Is it Better to Sell or Pawn Jewelry?

Are you in a tough financial situation, need some quick cash for the holidays? Do you have jewelry that you no longer want? Whether it’s one or the other, there are things to know when it comes to the differences of selling or pawning jewelry. Simply put, both options can get you the cash when you need it but at the end of the day, they are not the same. Understanding the differences between selling and pawning jewelry can help you to avoid any misunderstandings before making a decision.

Why do you want to sell or pawn?

When you determine the best course of action for your jewelry, you must first understand the purpose of selling or pawning. While some people tend to think that the two are the same thing, that is not the case. If you want to sell or pawn your jewelry because you are in need of cash, there are pros and cons to each. On the other hand, if you want to sell or pawn because you no longer want the item, selling is likely the way to go. Know your intent before you make a hasty decision that could become a regret.

How much money do you need?

When you’re looking to get the most bang for your buck, pawning your jewelry is not the way to go. If the importance of the money is how soon you might get it, pawning is potentially your best option. Selling your jewelry will get you better money because a knowledgeable individual or jewelry organization could purchase it. Pawning your jewelry will not result in the best financial gain.

Do you want your jewelry back?

Do you plan on getting your jewelry back when your finances are more stable? If so, you do not want to sell it. Pawning your jewelry allows you to purchase it back at a later date. A pawnshop gives you a certain amount and holds your jewelry for a certain amount of time. Although it can be risky, pawning your diamond, gold, or silver offers you a better option for getting the item back.

Difference Between Selling and Pawning

There are a few differences between selling and pawning jewelry. For example, if you were to sell a ring, it would be sold and the only way to get the item back would be to purchase it from the buyer (at a higher cost). However, if you were to pawn that same ring, you could end up with a loan from the pawnshop while they hold the ring as collateral until the loan is paid back. You must pay the loan in full at the end of the loan term to receive your item(s).

It’s Quick & Easy to Get the Cash You Need with Empire Loan!

It doesn’t matter what condition these items are in; broken, damaged, missing pieces, or out of style, Empire Loan pays more than anybody for your unwanted gold, silver, or platinum.

For questions on items that we do or don’t accept please visit our “Accepted Items Page” for more information on a pawn loan please contact us today via our convenient contact form or by calling in directly at 1-800-375-PAWN