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If you need some extra cash on short notice, it can seem like a good idea to have some jewelry pawned and get it back later by paying interest. Of course, this line of thought could not be farther from your best interests. Pawning jewelry may seem like a good idea for the uninitiated in the industry. Luckily the expert gold buyers at GoldFellow are here to help steer you in the right direction! Our team’s expertise in the area, which has been crafted over years of experience, will help make your next dip into the jewelry industry a great one.
Why You Shouldn’t Pawn Jewelry for Cash
If you are going to sell old jewelry, sell it. Pawning jewelry is a strange process to begin with. Giving somebody roughly 30-50% of what their jewelry is worth, while expecting interest to be paid back on top of the original amount after a certain period of time is simply unethical. Pawned jewelry is often jewelry that people are not willing to let go of yet, and pawn shops take advantage of this fact fully by offering unfair rates, which could lead to a deeper financial hole for the customer. Pawning a ring, for example, is an undesirable alternative to simply selling jewelry to a pawn shop, though this is often also not the best idea.
Is it Better to Pawn or Sell Jewelry?
Do pawn shops buy jewelry along with pawning jewelry? Yes. Are the prices people receive from pawnshops appropriate for the pieces they purchase? Oftentimes, no. These are the only two things that are worth considering when looking to sell old jewelry to anyone. Pawning jewelry is never the right course of action. Anything sentimental should not be held over your head with the threat of it being lost. And prices should be fair when looking to sell unwanted pieces, so be sure to consider a specialized jewelry buyer with years of experience and the expertise to properly appraise what you bring in for sale.
Sell Your Jewelry at the Best Price!
GoldFellow has the years of experience necessary to provide proper pricing for pieces of unwanted or older jewelry. Be sure to get in touch with our team to learn more about the process. Also, feel free to read some of our other articles to learn more about the industry, trends to follow, fun facts, and much more!
