Petrol price going up… Eskom pushing for a 20% increase… interest rates hike…need cash fast? That’s completely understandable! Fortunately, one of the simplest ways to make up those missing rands is by selling off gold jewellery which many of us have stashed away, unused. Unwanted family heirlooms, outdated 80s designs, or rings from an ex – any gold rings available can be pawned off. Here’s what you need to know.
Where can you pawn your gold ring?
Every city and town will have a pawn shop that is willing to buy your gold rings. They will all differ in reliability and expertise, but gold rings will be a popular item. Alternatively, there are online sites that accepted pawned jewellery, also varying in reliability.
Is it better to sell gold or pawn it?
It really depends on your needs. If you’re in need of money quickly but don’t want to part with your gold ring forever, then pawning is your best option. However, if you’re don’t have any sentimental connection to the gold, then it’s worth selling it as you’ll get a better price.
What are the advantages of traditional pawn shops?
Pawn shops do have many advantages over selling to a buyer.
- They’re convenient as you’ll get cash instantly;
- There’s no need to ship your gold; and
- They’re found almost everywhere.
What are the disadvantages of traditional pawn shops?
There are some downsides to consider if you’re looking to pawn your gold ring.
- You’ll likely get a lower price than selling online as they have to account for staff, property and running costs;
- They use aggressive negotiating tactics which can be intimidating; and
- Staff are not necessarily gold specialists.
What’s the best place to sell gold jewellery?
If you’re looking to get the most money for your gold ring quickly, then the best option is to sell it to an online dealer. They will be able to give you a better price for your gold as they don’t have the high operating costs of traditional stores, and they often have more expertise in gold buying and selling.
How much can you pawn a gold ring for?
While gold is a valuable asset, you must remember that you won’t get its full value when you pawn it. Depending on where you pawn your gold, you can expect to get around 55 to 75% of its value.
What about gold rings with gemstones?
Gold rings with gemstones will fetch vastly different amounts. While diamonds are some of the most valuable gems, the carat, cut, clarity and colour will determine how much the gemstone is worth. Opals are also a high-quality gemstone but this depends on the unique mineral deposits.
What to do before pawning your gold
Do not simply jump into this without due diligence or you won’t get the right price for your gold ring. Some tips include:
- Selling to a reputable and licenced pawnshop;
- Get a valuation from a jeweller or try assess its value at home;
- Don’t polish your gold as it could remove gold and decrease value; and
- Try a few stores before settling.
What determines the price of gold?
If you’re wanting to assess your gold ring’s value, there are certain factors you’ll need to consider. These include
- The market price of gold – this fluctuates over time; and
- The karat of your gold – the percentage of pure gold in the metal.
What is the easiest gold jewellery to pawn?
Gold rings are generally a quick item to pawn, but certainly gold wedding bands are some of the easiest. This is because there is a large market of potential buyers, and they’re traditionally quite standard.
What other gold can be pawned?
Alongside your gold rings, any gold jewellery should be fairly easy to pawn. If you have any gold bullion bars or gold coins, you can also pawn these off fairly easily, but it would be best to sell to a specialist buyer.
Will my gold jewellery be safe?
If you’re selling to an online store, then you’ll have to ship off your gold ring to be valued and sold. This might seem daunting, but if you’re dealing with a reputable online jewellery pawn shop, then you have nothing to fear. The shipping process is entirely safe and they will have their own security measures to keep stock safe.
If you have a gold ring to sell, then your best bet is to contact Divorce Your Jewellery. With a host of specialists and offering the best rates, you’ll have quick access to cash without the hassle and stress.
