Pawnshops are in the business of giving out loans secured with pledges of valuable items like gold jewellery. Pawnshops also sell retail used items acquired by impairs loans or bought directly from consumers.
How much can you get from your pawnshop?
In order to know how much you can expect to get for your gold jewellery, you should get information on the karat value of the jewellery and know what the market value or spot price of gold is. With this information, you can at least determine what a fair price should be.
If for example, you want to sell a 40gram necklace with a 14k stamp which means it is made of 58.5% if the current price of gold is $57.64 per gram then the value of the gold in the necklace would be 0.584 x 57.64 = $33.72 per gram. Your 40 gram necklace will be worth 33.72 x 40 = $1,348.8.
Pawnbrokers will pay anything from 25% to 50% and that will not account for any diamonds or other gemstones. 25% of $1,348.8 is $33.72. This might not sound like much but it is $300 that has been sitting gathering dust. It could be the easiest money you’ll ever make in a day. Whilst most pawn shop Brisbane will offer quick cash, here is a noteworthy piece of advice: choose a pawn shop with an excellent track record.
In the not-so-distant past, people used to distrust pawnbrokers that had no physical store, and people could only pawn or sell their goods to physical stores near them. This is no longer the case. You can pawn and sell your valuables to any pawnbroker in Australia. There are pawnbrokers everywhere these days. You could be in Sydney or New Zealand for that matter and still be able to pawn your gold to a pawnshop in Brisbane without ever needing to leave your home. Still, reputation is important and you should be dealing with pawnshops that already have a good reputation online or by word-of-mouth. Contrary to popular belief pawnshops aren’t out to scam you. They would sooner be out of business if it comes out that they were not on the up-and-up and in their industry, reputation is everything.
When taking your valuables to a pawn shop Brisbane, you have two options. The first one is to obtain a loan using your gold jewellery as collateral. The second option is to sell your gold jewellery if you have no more use for it. So, which is better, to pawn or to sell?
The primary advantage of pawning your gold jewellery is that you don’t get to lose your valuable items you can redeem your jewellery and maybe use them somewhere down the line to get another pawn loan. This is something a lot of people find themselves doing. However, selling gold might work out better for you. This is because when you pawn you have to pay back the loan, the interest, and other fees.
Selling, it just a one-time transaction. You have no additional obligations to the pawnshop when you sell your items. However, this is an option you might want to consider if you still want to hold on to the pawned items.