How do Pawn Shops Determine Value
Some morals come at the end of a story, but we’re going to state this one at the beginning: If you need to sell your jewelry, consider all your options before going to a pawn shop.
Pawning vs. Selling
These aren’t the same thing. When you take your items to a pawn shop, you can either pawn it or sell it. If you’re pawning an item, you’re essentially using it as collateral for a loan. You intend on coming back for it when you can pay that loan (plus the interest accrued) back.
If you choose to sell your item, you will probably get a higher offer from a pawn shop.
How do Pawn Shops Determine Value?
Most pawn shops refer to blue book market value or certain databases for the items they buy. They may also do some internet research. They need to consider a price that will justify a profitable resale value for them as well.
But the thing to remember here is that pawn shops buy all sorts of items. They aren’t experts in any one of the items they buy, so how can they offer you the best offer for your jewelry?
It isn’t easy to sell your jewelry off, and when you’re selling to someone who can’t see the intricacies behind its value, as well as the sentimental value behind what’s being sold, you are going to be low-balled.
When you need cash in a hurry, it’s easy to sell to the first person that gives you an offer. But you’re the seller here and you have the power—you need to shop around for the best buyer!
Always Do Your Homework
Before selling anywhere, always arm yourself with as much knowledge as possible. Do research on the market, explore your selling outlets and really know what it is you’re selling. Get multiple independent appraisals or lab tests that can help prove your jewelry’s worth.
We have a lot of resources here on our blog that can help during your research phase:
- Avoid These Common Mistakes When Selling Your Jewelry
- Guide to Watch Value: How Much is my Watch Worth?
- 5 Elements Every Jewelry Appraisal Should Contain
- Diamond Value Factors
- How Much is my Jewelry Worth?
- How to Sell An Engagement Ring
- 3 Tips to Increase Jewelry Value
- Where Should I Sell My Jewelry?
- How to Sell a Diamond in 5 Steps
Why You Should Sell to a Professional Jewelry Buyer
The reason is simple—certified jewelry buyers know jewelry worth. They specialize in jewelry value, have been trained in giving accurate appraisals and know the current market.
Need more convincing? We dove into this topic in a recent post: Why Sell Jewelry to a Certified Gemologist?
Whether you’re looking for a safe solution for quick and fast cash, or just have some extra jewelry that’s been gathering dust in your jewelry box, the professionals here at Diamond Buyers are ready to help!
You can start with a free, no-obligation appraisal of your fine jewelry, diamonds, watches, wedding and/or engagement rings.
You can walk away with more money in your account within just a few business days.