Where To Sell Your Gold?

Where To Sell Your Gold?

Is it better when you sell your gold at a pawn shop than at a jewellery store? That’s a great question. This is the situation when selling gold. There is a common denominator when we talk about people in the gold buying industry. Everyone works off of the same basic price point. It’s the trade markets that determine how much people can buy and then sell gold for, this constant will never change.

How Much Does A Pawn Shop Pay For Gold?
Well, this depends. It depends on the pawn broker and how much he’s willing to spend on it. But one thing can always be said, the pawn broker knows the ups and downs of the gold price almost better than the trade markets themselves. So, you can be sure to get a good deal on any gold or Jewellery.

They buy the gold from you and sells it again as soon as the markets have a good price for gold. With jewellery stores, you can expect to get from 40%-80% of the actual price. It’s for this reason that most South Africans use a pawn shop to sell their gold.

Diamonds And Other Stones?
When it comes to diamonds and stones, you might be surprised to find out that jewellers often work very close with pawn shops in their area. The shocking part is that pawn shops will again offer you more for you diamonds than a jeweller will. Sounds confusing?
Well, when a jeweller sells a stone, he can only sell this stone to someone who is looking for that specific stone, so a jeweller is quite limited with what they can do with it. But when it comes to a pawn shop, they can sell the stone to a walk-in customer just like with the jeweller or, they can sell it to a jeweller that’s looking for that specific stone. Pawn shops have more options.

This doesn’t mean that jewellers don’t sell to other jewellers, but it’s more common for them to do business with a pawn shop. The pawn broker has more ways to sell you stones, and thus you get paid more for it.

Pawn Shop Or Jeweller?
This is an easy answer as pawn shops give you more money for your valuables than anyone else it would seem. The problem is, people paid so much for the jewellery when they bought it, but get offered less regardless of who they sell it to.
Pawn shops do offer more flexibility though by giving you a loan against your jewellery should you not be ready to sell it yet.

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