How to Turn Your Unwanted Jewellery Into Cash

Mar 9, 2020 | Gold

If you have a jewellery case that is overflowing with pieces you no longer wear, or you have inherited something beautiful but it is not your style, it might be time to release the value get something new. As you will have seen, the price of gold as a base has risen recently now is a perfect time to get a new piece of jewellery.

What’s Your Jewellery Worth?

Let’s imagine you have a necklace that is 18ct gold, it has two 0.25 FL diamonds set in it. You may have been offered the scrap price for it, which includes the “diamond price”, but this is the lowest amount you can get for your item. The scrap or spot price is generally at least 30-40% lower than your item may be worth. It is the most comfortable price for the trader to offer as they don’t need to know the market.

The best thing to do is take your item to luxury antique jewellery specialists like Suttons and Robertsons, they can tell you want it is worth. This is not a “scrap” price but the real price, they are experts in jewellery luxury watches know what the current market is paying for these items. You should avoid somewhere that offers to “scrap” gold.

Borrow Against Your Jewellery

Once your item has been valued or an offer made, you could choose to lend money against it or sell the item. Getting a pawn loan against your jewellery can be a great option if the loan can be paid off with other means, as gold diamonds are always going up in value building up a literal golden nest egg can be an excellent idea.

Jewellery Pawnbroking Step By Step

  1. A borrower ‘pledges’ an item of value for a set period. There are no restrictions on what the borrower can pledge, the pawnbroker will work with the borrower to help them get the best from their item.
  2. The pawnbroker releases a high percentage of the item’s value as a cash loan, upon which the customer will pay interest when the loan is redeemed.
  3. The loan can be repaid at any time during the loan period, along with any interest due, the item will be returned.
  4. If the loan cannot be paid at the end of the loan period, the item is sold by the pawnbroker on behalf of the customer. Any excess earnings, after interest the loan amount have been repaid, are returned to the borrower.

Sell Your Jewellery

If you don’t want to have to repay anything are happy to sell, now is the best time, as the gold price is very high. You are also able to shop at our showcase look at our range of investments in antique jewellery.

 Also, read our pawn versus sell guide, if you need further guidance on what to do.

Gold Prices

The price of gold is very high right now. As a result, if you are a person who has collected four or five necklaces, a few rings some earrings, your little collection may be worth thousands. Rather than having a jewellery case of things you never wear, you can instead get something you’re excited to have on.

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