An Expert Guide to Determine How Much Pawn Shops Pay for Your Jewelry
Posted: Nov 21, 2017
Pawning jewelry for money is an ideal solution if you are in need of a quick loan. When you have decided to pawn your valuables such as ring, chain or necklaces, you should make sure that you are getting the best value. Here we have listed a few details on how pawn shops in Kansas City price for your jewelry.
The amount of cash paid by pawn shop for your gold jewelry depends on the following factors.
- The Open Market
- The Pawnbroker’s Discretion
Knowing the karat value is crucial to determine purity of the gold in your jewelry. The higher the karat value, the purer your gold is.
Gold Karat Guide:
- 10k or 417 = 10 karat = 41.7% gold
- 14k or 585 = 14 karat = 58.5% gold
- 18k or 750 = 18 karat = 75% gold
Use a weighing scale that weighs to a tenth of a gram to determine the weight of your gold jewelry. If you any stones embedded to the jewelry, make an estimate of how much those weigh and subtract it from the absolute weight of the jewelry.
After determining the karat value and weight of your gold jewelry, analyze the current market value to figure out how much a pawn broker would pay for your jewelry.
Like many jewelry stores in Kansas City, pawn brokers also price silver based on the open market conditions such as,
- Current events
- Currency fluctuations
- Market speculation
- Supply & demand
Since the price of the silver jewelry fluctuates every day, it is wise to check the price of silver and historical prices on the day you intend to sell it.
- Check the fineness of silver jewelry by checking the sides, insides or clasps of your jewelry.
- Read the silver hallmarks to determine the purity of the silver in your piece of jewelry.
Common Silver Hallmark Guide
- 800 or.800 = 80% silver
- 925 or.925 = 92.5% silver
- 958 or.958 = 95.8% silver
- 999 or.999 =99.9% silver
The price of platinum constantly fluctuates because it’s bought and sold in the open market 24/7/365. The elements used to determine the value of platinum jewelry are,
- The Open Market
- Pawnbroker’s Discretion
Steps to Calculate the Value of Platinum Jewelry
- Know the platinum portion of your jewelry in grams.
- Determine the weight and market value of your platinum jewelry.
- Read the hallmark and get the percentage matching your bracelet.
A simple Formula:
(Weight) * (hallmark percentage) = Actual weight in grams
(Actual weight in grams) * (Current Price of Platinum in Grams) = Approximate price paid by a pawn shop
The author of this article is an expert in buying and selling jewelry with a vast knowledge of the current market value of precious metals. In this article, he explains how to determine the price of gold, platinum and silver jewelry paid by pawn shops in Kansas City. Visit https://solskc.com/ for more information.
Sol's Jewelry and Pawn is Kansas City's premiere pawn shop that specializes in jewelry pawns only. We offer immediate cash loans for your everyday needs.