If you need cash and have gold jewelry, selling it to a pawnshop nearby is a fast, convenient option. That said, there are some important things that you should know if you’re planning to sell my gold jewelry or any other precious metal items, including jewelry, coins, or bullion at a pawn shop in Jackson, Canton, Pearl, or Vicksburg, Mississippi.
How much money can I make when I sell my gold jewelry in 2022?
The amount you will be paid for gold depends on several factors. The most significant are:
- Your jewelry’s gold karat
- The current Market Value of gold
- Choosing the right pawnshop
This article will help you understand the process of selling your gold to get the best possible deal and how you can use your gold jewelry to get cash without selling it by using it for collateral for a pawn loan instead.
How much gold is in your jewelry?
Gold jewelry is typically made from gold mixed with other metals, known as alloying elements, to increase its durability for wearing. Most gold jewelry is either 10 karat, 14 karat or 18 karat gold. The “Karat” is the unit used to measure how much gold is in a ring or a piece of jewelry relative to the other metals present. A higher Karat means more gold in your jewelry.
Most gold jewelry has its karat stamped or noted somewhere. On an engagement or wedding ring, you can usually find the gold karat engraved on the inside of the band, although verifying its accuracy involves other steps. A reputable pawnshop will use technology and training to help you better understand the value of your gold.
The market value of your gold
Determining how much you’ll be paid for your gold jewelry starts with the current price of gold. Like other commodities, the price of gold fluctuates over time based on market conditions. Gold prices can change rapidly, so it may be a good idea to check the current price before visiting a pawn shop or other business that buys gold.
It’s important to note that no pawn shop will pay the market price for gold. Instead, you’ll usually be offered an amount that’s slightly lower than the market, or spot, price. Our team is trained to help customers understand the amount we offer for gold jewelry.
Choosing the right pawnshop to sell your gold jewelry
Not every pawnshop specializes in gold. Some may have team members that aren’t adequately trained or lack access to the technology necessary for proper testing. Although most pawn shops will base their offers on the current price of gold, their processes may differ from one to the next. Because of this, it’s critical to visit a trusted pawnshop like USA Pawn that’s been in business for over thirty years, has thousands of 5-star Google reviews, and is one of the largest gold buyers in the state so that you know you’re getting the highest payout possible and the best service.
Should I pawn or sell my gold?
Both pawning and selling your gold at a pawnshop will put cash in your pocket, but it’s important to understand the difference between the two types of transactions. Selling your gold is a straightforward process where you’ll be given an amount based on it’s the current value, as explained earlier, and that’s the end of the transaction.
But what if you are not ready to part with the item and instead would like to get it back later? In this situation, you may consider pawning it. When you pawn an item, you use it as collateral for a loan, and then you get it back when you repay the money you’ve borrowed as well as the associated interest and fees.
Some customers choose to pawn their gold jewelry rather than sell it because it has sentimental value. Others want to use their gold jewelry to get the cash they need again in the future, realizing that they can sell it once or pawn it over and over again.
Whether you decide that selling or pawning your item is the best fit for your situation, our team is prepared to help you get the cash you need. Call or stop by one of our six locations to meet our team and experience for yourself the service that has helped us build a reputation for trustworthiness in Jackson, Canton, Pearl, or Vicksburg, Mississippi.