Well, there can be several reasons why you need to pawn your gold jewellery but normally it is because you need quick cash for something else that is more essential. Pawning is similar to a loan. When you deposit your gold jewellery as collateral, the pawnshop will give you an instant cash loan against your gold. The pawnbroker will decide your jewellery’s value and finalise the percentage of that value, which they are prepared to loan you. Once you avail the cash loan, you’ll have a set amount of time to repay the loan and redeem your gold jewellery. If you want to get the maximum cash for your gold, stick to the following seven secret tips:
- IDENTIFYING YOUR GOLD
Remember, gold jewellery is not made with 100% gold. Genuine gold is, in fact, a soft metal that is mixed with other metals to provide strength and durability. The more gold your jewellery has, the higher will be its value.
- TYPE OF GOLD JEWELLERY THE PAWN SHOP APPROVE
All of the pawnshops take in gold jewellery but they perhaps won’t take jewellery that is just gold plated.
- CLEAN GOLD JEWELLERY PIECES
If a precious piece of jewellery has been in storage for a while, it may have gathered dirt and dust. So cleaning it can make it appear newer and more attractive. Make use of a cleaner that is designed particularly for jewellery to avoid doing any harm to the metal or gems.
- SELECTING THE RIGHT PAWN SHOP
A pawnbroker having years of experience in buying and selling gold jewellery is more likely to provide you with a just price. Thus, choose a pawnbroker having substantial experience under its belt.
- BRING IN GOLD JEWELLERY IN ANY CONDITION
You can bring gold jewellery in any condition even if it is broken or damaged. It is best to make use of your old jewellery to avail a quick cash loan. Remember to take your gold jewellery to the jeweller or gold buyer first to know an estimate of how much your gold actually costs. Knowing the actual value of gold you own will be of great help if you decide to sell your gold to the pawnbroker. Don’t forget to carry this assessment report to the pawnshop.
- SELLING YOUR GOLD JEWELLERY
Suppose, you don’t have a sentimental attachment to your gold jewellery then it is better to sell your gold jewellery rather than pawning it. Pawnbrokers pay you more when they buy gold in Sydney than when you pawn it. Thus, gold jewellery can be particularly rewarding when you sell it.
- LOWER THE RISK
When you require money urgently, it is simple to assume that you’ll be able to repay the loan in a timely way. However, if something else pops up that stops you from paying the loan as per the schedule, at that time you’ll want to know your choices. Prior to pawning your jewellery, find out pawnbroker’s terms and conditions policy. You may be able to lengthen the loan period by a month or so by paying the interest in advance. This lowers your risk of losing your gold jewellery even if another situation surfaces.
SUMMING UP
When emergency strikes, pawning your gold jewellery can be beneficial to get the much-needed cash quickly. Undeniably, getting the most out of your gold jewellery can be a better option than incurring credit card charges or borrowing money from a friend.