A NEW HOCKE SHOPPE | Best Pawn Shop in Miami | Top Jewelry Buyer (2024)

FAQs

Is it better to sell your jewelry to a jeweler or pawn shop? ›

For pricing and appraisals, selling to jewelry stores is better than pawn shops. Pawn shops have high overhead costs and typically resell items at a lower price. Jewelry stores have in-house master jewelers who can provide accurate appraisals and higher prices for your jewelry.

If you want to get the most amount of cash, focus on jewelry with gold, diamonds, or platinum. And don't think that jewelry must be in perfect condition. Most pawn shops will take broken pieces as they still have value.

How do pawn shops calculate value? Most pawnshops try to maintain a 38-50 percent profit margin, which means they want to earn that much compared to what they offer you. So, they'll assess your item's market value, then reduce it by their profit margin.

Pawnbrokers employ a combination of visual inspection, acid testing, density testing, and sometimes even X-ray Fluorescence (XRF) testing to ensure the authenticity of gold jewelry. These meticulous procedures allow them to provide accurate valuations and establish trust with customers.

Resale Value. Generally, when you sell pre-owned fine jewelry, you can expect to get around 20 to 50% of the original purchase price. There are a few exceptions to this range. For example, very rare and highly desirable pieces may fetch a higher price.

According to the search results, pawn shops generally offer loans ranging from 25% to 60% of an item's resale value [1]. So, if you were to pawn a $1000 item, you might receive a loan amount between $250 and $600.

Pawn stores usually pay the most for jewelry like diamonds and gold, timepieces, coins, vintage sneakers, designer purses, and handbags. However, every pawn shop can buy high-ticket items, including vehicles, real estate, and jewelry.

As a general guideline, expect to get 55 to 75 percent of the total gold value (assuming the piece is in good shape). So, if your necklace contains about $420 worth of gold, a fair offer would be $231 to $315.

How much can I sell a 1 carat diamond for? ›

The average price of a 1 carat diamond is currently $4,186 (see price chart below). 1 carat diamonds can cost anywhere from $1,368 - $9,823 depending on the diamond's shape, color, clarity, and other factors. To see specific details on diamond pricing by shape see our 1 carat diamond prices table below.

First, make sure you know the market and what your pieces are worth. Secondly, remember to focus on cleanliness and presentation. Lastly, take the time to negotiate with the shop owners to get the best price. If you follow these tips, you should have no problem selling your jewelry at pawn shops.

Gold isn't magnetic, so don't be fooled by anything that sticks. If the magnet pulls the gold toward it, your item is either impure or a fake. Regular kitchen magnets might not be strong enough. For better accuracy, buy a powerful neodymium magnet from a home improvement store.

If the item ever goes missing and winds up in a pawnbroker's hand, they can check the database to see if it's a stolen good. The same goes for property marking. There have been numerous cases in the past where effective property marking has led the stolen item to be returned to its original owner.