More often than not, you often find yourself with unwanted, scrap jewelry. The first thought may be for you to pawn it but selling it to a jeweler like us may benefit you more. The following page will talk through the differences between selling and pawning your scrap gold. At Devon Gold, we have built a pristine reputation over the years for being the best and most knowledgeable in the gold industry. We offer the best possible prices for your gold in Devon – our new prices for gold are regularly updated on our website. With the price of gold at its all-time high, now may be the perfect time to sell to us.
The two distinct ways to go about selling your gold is by either pawning or selling your items. Although both can provide you with straight-up cash in hand, there are differences in the ways you can earn and retain this money. When pawning your gold, the business will often offer you a loan on your items, which will give you a specified amount of time to return and pay this loan back. Whereas, once you have sold your gold to a gold dealer, you cut ties with that item completely, and you keep all of the finances made.
Pawning gold
As mentioned, pawning gold can be seen as a form of ‘loaning’. Traditionally, your item is used as a ‘security deposit’ for a short-term loan, which you pay back within a certain time frame, with added interest. This can be beneficial for some, as it can offer short-term finances, which does not affect your credit score. Also, once pawned, you technically still own your item, so you don’t lose any sentimental pieces when looking for cash quickly. However, with these benefits, come the disadvantages to pawning. Once pawned, you can only get your item back if you have paid the loan back to the pawnbroker. If you fail to pay the loan back, the pawnbroker will sell your item, as per the contract you sign when selling. Also, you can also be rejected from pawning an item. Pawnbrokers have the right to refuse service due to several reasons, whether that may be poor demand or the quality of your item.
Selling gold
Selling gold is a much simpler process than pawning. Rather than being in the form of a loan, once sold, you take your cash and go. Whether this may be broken or damaged jewelry, a jeweler can still offer a reasonable price for it. The best thing that comes out of selling gold, rather than pawning it, is that you won’t have to pay any money back, which can give you fast cash, with no strings attached. Another benefit to selling is that you can de-clutter any old pieces of jewelry you have and earn significant money in the process. However, selling gold can also come with its disadvantages. The main one being that once sold, the valuable item no longer belongs to you, but the jeweler. This may be upsetting to some, as sentimental pieces can be lost. Also, it takes a lot of market research to sell your gold, as the economy is constantly changing, and it can be hard to find the best time to sell.
If you are interested in selling your old gold pieces, take a look around our website for tips and updated prices. Our website includes easy forms which you can fill out to help you sell with ease. Alternatively, visit us in store or get in contact with our team!