How To Pawn, Buy, & Sell Watches
Pawning or selling jewelry is a great way to get some quick cash. Pawn shops are specifically great to work with here in NYC, because the relationship between jewelry and pawning is one of the oldest ones for pawn shops. Almost every pawn shop has ways of evaluating jewelry and buys/provides loans for valuable pieces. Moreover, pawn shops will often buy broken jewelry that jewelers or other resellers won’t because pawn shops are interested in precious metals like gold. Here is a quick guide to pawning jewelry here in NYC.
Valuation, Offers, Appraisals, & Testing
What you get in terms of cash when you sell or pawn jewelry is completely dependent on the value of the item. Pawn shops like ours will test your jewelry. Below, we will go into greater detail regarding diamond and gold appraisal, but here are some general tips. First and foremost, the brand can play a role into the value of a piece. Beyond that, the condition of the jewelry plays a significant role. Of course, the largest and most important factor is whether or not your jewelry is fake. Here at Paradise Pawn, we use a variety of testing methods, including XRF testing, which can help us understand the exact metal composition of a piece. This can verify if something is pure gold or if something is a genuine item from a known brand that has specific metal compositions.
How Are Diamonds Evaluated at Pawn Shops?
Diamonds are evaluated according to the 4Cs of diamonds. These four c’s are carat, cut, clarity, and color. Here is a quick breakdown.
- Carat: This refers to the weight of the diamond. A larger diamond has more carats (0.2 grams) and is worth more.
- Cut: This refers to the shape of a diamond. Diamonds are graded from Excellent to poor. A better cut reflects and refracts light more effectively.
- Clarity: Diamonds can have external imperfections called blemishes or flaws, internally called inclusions. Diamonds are scored from FL (flawless) to I (included).
- Color: Diamonds can be tinted light yellow or brown. The color scale is from D (colorless) to Z. A clearer diamond lets more light pass through it.
These 4Cs are used in diamond appraisals to rate the value of a diamond. For more information about diamonds, please contact our team.
How is Gold Jewelry Appraised & Tested?
Gold jewelry is more valuable if the gold is pure. In gold jewelry, we frequently discuss “karat”, not to be confused with “carat”. While diamond “carats” represent weight, gold “karat” represents purity. A 24-karat gold piece is pure gold, or a piece that is 100% made of gold. Likewise, an 18-karat piece would be 75% gold. Some European pieces will use three-digit numbers like 999 or 750, which represent how many parts out of a thousand are gold. So a 999 marking would be 24-karat or 100% gold. Certain golds, like rose gold, are always a combination of metals (rose gold is made with copper to give it a reddish tint). If your jewelry is gold-filled or gold-plated, it is made with very little gold and is likely not worth much to a pawn shop or reseller.
Pawn shops can test gold in a few ways. Acid tests involve using a small amount of gold from the jewelry to see how it reacts to acid. XRF testing uses X-ray fluorescence to get an exact breakdown of the metal composition of a piece. Of course, if you have questions about your own jewelry, one of the quickest at-home tests you can do is with a magnet. Magnets do not attract gold, but do attract a variety of other metals like iron, which is often a base for gold-plated jewelry.
Should You Pawn or Sell Your Jewelry in NYC?
Selling or pawning your jewelry is a decision that you need to consider thoughtfully. If the piece is something you want to keep, you should pawn it and use it as collateral for the loan. You need to discuss with the pawn shop what your rate is and what the payment plan is so that you can recover the item. But if you have some broken jewelry that doesn’t have sentimental value, or pieces you don’t intend to keep or wear, you can sell it outright. Pawn shops like ours will often buy even broken jewelry if it is made with valuable materials.
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