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How do I pawn jewelry?

I am saving up for an upgraded wedding ring, and was thinking of pawning some old diamond necklaces. Some from ex boyfriends, some I bought for myself, but all things I never wear. Thing is, I've never pawned anything before, so I am worried that I'll be taken advantage of. Is haggling acceptable? Any advice? I am selling one tenth carat necklace in 10kt white gold, two quarter karat necklaces in 10k white gold (one documented IGI certified), and one (IGI certified, undocumented) half karat necklace in 14 carat white gold. I know their approximate retail values are in the neighborhood of $2000 all together, what should I ask/expect for them?

Thank you!

Answer Question

Asked by risonski at 2:59 AM on Jul. 8, 2011 in Money & Work

Level 3 (15 Credits)
Answers (6)
  • You just take them in and tell them what you want to do. Haggling is acceptable. But remember that since they are not new you won't get 2 g's for them. How it works is they have to think about what they will be able to sell them for if you don't pick them back up. They're in the business to make a profit. I would ask for probably a thousand. That way you get a good price and they will still make a bit of profit.

    Answer by 2murphyboys at 3:16 AM on Jul. 8, 2011

  • You can haggle. whether they're willing to go up in price is really their call. Most pawn shops wont take advantage of you, unless they're an iffy business. I'd take the documents with you. Also if you don't like what one pawn shop is offering you can walk out and try another one, and see who offers you the most. I've never pawned anything either, but my Grandma owns a pawn shop.

    Answer by firethearson at 3:20 AM on Jul. 8, 2011

  • They will definitely take advantage of you. Why wouldn't they? They want to turn a larger profit. Do you want to pawn it or sell it? I would go to a couple of different ones and see what they offer. That way you know if someone is really off the mark. And just a guess but I bet they will lowball you right off the bat because they don't think you will know what they are worth. Probably about 400 for all. Take someone with you that will keep you from being bullied and help you walk away from a bad deal. Good luck.

    Answer by HollyBoBolly at 3:35 AM on Jul. 8, 2011

  • Hi there...I hate to be the bearer of bad news but sadly you might only get a few hundred..if that. I am a jeweler/gemologist and my family owed a pawn shop for years....the ones set in 10K won't be worth much to anyone in the business. Although the diamonds are certified it's the grade that means the most, and IGI is not held to high standards in the Jewelry business. The grade VERY LOW!! stated above...take them to at least 3 different places to get the best price. Good luck!!

    Answer by joinTStoday at 6:34 AM on Jul. 8, 2011

  • Try some jewelry stores that buy jewelry too. Go to several places to get the best deal. I have heard that you will be lucky to get 1/3 of what the retail value is.

    Answer by whitepeppers at 9:16 AM on Jul. 8, 2011

  • Go to a reputable jewelry store in your area that buys back jewelry - it doesn't matter how good a peice is or what it's truly worth, a pawn shop won't offer 1/10 of what it's worth. Don't go the route of the mail-in gold places either - they are worse than pawn shops.

    Answer by Anonymous at 2:10 PM on Jul. 8, 2011

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