Jewlery pawn shops offer an opportunity to liquidate jewelry for quick cash. But it’s important to be aware of the risks before taking this route.
Pawnshops have the right to keep your jewelry until you pay back your loan plus interest and fees. In some cases, if you don’t pay within the allotted time period, the pawnbroker may decide to sell your jewelry to cover their losses. So it’s important to calculate exactly how much you need from your jewelry and what your time frame is for reclaiming your items. It’s also a good idea to add some “wiggle room” to your time frame just in case something comes up that delays you.
Jewelry Pawn Shops: How to Choose the Right One
If you are interested in pawning your jewelry, it’s best to choose a store that specializes in pawnbroker services and is knowledgeable about the value of jewelry. Mimi’s Jewelry Inc has in-house master jewelers that are able to provide accurate appraisals and higher prices for your jewelry items. In addition, many jewelry stores guarantee purchases which gives you the peace of mind to know that you’ll receive a fair price for your piece of jewelry and exceptional customer service.
Another advantage to choosing a jewelry store over a pawn shop is that they offer a wider variety of unique and one-of-a-kind pieces not found at typical retail jewelry stores. These jewelry stores purchase their products from a variety of sources which makes it easier for them to provide you with an accurate melt valuation based on daily market rates for gold and other precious metals.