How to Use Gold and Silver Pawn Shops to Sell Jewelry

If you need fast cash and own gold or silver jewelry, consider pawn shop buyers. Pawn shops and pawn brokers buy and sell precious metals like gold and silver for cash. Some pawn shops loan money to people with gold and silver jewelry. The precious metals’ value is used to collateralize or secure the loan. If you accept a gold or silver loan from a pawn broker, repay the loan funds as agreed or you will lose your jewelry.

Perform some research before deciding to sell gold and silver jewelry to a pawn shop. Know the value of the gold and silver content. Some gold and silver pawn shops actually resell jewelry to other buyers by selling online or acting as a jewelry broker to jewelry buyers. Your gold and silver jewelry may have additional jewelry value above and beyond the precious metal content if it is wearable and in good condition. Consider calling pawn shops before visiting them to learn if they buy gold and silver jewelry for “scrap” value or if they resell jewelry items.

Value of Gold and Silver
Many gold and silver pawn shops buy scrap precious metal. They aren’t interested in reselling jewelry to another buyer in search of a ring, bracelet, earrings, or cuff links.

Start by researching the value of your gold jewelry. If you own jewelry that is made of 24-karat gold, know it is very rare:

• Twenty-four karat gold is 100 percent pure gold and it is very soft. Some Middle Eastern, Indian, or Asian jewelry is designed in pure gold. The yellow intense color of the jewelry can sometimes indicate its purity. The value of your jewelry is therefore higher than gold mixed with other metals.

• Eighteen karat gold is 75 percent pure gold (it may be marked ‘750’). Nineteen, 20, and 22 karat gold items are also manufactured, but you’ll probably want to test the gold to verify its purity.

• Fourteen karat gold is 58.33 percent pure gold. It may be marked ‘585’. Note that some older or antique jewelry from the UK or France is 15 karat gold. Because manufacturers discontinued 15k gold in 1935, your jewelry may be antique. The jewelry may be hallmarked. Check the value of this jewelry before deciding to sell it for scrap. Many antique buyers pay higher prices to own original antique jewelry items.

• Ten karat gold is often used for rings and bracelets because it is more durable and 41.67 percent pure. It may be marked ‘416.’ Nine karat gold is frequently used in UK jewelry design. Eight karat gold, also marked ‘333,’ is probably of European origin.

• Gold-plated (stamped GP or HGP) is not karat gold. This jewelry has a thin layer or gold, usually accomplished by the electroplating process. Some electroplated jewelry is called vermeil. If the underlying metal is silver, and if the jewelry for sale is very heavy, a pawn shop may want to buy it. If the underlying metal is nickel or another base metal, pawn shops are unlikely to purchase.

Most gold jewelry is stamped to show the gold content. Don’t assume gold purity accuracy. Purchase a gold test kit or metals tester if you have a considerable amount of gold jewelry to sell.

Gold jewelry may also have a maker’s mark. Some gold jewelry designs are very sought-after. Identify the maker’s mark if at all possible before deciding to sell the gold for scrap.

In comparison, silver jewelry is typically less valuable as scrap metal. Most silver jewelry is “sterling” silver, or 92.5 percent pure. Sterling jewelry is marked ‘925.’ Older jewelry with greater potential antique value is frequently marked ‘800,’ or 80 percent pure silver.

If you own silver jewelry manufactured by a popular designer, consider selling the jewelry through a consignor arrangement with a pawn shop or other jewelry broker.

Gem Value
Keep in mind that valuable diamonds, gems, and pearls may be mounted in your gold and silver jewelry. Don’t fall prey to a pawn shop or consignor who says that your diamond has little value. If you’re selling gemstone jewelry, bring along certificates or appraisals to arrive at a fair price for your gemstone and precious metal jewelry.

Weigh Gold and Silver Jewelry
Weigh your jewelry on a jeweler’s scale. A local jewelry store will usually perform this service for free. Alternatively, you can buy a scale that measures gram weight to calculate how much gold and silver you have to sell. Multiply the total weight of your gold and silver jewelry by its purity percentage. Then, compare the amount of gold and silver content to the current prices of gold and silver to establish the base value of the items.

Gold and Silver Value
Gold and silver pawn shops are unlikely to offer you the retail value of gold and silver. The pawn shop owner will probably offer less than the current wholesale price per gram for gold or silver.

Before taking your jewelry to the pawn shop, call the dealer to ask questions about what they pay for gold and silver. Learn if they accept gold and silver jewelry consignments, and ask what they charge to resell jewelry items. Before giving your jewelry to the dealer for consignment, ask the pawn shop owner to sign a contract and receipt for your items. Bring a friend along to witness the arrangement.

Compare Pawn Shop Bid Prices for Gold and Silver Jewelry
Not all pawn shops offer the same amount for scrap gold and silver. Not all resellers charge the same amount to resell jewelry. Compare prices of different pawn shops to know you’re receiving the best possible price.

Know that you’re unlikely to receive retail prices for gold and silver jewelry from a pawn shop. Jewelry collectors, jewelry store owners, or other jewelry consignment stores and resellers may offer higher prices for your gold and silver jewelry. Use gold and silver pawn shops to sell jewelry only when you need cash now.