Tough times hit everyone hard. These are the times when people look to get value out of their possessions. And one of the valuable possessions people could have is the ornament. Pawning unwanted jewelry brings good cash into people’s wallets and that too pretty quickly.
Not to forget, pawning is a mysterious procedure. People generally fear getting unfair prices in return. But unexpected things and situations cannot be pre-planned. You will have to sell off your jewelry if nothing else can get cash into your pocket. That is why you have to look for a reputable pawn shop.
But is your jewelry worth selling? How much cash can you get for them? Get an idea about the five most important things before pawning your jewelry:
1. Consider the Track Record of the Pawn Store
Now, this is something you must pay attention to. How long has the shop been serving the market? What is its current location? Is the shop certified? These are some questions that you must get an answer to before pawning your valuables.
Make sure you are going for a solidly established and local business with an exemplary track record of dealing with different people. Also, ensure that the shop employees are operating as per law to offer fair prices to the clients.
Nevertheless, some shops do not do this. Hence, you must carry your jewelry to shops that you can completely trust and depend on.
2. Know the Value of Your Jewelry
You must know the real value of your pieces of jewelry even before stepping into the pawn store. It will be difficult for you to get the full value of the pieces. That’s because the shops are mainly resellers.
However, knowing the worth of the jewelry you are looking to pawn will offer you a bit of bargaining power. It will also prevent you from getting ripped off by the owners of the shop. That being said, the majority of the shops do not operate to rip off the people.
Sometimes, the employees at these shops do not have any idea of the pawned product’s real value. Making quick cash is the real deal when visiting a pawn store. But have in mind that you can even go for a loan contract with the shop. It way, you will not have to part with the valuable possession.
3. Get Your Jewelry Appraised
Getting the jewelry appraised will help you in obtaining the accurate price for the same. The shops generally appraise pieces as per the best practices in the industry and the market standards.
Make sure to visit shops known for having knowledgeable and experienced jewelry appraisers if they can determine whether the pieces are original and the different types of metals used in them, be confirmed that they are experts at their job. And yes, the experts can also offer on-spot value of the pieces.
Even though you get an idea of the value, the shops will just offer 25% to 30% of the value. It is because they mark prices regularly. They will generally offer you something close to the product’s base value instead of its retail value.
If your bracelet’s original cost is $2000, you might only get $600 from the pawn store. Once you get your pieces’ monetary value, determine whether you would like to sell the pieces for the same amount.
4. Presentation Works Wonders
Of course, you do not want to visit a shop only to pull out a messed-up and tangled gold chain from your bag. It will signal the employees that you do not have any idea of what you are doing.
Either they will assume what you possess is cheap, or if it is at all valuable, they will consider that you do not know the value of the products you possess. The catch here is presentation matters.
Presenting your pieces in the right way is one good way of avoiding the above mentioned bad impression. Put in some money, visit a jewelry store and get some cases for the jewelry you are looking to pawn.
Proper packaging ensures that the pieces are kept undamaged and clean. So, they look new, and thus you can get a better amount for the same.
5. Do Not Underestimate the Power of Negotiation
Of course, the pawn stores are into regular deals, but they are not there to rip you off. You can always negotiate for the best deals, and they will come to you. It is where it works to know the value of the pieces you possess.
There is no obligation for you to accept the very first offer that comes your way. Negotiate on the value of the jewelry at different shops; compare the prices you are getting, and then make the ultimate move.
Conclusion
Not all pieces of jewelry are valuable. Pawning your jewelry will surely give you cash in hand, provided you know how to handle the procedure. Thus, before going to pawn your ornaments, keep the five points mentioned above in mind to get the best deal.
