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Offloading unused jewelry, gold, gems, and other fine metals is a great way to make money from items that would otherwise be collecting dust. While jewelry you aren't currently using may have no real value to you at the moment, these items could be sold for a surprising amount if done right. Unfortunately, many businesses prey on individuals’ lack of knowledge regarding the valuation of fine metals and gems. These businesses look to purchase your goods for pennies on the dollar, which is why you should never sell your gold to pawnshops or unreputable dealers.
How Do Pawnshops Make Money?
Pawnshops earn their money through various ways, including providing loans and auxiliary services, such as money transfers and the resale of items. Pawnshops do not provide loans in the traditional sense, such as loans done at banks. Instead, individuals looking for loans from pawnshops must offer items as collateral with values equal to or greater than the loans being received. Pawnshops are notorious for providing less than market value prices for items, as they are looking to make a profit from items if the individuals do not return the borrowed amounts. If the individual does not return with the agreed money by the set time, the item(s) are the pawnshops to keep and to sell.
Pawnshops profit from their resale services by selling items they purchased from individuals. If the loan conditions are not fully met, pawnshops will also sell the items that were taken as collateral for loans. Remember, when items are accepted as loan collateral, pawnshops paid less than market value for these items, as they must resell them for a profit.
Why Avoid Pawnshops for Gold, Gem, and Fine Metal Sales?
As discussed above, pawnshops are looking to make a profit and will offer low prices. In addition to this, pawnshop owners and employees are not certified experts. They are looking to offer less than the market price, but additionally, they could be incorrect in their belief of market price. This lack of knowledge could lead them to offer you less than an already incorrectly low market price assumption.
Where Should You Sell Your Gold?
Let's be clear, your gold and unused jewelry can be valuable - whether high market value or they could have sentimental value to you - which is why it is imperative to get the most out of a sale. The best way to ensure this is to approach reliable, trustworthy gold buyers. Our services at GoldFellow provide you with several safe and reliable ways to sell your gold. With a location in Weston, Florida, as well as online services, GoldFellow is committed to offering you a fair price for your gold. In addition, we offer ensured mail services for you to send in your items. We’ll examine the karat quality and weight, all while under video surveillance for your viewing, plus we offer a fair price. If you feel unsatisfied with the price, we even send it back to you at no cost to you!
At GoldFellow, we also provide our customers with our prices upfront, along with examples of past payouts, so you can feel confident that you are dealing with trustworthy professionals.
Reach Out Today
If you are looking to sell gold, gems, or other fine metals, reach out to GoldFellow today. With dependable in-store and online services, GoldFellow will be sure to meet any gold, gem, and fine metals selling needs you may have.
