If you have jewelry that you don’t wear or want anymore, you may be considering how to turn it into cash. The two most common options are selling or pawning. However, which one is right for you? This article compares the benefits and drawbacks of each.

The Jewelry Pawning Process

Pawn your jewelry here are businesses that offer a quick cash loan in exchange for your items of value, such as jewelry, gold, silver and luxury watches. The pawning process involves giving the shop an item of value (your jewelry) and agreeing to pay back the amount borrowed plus interest within a specific timeframe, usually up to 90 days. If you do not repay your loan, the pawn shop will keep your item until it is sold.

Trusted Tampa Jewelry Pawn Shop for Secure Loans

Typically, jewelry items are valued at around 40% to 60% of their retail price by pawnshops. Therefore, it is important to do your research and know the exact value of your jewelry so that you can negotiate and receive a fair price. If you are unsure, have your jewelry appraised by a professional jeweler before heading to the pawn shop.

It is also recommended to visit several local pawn shops to see how much your jewelry is worth. Pawn shops will often remain competitive with each other, so you can often find the best deal by visiting more than one. In addition, you should try to avoid pawning all of your jewelry at once. If possible, it is advisable to keep at least one or two pieces on reserve, in case you are not able to repay your loan on time and lose ownership of your jewelry.