How Pawning Jewelry Can Help You Fight Inflation

How Pawning Jewelry Can Help You Fight Inflation

pawn jewelry delray beach

Gas prices, inflation… today’s economy is getting out of hand. Many people are having trouble keeping up with the cost of living. They are taking second jobs, refinancing their mortgages, and doing whatever they need to do to stay afloat.

But for some, there may be an easier solution. If you have valuable items in your home, like high-end jewelry, you may be able to pawn it. You can sell the item outright or get a loan for it.

There are many pawn shops that will buy or give you a loan for your jewelry, but Delray Beach Pawn stands out for its low interest rates and high valuations. Read on to find out more about the process of pawning items at our shop.

It Starts with the Right Jewelry

Unfortunately, pawn shops won’t take just any piece of jewelry. The jewelry you own will have to be worth money.

You may have jewelry items that have been handed down through the years, and you may be unsure whether they are worth anything. So how do you know if your pieces are valuable? Here are a few indications.

Determining if the Metal is Real

Your jewelry is likely to be valuable if it’s made of a precious metal like gold, silver, or platinum. Your item may look like it’s real, but how can you tell if it really is? Here are some indications:

Gold: There are several ways to tell if your ring is real gold. These include:

  • Stamps: There may be a stamp on the jewelry indicating its karat weight.  
  • Water Test: if your jewelry sinks in water, it’s likely to be real gold.
  • Magnet Test: Real gold is magnetic and will stick to a magnet.
  • Look at the Plating: If you look closely at the ring and see the plating is wearing off to reveal another metal underneath, it could be a sign that the ring is gold plated and not gold all the way through.

Platinum: Here are some ways you can tell if your platinum jewelry is real.

  • Markings: Platinum jewelry is likely to have a marking such as Platinum, PLAT, or PT followed by a series of numbers.
  • Use an Acid Testing Kit: Follow the directions on the kit to determine if your ring is real platinum.
  • Magnet test: Unlike gold, platinum is not magnetic and should not react when a magnet is present.
  • Hydrogen Peroxide: Hydrogen peroxide will bubble when it reacts with platinum jewelry.

Silver: Wondering if your jewelry is real silver? Here’s how to find out.

  • Use a Testing Solution: There are testing solutions that can be purchased to determine if your item is real silver.
  • Markings: Silver jewelry should have a stamp to identify it as required by law. 999 means the item is 99% silver. 925 means it’s 92% silver. The jewelry may also be engraved with the word ‘sterling’.
  • Magnet Test: Like platinum, silver is also nonmagnetic and unlikely to react when in the vicinity of a magnet.

Other Signs Your Jewelry May Be Valuable

Other signs your jewelry may be valuable include:

Precious stones: Precious and semi-precious stones will add to the value of your jewelry. There are gemstones that are worth money, and it would take a book to go through each and reveal which characteristics show they are real. However, if they are in a precious metal setting, they are likely to be authentic gems.  

Designer Jewelry: if your jewelry was made by a designer, it may be worth money. However, more expensive pieces will have real elements like precious metals and gemstones. If your jewelry was made by a designer, there should be some sort of engraving with the designer’s name. You may also have the original box or receipt proving its authenticity.

Here are some designer jewelers that will make for a good pawn shop payday:

  • David Yurman
  • John Hardy
  • Bvlgari
  • Cartier
  • Tiffany
  • Hermes
  • Gucci

Vintage: Some pieces of vintage jewelry may be valuable as well. They may be worth money even if they do not contain real stones or metal. Here are some signs your vintage jewelry may be worth money:

  • If it’s Handcrafted: Handcrafted pieces tend to be more valuable.  
  • The Cut of the Gems: European cuts and old mine cuts are no longer produced and can be a sign that your piece is vintage. The type of cut will also indicate when the piece was made.
  • Check the Clasps: Today’s lobster clasps weren’t always used for jewelry. Older pieces may have box clasps or ring clasps. Brooches and pins from different eras may have C clasps or trombone clasps.
  • Style: The style of the jewelry may indicate when it was made. For example, jewelry made in the 1920’s was big and bold with bright colors.
  • The Designer: Many designers that produced jewelry years ago are still popular today. However, there are a few that are no longer active that may have produced pieces that are worth a lot of money. If the designer has been around a while, that’s another sign that you may be looking at a vintage piece.

How to Sell or Loan an Item at a Pawn Shop

If you have an item of value, you can turn it into cash by bringing it into a pawn shop to sell it or loan it.

The selling process is easy. All you need to do is bring in your item. The pawn shop will evaluate it and offer you cash on the spot. If you accept, you can leave the store with your money.

While this option is relatively uncomplicated, it will mean saying goodbye to your item forever.

