Selling or pawning your expensive jewellery isn't something you want to take lightly. Pawned jewellery at a local, reputable pawn shop will give you the greatest value for your piece of jewellery or similar items plus the instant cash you may need to pay off an unexpected bill, repair, or debt. When you pawn or sell your jewellery to a pawn shop, there are a few things you need to know, so you get the best value and understand your pawn loan obligations.

The Process for Pawning Your jewellery

When you pawn your jewellery, an experienced, on-site appraiser at the pawnshop will accurately assess the value of your engagement ring, gold jewellery, or similar items. They will offer a price for a pawn loan based on their assessment, and give the potential customers an interest rate and period the pawn loan needs to be repaid. If the customer repays the loan, with interest, within the term offered, they will get their gold or silver jewellery back. If not, they essentially forfeit their items to the pawnshop and would have to buy back the jewellery if they aren't able to repay the loan in time.

What are the pros of pawning jewellery?

Pawning your 14K gold jewellery or similar items gives you fast and easy cash immediately. You can come into the shop, get your pawn loan and leave with cash in hand that day. Pawning also gives you a chance to get the items back if you can meet the terms of the pawn loan. PAwn loans also have strict repayment times for insurance purposes.

Are there cons to pawning jewellery?

The pawnshop can't offer you full retail price for the item, because they have to have some form of collateral in case potential customers have to forfeit the object. Pawn loans can also come with high-interest rates and short repayment periods that might not make it viable for the person to repay in time and get their item back. The loan may also put them in a vicious cycle of having to repeat the loan. Defaulting on the loan means not getting the item back.

Bottom line? Pawning may not be a good financial move for some people when it comes to selling jewellery, diamonds, and pure gold. But if the item is an heirloom piece with sentimental value and the customer has the financial means to service the loan, pawning can be ideal. The customer gets their item back and can get access to quick cash for a financial emergency.

Is it better to sell your jewellery?

For diamonds and gold, sometimes it's better to sell gold outright than to pawn it. By selling the jewellery, you'll still get cash in hand, and you'll be able to get a better gold price than if you were to pawn the item instead.

At Sydney Pawn Shop, we offer good prices on fine jewellery, gold, silver, and diamonds for sellers and people who wish to pawn their unused items. I f you have other things you'd like to pawn or sell, browse our website for different types of items you can offload for fast and easy cash. Stop in today and see what we can do for you. Speak to one of our Sydney pawnbrokers today by calling 1800 618 905.