How to Get More Buck For Your Jewelry Than a Pawnshop Will Pay

When you have a piece of jewelry pawn that you no longer want or need, you may think about selling it to a pawn shop. Pawn shops buy and sell items like jewelry, gold, and electronics at discounted rates. They also offer short-term loans on these items.

When pawning jewelry, you are handing your valuable over to the pawnshop for safekeeping and a set amount of money. The pawnbroker will keep your item in their store and will only return it once the loan and interest are paid back.

Because pawnshops are in the business of making a profit, they will typically only pay about 50% of your jewelry’s retail value. This is because they have to make enough money to stay in business and pay their staff and other expenses.

Jewelry Pawn: Tips for Getting the Best Deals

The best way to get more buck for your jewelry is to avoid the pawnshop altogether and find a jewelry wholesaler. A reputable online jewelry wholesaler will give you much more if you have a diamond ring, wedding band, or other piece of jewelry that you no longer want.

When you go to a pawnshop, make sure that you bring your own scale and weigh your piece of jewelry in front of the pawnbroker so that they do not talk you down. You should also take photos of your jewelry before pawning it. This will be helpful if you have to dispute your pawnshop’s appraisal in the future. Also, be careful when pawning jewelry, because pawnshops will swap out your pieces for cheaper items while you are not looking.