The Best Pawn Shop Johannesburg

Posted by MdImran on February 10th, 2019

Pawning jewelry for money is not typically an ideal situation since pawn shops offer high-interest rates and price jewelry at a fraction of its true value. However, if you need a quick loan, pawning jewelry might be your only option. By taking the time to have your jewelry appraised, shopping around for the best loan deals, and getting your loan paid back on time ,Pawn shop johannesburg  you can safely get the money you need and still get your jewelry back!

Determining What Jewelry to Pawn

Figure out how much money you need to borrow. Pawn shops are in business to make money, so they will only offer you about 60% to 70% of the true value of your jewelry. Therefore, you don’t want to pawn more jewelry than you have to, especially if you’re unable to repay the loan.

• Knowing how much money you need on loan will help you figure out the minimal amount of jewelry you need to choose from your collection for pawning.

Prioritize your pieces. Try to choose jewelry to pawn that you know you can live without. Pawning family heirloom jewelry might be something you regret later on, but an engagement ring from an old relationship might be easier to part with. Get your jewelry appraised. Pawn shops are usually only interested in pure metals, like gold and silver, and diamonds. They often turn down gold-plated items, as well as costume jewelry. Take your jewelry to an appraiser or jeweler for a free assessment to find out what your jewelry contains and what it’s worth.

• You can find appraisers and jewelers near you by doing an online search.
• Remember that a pawn shop won’t typically offer the true value of your jewelry, but it’s good to get an idea of what it’s worth, so you know what to expect at a pawn shop (about 60% to 70% of its true value).

Keep some jewelry on reserve. If possible, don’t pawn all your jewelry at once. Keep at least one or two valuable pieces with you in case you aren’t able to pay back the loan on time. That way, you can pawn again if you need to buy some more time so that you don’t lose ownership of your jewelry.

Before you visit a gold dealer you want to organize your gold. By organizing your gold before your visit, you will save the gold dealer time. Since time is money, the gold dealer will be more likely to pay you more if you don't waste his time. Begin by removing as many of your items in your collection that are imitation gold. The best way to start this process is with a strong magnet. Anything that sticks to the magnet is very, very likely not solid gold. If anything besides the clasps stick, it's probably best to leave those items at home.

Sort the gold. Use a magnifier to check the little labels on the gold for "10k," 14k," etcetera. Put all the like kinds of gold in the same Ziploc bag. While you are looking at the gold stamp, if you see "GF" or "GP" that stamp indicates the item is only gold on the surface. These ones should be put in a separate bag (most gold dealers only buy solid gold, so they won't buy these).

Go measure the weight for each type of gold you have. It is best to measure in grams, though many gold buyers will use a special weight system called a Troy ounce, so don't be surprised or put off. If you do not have a scale, you may be able to use one at your local post office. Get quotes from the buyers. Now that your items have been sorted and weighed, it is time to get quotes. You should get at least three quotes. Start off with phone quotes. Any place that won't give you a phone quote, if you're able to provide an adequate description of what you have, is probably hiding their prices because their payouts are terrible. If a place does give you a phone quote, ask them if there are fees they are not disclosing over the phone (many times there are).

Do your research. Before you go to the place that gave you the best phone quote, check them out on yelp.com and bbb.org. In the past few years, many "cash for gold" shops have popped up out of nowhere. Take the steps we have covered here to protect yourself from being ripped off by some unscrupulous gold buyer and to ensure you are getting a fair deal.