If you have old jewelry that you are looking to sell, you have a few options. Here in New York City, you could sell to a jewelry store that buys used jewelry, you could try to sell via an online marketplace, or you could work with a local pawn shop. Each selling method has its unique pros and cons. In this guide, we will cover when it makes the most sense to sell to a pawn shop. For jewelry-selling services in the Bronx, give our team a call.
Should You Work with A Pawn Shop or a Jewelry Shop?
A jewelry shop will buy high-quality used jewelry that features valuable metals and stones like gold and diamonds. The overall process requires an appointment to meet with their in-house appraiser, and they will judge your jewelry specifically on what it would be worth to resell. Based on that appraisal, they will likely offer a price that is a percentage of that price.
By contrast, pawn shops evaluate jewelry based on either its value in terms of resale or the “melt value”. For valuable metals like gold, pawn shops can base their appraisal on current metal prices. This means that pawn shops can buy damaged or broken jewelry that jewelry stores wouldn’t buy.
Benefits of Selling Jewelry to a Pawn Shop
Pawn shops have a few benefits when compared to online marketplaces or jewelry shops. First and foremost, they are more likely to have an interest in damaged jewelry. If you have pieces that are broken, missing stones, scratched, or otherwise damaged, you will have a much more difficult time trying to sell them as jewelry. Because pawn shops have an interest in precious metals like gold, you can often sell broken or damaged jewelry as long as it is made with valuable materials.
Pawn shops also provide loans. If you simply need quick cash to cover an immediate expense and are not certain that you want to sell a piece of jewelry, you can use it as collateral for a pawn loan. You can get the cash you need right away to cover the expense, pay back your loan, and recover the jewelry.
Pawn shops are also going to be quicker than working with an online marketplace, where most of the responsibility is on you to find the right buyer, vet them, make sure you are getting a fair price, etc.
Sell Gold Jewelry in the Bronx
Paradise Pawn has two locations in the Bronx where we buy and sell used jewelry. For more information about our services, please give us a call.