If you’d rather hold on to your item, and still get the cash you need to make it through difficult times, a loan may be a better option. The loan process is slightly more complicated, but it’s still easy to deal with. Here’s what’s involved.

  1. Bring your item into the store. The salesperson will evaluate it. They will make you an offer for a percentage of the item’s value.
  2. If you accept the offer, you can leave with cash in hand. However, you will need to make payments including fees and interest until the loan is paid off.
  3. Once the item is paid off, the shop will return it to you. If you are unable to pay off the loan, the shop will keep your item, but the balance will never go into collections or hurt your credit.

Things to Consider Before Bringing an Item in to Pawn

There are certain things you should know before bringing an item into a pawn shop. Being aware of these factors will ensure a better experience and a higher valuation. They include:

  • Bring Your Item in in the Best Shape Possible: If your item is in good condition, it will get a higher valuation. Give the item a good cleaning and make small repairs if necessary.
  • Bring in Authentication Papers if You Have Them: It’s advisable to bring in paperwork that proves your item is authentic. Examples include authentication certificates, and original receipts. Original boxes can also be helpful. They will let the shop know your items are the real deal and they will make it easier for the shop to sell the item to customers.  
  • Know What the Shop is Looking For: Some pawn shops will only accept certain items and/or designers. Be sure to check the website before coming in so you have some idea of whether your item will be accepted.
  • Get the Item Evaluated First: Some pawn shops may give you low evaluations of your item. To ensure you are getting a fair deal, you may want to go to a professional jeweler for an assessment beforehand. Keep in mind that a pawn shop will typically pay a percentage of what the item is worth in order to make a profit.

Why a Pawn Shop Loan is Better Than a Bank Loan

You may be wondering, why not get a bank loan? After all, a bank is a reliable source of financing for various types of loans.

Well here are some reasons why a pawn shop loan is better:

  • Minimal Qualifications: If you are applying for a bank loan you will need to show that you have good credit and a certain income level. With a pawn shop loan, all you need is an item of value for approval.
  • No Wait Time: A bank loan is paperwork intensive and can take weeks to approve. If you opt for a pawn shop loan, you can leave the same day with cash in hand.
  • No Collections/ Credit Damage: If you are unable to repay a bank loan, it will damage your credit and go into collections. If you are unable to repay a pawn shop loan, the shop will keep your item, but the balance will never hurt your credit or cause you to go into debt.

What to Look for in a Pawn Shop

Pawn shops have gotten a bad rap in the past, but there are many of them that are reputable businesses. The problem is determining which you can trust, and which you can’t. Here are some telltale signs that will tell you the shop is worth doing business with.

  • Good Customer Reviews: Today, almost every business has online reviews you can refer to. If a pawn shop has mostly good reviews, it’s likely to be one you will want to do business with.
  • High Valuations: The company should provide high valuations so you can get the most money for your loans and sales.
  • Low Interest Rates and Fees: If you are looking for a loan, it’s best to find a shop that offers low interest rates and fees. This means your payments will stay low.
  • Licensing and Insurance: The pawn shop should be licensed and insured. Licensing means they know what they are doing, and they will offer certain protections. Insurance means you will get compensated if your items are lost or stolen.
  • Long Time in Business or Multiple Locations in the Area: If the pawn shop has been in business for some time, this is a sign that it offers fair service to the community. The same can be said if it’s a newer location with existing sister shops.

What Sets Delray Beach Pawn Apart

There are many pawn shops in the South Florida area. If you are looking for the one that’s right for your jewelry loan, sale, or purchase, Delray Beach Pawn is recommended. Here’s what makes us stand out.

  • High Valuations: We provide the highest valuations around ensuring you get the most from your sale or loan.
  • Low Interest Rates and Fees: We keep our interest rates to 24% APR or lower. This helps keep your payments affordable.
  • Flexible Terms: We offer terms as short as a day and as long as 10 years. We can work out terms to make paying off your loan easy.
  • No Surprise Fees: Our pawn shop will never charge surprise fees for early repayment or for any other reason.
  • Private Appointments: At Delray Beach Pawn, we understand that your finances are your business. That’s why we offer private appointments. If you would like to be seen privately, please schedule an appointment in advance.
  • Good Reputation: Delray Beach Pawn is a part of a company that has been serving the South Florida area for years.
  • Great Selection: Our shop is not only a great place to loan or sell items. It’s also a great place to shop. Our knowledgeable salespeople will help you find the items of your dreams at unbelievably low prices. If you are unable to make it into our store, you can shop on our website.

Today’s economy is not ideal. Delray Beach Pawn offers great deals on jewelry that will get you out of your financial rut. Stop in to find out how we can help leave your stress and debt behind you.


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