How Do Pawnbrokers Melbourne Determine the Value of Gold Jewellery?

Do you need to deal with an unexpected emergency or have bills to pay? But you are strapped for cash? Consider pawnbrokers Melbourne providers to get quick cash to sell your gold jewellery or gold bullion. But what are your item actually worth? 

Pawnshops are in the business of buying your old unwanted items, mostly gold jewellery. Figuring out what your gold or silver items are worth should be simple for Pawnbrokers with years of experience as they know exactly how to determine the price of gold in your jewellery. 

 So, why not learn how a pawn shop determines the value of gold jewellery?

How Can You Get a Fair Deal? 

Pawnshops with experience know how much gold is in your gold jewellery by identifying the carat and weighing the gold. Therefore, for them, it is not difficult to determine gold jewellery value by buying under the spot price of gold.

Furthermore, pawnshops also look at the clarity and cut of diamonds and the carat weight of the gems and not only the gold. Pawnbrokers are also alert regarding the melt price of silver and gold. Therefore, they keep themselves updated with the melt price value of the metal apart from the current form. 

While pawnshops do not have an established fixed value on items, you will find them using a percentage as their baseline to determine the value of silver or gold. However, if you visit pawnbrokers Melbourne with a luxury gold watch, the process is a bit trickier. 

The first thing they do is ask for its papers to identify the brand’s legitimacy. So, for example, if you take your Rolex watch to them, they sometimes open up the back to check the authenticity. Then, once they have established legitimacy, they can make an offer on your watch. 

The truth is that pawnshops only want to buy gold jewellery or watches. Another option you have visiting a pawnbroker for quick cash is to ask them to loan money against the item instead. If you choose to take a loan, you don’t want to sell it, and you want it back. 

Therefore, the price by the pawnbroker will be less than if you sell it to cover his interest costs in the event you default.

Is the Prices Fair Presented by a Pawn Shop 

Pawnbrokers understand that you are going through hard times when you sell your items. They also know that you might want quick cash, as it is hard parting with sentimental items. Therefore, whether you decide to take out a loan on the goods or sell it, make sure you get market prices. In these difficult times, many people default on their loans and forfeit their pledged items 

Is it Worth Selling to a Pawnbroker?

While pawn shops check the value of items through third parties, the good news is that you can as well. So, before heading out to the pawnshop, you can check the value of your gold jewellery by weighing it before you go in.

This way, your transaction with a pawnbroker is democratic yet transparent, as you will know its approximate value. So, if you do have gold bullion or old jewellery to sell, check up on the value of your items and head over to a local pawn shop for easy cash.