Fine jewellery is usually appraised that retail investment value. A couple of years ago, this was a fairly easy calculation because jewellers selling the same thing sold them for the same price. However, these days jewellers have to compete with other players on the market and the gold selling and buying has become a little competitive. If you are looking to sell your gold items the important thing to be aware of is the price spread.
With Melbourne pawnbrokers, you don’t need to sell to the first person you come across. A little research goes a long way in helping you avoid low cost buyers however take into account that the pawn shop or good seller has expenses he has to pay for running the shop, paying the staff, advertising and still get some profit. These are things that don’t matter to you but for a pawnshop to run successfully, it needs to look at the best way to make profit and the best way is to pay special attention to the spread.
Gold has been a valuable commodity for eons but and the price is volatile. Getting the optimal time to sell or pawn might be tricky. Finding someone who will pay more than what is expected might take time. Time is something you may not have when you need money quickly. If you need to sell fast and you don’t want any hassles then a Pawn shop is a good place to start.
Getting an Immediate Solution to solution for your cash flow problem
The ideal solution when you need quick cash is to approach a dealer that is ready to make an offer on the spot and pay the cash out immediately. Pawnshops will look at your gold jewellery and work out what they should pay out with the view that they will be able to make some profit should you forfeit. They also have an option of taking your gold not to resell as is or to send the gold as scrap to be refined. In any event, deciding to sell now should be based on how attached you are to your gold. If you need the money but dread the prospect of losing it altogether then taking a loan against your gold is a better option. Choose three Melbourne pawnbrokers and get quotations from each one to compare them.
- Find out what the scrap value of or damaged gold jewellery you want to sell. To do that you need to:
- Look up the spot value of god on a particular date. This is available online and most newspapers with financial sections will have a part where the market value of commodities such as gold is listed.
- Weigh the gold. The price of gold is expressed in troy ounces. 1 troy ounce = 31.1 grams.
- Find the purity if the gold. This is expressed in karats and is usually stamped somewhere on the gold item. There is a bit of maths that you will have to do however you don’t have to crack your brain thinking this through. Work the price out with the broker and make sure you understand how he or she comes to a specific figure.
Remember that the pawnbroker will not pay you 100% of that figure because he has to factor in variables like refining costs and their own fee. You can expect to get an offer of no less than 50%.
All this can be done in less than an hour, so you can walk out of the pawn shop with cash in hand. Besides pawning to get cash, you can pawn jewellery in exchange for something else that the pawnbroker has on the sales floor.
The bottom line is that pawning your gold jewellery might sound like a desperate act but you don’t have to approach it with desperation. Do a little research, find out what gold sells for these days and get that money.
