make a new one. In some cases, people can melt down their rings to make gold bars or other pieces of jewelry. If you have loose diamonds in your ring, they can be pulled off and placed on another ring. The bottom line is, if you have valuable jewelry, you will always get something out of it.
What items we handle
As a trusted and reliable pawnbroker, we accept a wide variety of jewelry which includes:
- Chains and pendants
- Cuff links
- Rings (engagement rings, wedding rings, eternity rings, etc.)
- And so much more!
Jewelry composition is the first thing that pawnbrokers will look for when determining the value of your item. The specific types of metals used in creating jewelry pieces have a significant impact on their value because different metals have different qualities and a different demand in the market.
For instance, gold is often worth more in value as compared to silver, although the latter is also considered valuable due to its superior scratch resistance. However, gold is also scratch-resistant, non-tarnishing and durable, thus making it more valuable than silver.
If you are planning to pawn your gold jewelry, you should know that there are numerous sub-types of gold; green gold, rose gold, yellow gold and white gold. These sub-types will also influence the value of your pieces.
Among the sub-types, yellow gold is perhaps the most likely to get a hefty sum from pawnshops. Rose gold is a type of gold that is mixed with copper, so it is more affordable but very popular on the market. Affordability, trendiness and financial worth are all factors that will be considered when determining the value of your jewelry.
If your jewelry has precious stones, it will also affect its value. Diamonds are the most popular gemstones and will likely give you the most value. Other precious stones accepted in pawnshops are emeralds, rubies and sapphires. Semi-precious stones like amber, amethyst, topaz, jade, pearl and turquoise can also fetch a good price but precious stones are rarer so they will fetch a higher amount.
Aside from the type of stone, weight and color is a factor that will determine its value as well. For instance, a single large gemstone is worth more than several small stones combined because high-quality gemstones are rarer and expensive.
When it comes to the appraisal value of your jewelry, its composition is a key part of finding it out. As a jewelry owner, find out what your jewelry is composed of so you will have a better understanding of its value. Here are a few things you can look for when finding out its value:
- Discoloration. If your jewelry is made of gold or platinum, it should not discolor or fade even with frequent use. However, if your item is gold-plated, it will soon show signs of discoloration and will eventually hold less value.
- Weight. Jewelry that is made from gold or silver tends to be heavier compared to its cheaper metal counterparts like pewter or brass.
- Indicators. Jewelry hallmarks will help you determine the marker and metal content of your item. Every fine jewelry made in the last 100 years should have these hallmarks, unless they have already worn off due to frequent use.
- Prongs. If your jewelry has gemstones, you can check them closely to see if they are held into place solely by prongs, glue or both. If glue is present, it is likely that your item is a piece of cosmetic jewelry.
Aside from the composition of your valuable item, its overall condition is a major factor in determining its price. If you show our pawnbrokers an item with obvious signs of wear and tear such as discoloration, eroding metal, scratches and dulling of gemstones, it will surely affect the cash offer that will be given to you.
Jewelry brands can have a significant impact on the value of your item because some brands can demand a better value than others. This is true when it comes to high-end or designer jewelry. They are very desirable and in-demand. If you present your branded jewelry along with its box, warranty card, certificate of authenticity, tags and receipt, you will likely get a higher offer from the pawnbroker as compared to bringing the item all by itself.
Age and sentimentality
If you have a family heirloom that has been passed on from one generation to another, it can actually command a good price as long as it comes in good condition. You may have to consider the value of the item with your family and relatives, so you should consult them if you are looking at pawning or selling it. Some antique pieces of jewelry are made as cosmetic pieces with replica stones and less valuable metals. Although these pieces are very pleasing to the eye, they may not command a high value in pawnshops.
The current market value of precious metals like gold can highly impact the price of your jewelry pieces. You must be aware that the value of gold fluctuates over time and that you will always receive a value that is lower than the original purchase price when going to a pawnshop. Aside from that, the price that will be offered to you by the pawnbrokers will also depend on a lot of factors; the desirability of your item, overall condition and brand amongst others.
If you have an idea of the value of your item, check the current market price of gold. If the price of gold is high, you are likely to get more money for your gold jewelry. Whether you are looking to pawn or sell your gold jewelry, GEM Pawnbrokers specialize in gold jewelry, if you are in the New York City area they are the only pawnshop you need.
Now that you have an idea of how to determine the value of your jewelry, you can now take it to the pawnshop with confidence. As soon as you get an offer, be willing to negotiate with the pawnbroker so you can get a good deal. Patience and persistence is always the key.
As you already know, there are a lot of factors that will determine the value of your jewelry. If you want to know more on how much you can potentially pawn your valuable items for, contact GEM Pawnbrokers on (718) 596-5626 today! We have 24 pawnshops located in strategic areas all over New York City.