Pawning your unwanted 14ct gold ring may be the fastest way to make a quick buck when you need it most. It is often heart-breaking to get rid of valuable pieces of jewelry but sometimes paying bills is more important. If you have ever considered pawning a 14ct gold ring, you might be wondering if it is worth it to sell it and how much you could get for it.
Gold is one of the most common types of jewelry to sell or pawn at a pawnshop. It will always carry value. Because prices fluctuate all the time, it makes it difficult to determine the exact value of your gold ring.
A pawnshop will usually value your piece of jewelry at between 40-60% of the estimated price of the item. A highly sought-after, valuable piece could bring in about 70% of its value.
How pawnshops evaluate your ring
Hope for the best but expect the worst. This should be your mantra when visiting a pawnshop with a piece of jewelry. Never expect a pawnbroker to offer the same price that a jewelry shop would offer.
A jewelry store will often base its evaluation on the brand and will put a large mark-up on the piece when selling it. Pawnshops, on the other hand, base their evaluation on what the demand for that type of ring is in the local market. To evaluate your ring, the pawnbroker will first weigh it and then check its purity.
In the case of a 14ct gold ring, this would mean confirming the ring is indeed 14 karats.
If the ring contains a gemstone, the value of the stone will be added to the total price. Dependent on the type of stone, the price will appreciate accordingly.
If you are considering pawning your ring, do your research first by estimating it before taking it into the pawnshop. This will help you negotiate a better deal.
Things to consider when pawning your ring
Finding the right pawnshop
Start with a simple google search. This will give you an indication of which local pawnshops to contact. Take a look at their customer reviews as well, this will give an indication of how they value customer service and what they offer for the jewelry.
Be sure to look for a pawnshop that has experience pawning a variety of jewelry items and offers the best value for pawning such items. The reputation of a pawnshop is of key importance. Make sure the pawnshop you choose is considered trustworthy.
Understanding the value of your ring
Determine the value of your ring before taking it into a pawnshop. This will show its value in the market. A great way to do this is to get an appraisal from local jewelry shops.
By assessing the weight and purity of the ring you can get a good indication of its value.
Another way to determine the value of your ring is by looking at an online gold price calculator. These calculators will be able to give you a rough idea of the value of your item.
As gold prices fluctuate every day, it's a good idea to check the price of gold as well as historical prices on the day you want to sell it.
Considering the sentimental value
When it comes to valuable pieces of jewelry such as gold rings, the sentimental value might out-weight their worth. Pieces such as promise rings or engagement rings carry a huge sentimental value so it is crucial that you are sure about the price you will consider for it. If the item is going to be used as a pawn and you default on a payment, there is a possibility you will have to re-purchase it back or worse, lose it forever.
Negotiating the best price
Now that you have done your research on the value of your item, be confident in your product, and be ready to negotiate the best possible deal. A pawnbroker will consider the demand for your product in his market and base his evaluation on that.
Tips to get the best deal on your gold ring
Clean it up
Before taking your jewelry into a pawnshop, clean it thoroughly with a solution made for cleaning gold. Making it look as new as possible will give you the highest return.
Know the weight and purity
The weight of the gold ring will play a part in determining the total value. The purity of the item will affect the pawn offer. The purer the gold the higher the value. A 14-karat gold ring is 57.5 percent gold.
Determine the market value
Check the current price of gold and then calculate the market value of your piece of jewelry. Remember that a pawn shop will offer you less than the market value as they will resell the item to generate a profit. Pawning your 14ct gold ring is an easy way to get some cash.
It is important to be realistic about the offer you want in order to get a fair, reasonable deal when pawning jewelry. Be sure to do your homework on your piece of jewelry to be able to negotiate a high loan amount for pawning your ring.