When it comes to selling gold and gold jewellery, you expect every place is the same, right? So everywhere you go, you see pawn shops or jewellers advertising what they offer to buy your gold. But is going to a jeweller your best bet to get the best deal. You may be surprised to find out that there are better deals found at your local pawnbrokers Brisbane shops.
The Difference Between Jewellers and Pawn Shops
When it comes to selling gold jewellery, the dealings of both are similar with precious metals. Still, some slight differences can make a huge difference in your experience and price. Firstly, both work off the spot price for gold, which changes by the minute. You can check out the current price paid for gold jewellery which is found on most pawnbrokers’ websites. But this is the only similarity the two have in common.
Who Gives a Better Deal
You can get an indication of what your jewellery is worth from the spot price of gold. It is up to the pawnbroker or jeweller to decide what percentage of the spot price they want to offer. Some buyers offer a high rate while others try to provide the least possible rate. So, you can expect a jeweller to provide you with around 40% of market value while pawnbrokers present you with closer 70% of the actual value. Using a jeweller to sell your old jewellery might come in handy if you are buying new jewellery from them.
The reasons jewellers and pawnshops offer you under the spot price is they are business that need to make a profit to survive and continue serving you. Still, the pawnshop is flexible in negotiating the price compared to jewellers.
Also, dealing with a pawnbroker than jeweller gives you more options. For example, you can put up your gold as collateral for a loan to provide you with a quick cash loan. You will get a price based on the value of the gold, plus interest and the accrued fees. Once the loans are repaid, you get back the item.
This is one of the enormous distinctions between a jeweller and pawnbroker if you do not want to part with your gold jewellery. The other exceptional thing compared to using a gold buyer is that you can negotiate with a pawn shop.
How To Get The Best Deal With a Pawnshop
Now that you know using pawnbrokers Brisbane. So how do you get the best deal? First, do your homework to see the type of gold you have, checking the piece’s stamp. Then weigh your pieces and look at the current market price to tell you what your jewellery is worth.
Still, remember that the pawn dealer cannot offer you 100% of the value, and you can expect around 70% and above the opening offer. So never be afraid to negotiate and know when you reach your limit. If you feel uneasy with a price, never be scared to walk away.
So, if you have some gold jewellery lying around, taking it to a pawn shop is a great way to get instant cash. The pawnbroker has extensive training to value your precious metals with resources available to provide you with prices competitive to any gold buyer.