One of the largest categories for pawn shops across the country is jewelry. And if you ever pass a pawn shop you will likely see some signage along the line of how they buy or sell gold. This might make some customers wonder whether or not their local pawn shop buys or provides loans on platinum jewelry. Simply put, the best thing to do is call the pawn shop and ask them directly before you drive down. But in general, most pawn shops will take jewelry as long as it is valuable and can be resold. This means that for gold jewelry, the items need to be made with gold and not gold-plated or gold-filled. Here is a quick guide on platinum jewelry pawning.
How Do You Pawn Platinum Jewelry
Pawning platinum jewelry is similar to pawning gold or silver jewelry with just a few differences. First and foremost, you need to check that the pawn shop you are going to provides loans for platinum jewelry. Different pawn shops have different preferences when it comes to what they do and do not pawn. Checking in advance can save you the trouble of getting to a pawn shop just to find out that they are not going to buy or provide a loan for your item(s).
If you are heading to a pawn shop that does take platinum jewelry they will provide a loan based on what the jewelry is worth. An important note about pawning. When you sell an item outright, a pawn shop will buy it for slightly less than what they can resell it for (as all resellers do in order to make a profit). When you get a pawn loan, the amount that they give you will be a percentage of what they would have bought it for. This is because the goal is to simply provide a loan and get that loan back with interest. In situations where a customer chooses to not pay back their loan, the pawnbroker will need to sell the item that was used as collateral in order to make their money back.
In terms of paying off your loan, your pawn shop will provide you with a timeline as well as information about your interest rate. Once the loan and interest are paid off, you will receive your jewelry back in the exact same condition it was in when you first purchased it.
Pawn, Buy or Sell Jewelry in NYC with Paradise Pawn
Paradise pawn is located in the Bronx and has two locations where our customers can buy jewelry, sell jewelry, or pawn items for quick cash. For more information, please contact our team.
