We all have jewelry around the house that we’ve inherited or it turned out to be an impulse buy. When you’re strapped for cash and need money right away, you may look to your jewelry as a means for paying off your debt. There are undoubtedly numerous jewelry pawn shops in your area, meaning that these shops either deal primarily with jewelry or choose to sell it on an as needed basis. When taking your jewelry to a pawn shop near you, you can get a short-term loan which you will need to pay back. Should you choose not to pay off the loan, the pawn shop isn’t required to hold your jewelry and is free to sell it.
Of course, the pawning process can end up being a rude awakening for many people when they find out that their wedding band isn’t going to get a high loan. With that being said, when you’re only looking to get a loan, most pawn shop owners are willing to negotiate based on your needs or the story you have behind your piece of jewelry. Regardless of your situation, you will want to get the most out of the pawning process, and surprisingly enough, it’s all up to you!
Always Clean Your Rings
It may sound a lot like common sense, but you’d be surprised by how few people actually take the time to clean their rings or other jewelry before heading into a local pawn shop. Remember, pawn brokers are there to make a speedy transaction, and if you wish to get the most for your item, you need to show it off in the best light possible. There are numerous cleaning solutions and cloths available on the market specially formulated for precious metals and gemstones.
Be careful when cleaning stones and avoid using harsh chemicals or toothpaste as they can damage stones. Use a soft bristle toothbrush to apply cleaning solution to your jewelry and work around as well as behind prongs to soak out gunk. Rinse well and don’t forget to clean the facets of all gemstones to ensure a good sparkle– especially when you have a quality gemstone!
Of course, no ring or other piece of jewelry is complete without a purity hallmark. Pawn brokers want to know that they’re investing in silver, gold or platinum before allowing you to pawn your jewelry. Just like you need to clean the gemstones as well as the setting, make sure to give all hallmarks a good shine which are usually located on the inner band. If your jewelry doesn’t have a karat mark or isn’t stamped silver, you’ll receive much less than its worth, even if it is a precious metal.
Check For Completeness
If your ring is part of a wedding set, it may have additional pieces such as a decorative wrap setting to make it more elegant. Providing all of the original items that came with your purchase can positively impact the price. A complete ring set is a lot easier to pawn than one that’s missing pieces.
Do consider the condition of the ring you’re hoping to pawn. Jewelry pawn shops want use good quality pieces for a loan in case you’re unable to pay off your debt. Check to make sure that all gemstones are properly sitting in the band and that the band itself is in good shape.
Bring Appraisal Paperwork
Chances are, if you have a ring that you know is worth some money, you may have gotten it appraised at some point. When heading off to jewelry pawn shops, always take the official appraisal letter with you. This amount is an approximate value of what your jewelry is worth and is usually used in case you choose to insure your ring.
Though appraisal value can help you understand the replacement value of your piece, do understand that pawn brokers can’t offer a loan anywhere near that amount. What pawn shops can reasonably offer is a so-called base value. This number is the price that the shop can sell your ring for in case you default on your loan.
Set Realistic Expectations
We’ve all heard horror stories about pawn shops and how they rip people off, but a good portion of those stories are a result of misplaced expectations. We all strongly believe that the jewelry we own is special and one of a kind, but the sad truth is, unless you have a strictly custom piece, it really isn’t. Even fancy jewelry stores use common manufacturers whose designs appear in numerous catalogs, therefore, your piece is likely to have been repeated elsewhere.
Pawn shops that deal especially with jewelry will have brokers that have seen a lot of jewelry in their time working the counter. You may hope for a strong positive reaction to your piece, but the fact is, it’s likely that the broker has seen many more like your ring. This isn’t something to take personally, but it is a part of dealing with pawn shops that should be understood.
Well, there you have it! As you can see, pawning jewelry is a fairly simple and straightforward task, but it can become a bit emotional if you’re attached to your piece. Before heading into a pawn shop, make sure to properly clean the piece, check to make sure it’s in good shape, and do take appraisal paperwork with you.