One of the most common types of items used for pawn loans is jewelry. Jewelry is often a great choice for when you need to put up an item as collateral for a pawn loan. Many people have valuable jewelry on hand and jewelry is often kept in good condition. In this article, we will cover some tips on how best to pawn jewelry. If you live in the NYC area and need a trustworthy pawn shop for getting loans, buying or selling jewelry, please contact or visit one of our two locations in the Bronx.
How Do You Pick What Jewelry You Should Pawn?
There are a few things to consider when selecting jewelry for pawning. First and foremost, many people eliminate any jewelry that has deep sentimental value like engagement rings, wedding bands, etc. While it is always possible to recover an item by paying off your loan, and while many pawn shops will work with you to extend a loan in a pinch by having you pay off your interest first, it is still difficult to part with such an important item. Beyond that, another thing to consider is how much you need. The amount you need will determine how many pieces of jewelry you should bring for the loan. Keep in mind that jewelry is appraised based on the metals and the value of the diamonds, and that pawn loans are always based on a percentage of what the potential resale value would be. So if you need a few hundred dollars you need to bring more than that in terms of the jewelry you plan to pawn.
How Is Jewelry Appraised?
The value of Jewelry is based on many factors. First and foremost, jewelry is valued based on the metals and the diamonds. Gold, silver, and platinum jewelry tend to be the most common metals for pawning, and diamond jewelry is the most common for stones. Most pawn shops don’t deal in gold-plated jewelry but instead are looking for jewelry that is made of gold or silver. Pawn shops will be able to test jewelry for authenticity. Some people get their jewelry appraised by a jewelry appraiser before going to a pawn shop. That way you have the opinion of a professional about how much your jewelry is worth. This can help you set expectations for what you can get from a pawn shop. Again remember that a pawn loan is based on a percentage of the resale value and not the entire resale value. If you sell jewelry outright you will get more for the jewelry than you would get pawning it.
Contact Paradise Pawnbrokers in The Bronx
With our two locations in the Bronx, we help people throughout NYC with their pawning options. If you are interested in getting a pawn loan, please contact our team, or visit one of our two locations for more information.
