Pawn shop jewelry near me has been around for 3,000 years and are still an important part of our economy. They are a way for working families to get instant cash when they need it most without it impacting their credit.

When you pawn your jewelry, you are giving it up for collateral for a short-term loan with interest. You typically have between 30 and 90 days to pay back the pawn shop in order to reclaim your item. If you don’t, the pawn shop is entitled to keep your item.

Why You Should Pawn Your Jewelry Instead of Selling

Since a pawn shop is in business to make money, it will only offer you about sixty to seventy percent of the true value of your jewelry. For this reason, it is best to pawn pieces that you can live without, rather than pawning heirloom jewelry that will be difficult to replace later on.

Before you pawn your jewelry, have it appraised by a professional jeweler to determine its true market value. Also, shop around at a few local pawn shops to see who is willing to offer the highest price for your items.

If you decide to pawn your jewelry, make sure it is clean and in good condition before taking it to a pawn shop. This will increase its appeal and likely raise the resale value. You can also sell your jewelry outright instead of pawning it, but this may take longer and you won’t have the advantage of an immediate cash return.