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If you are looking to sell your gold ring to a pawn shop – then this is the article for you! There are several scenarios that may play out when trying to sell your gold ring to a pawn broker. The most important thing to keep in mind is to always use daily gold melt values. This will greatly help you in negotiating with the pawn broker and coming to a valuable agreement for both parties. Most pawn brokers are looking to create win-win situations with their customers. But understanding that a pawn shop is a business, with real hard costs will greatly help to manage your expectations. So lets review some basics:
You are interested in pawning a gold ring.
- Your ring is 14k Gold and has NO stones on it – it is just a solid band
- You are looking to ‘pawn’ the ring and get a loan to come and pick it back up
- The daily melt value of gold is $1900 per troy oz (for this example only)
- One troy oz = 31.1035 grams
- 14k Gold = 58.5% pure gold when doing calculations based off daily spot price
- Your gold ring weights 9 grams total
The math on this looks something like this
- 9 grams * .585 (this will tell us how much pure gold there is in your 14k gold ring)
- 5.26 grams of gold is what you are quoted on.
- 5.26grams/31.1035 = 0.169 troy oz
- $1900 * 0.169oz = $321.61 dollars.
- $321.61 * .5 (amount of your loan) = $150 dollars
So all in, your 5.26 gram 14k gold ring could be negotiated at $150 dollars starting. It is up to you to negotiate from there depending on what the Pawn Shop does.
Now that we have gotten the mechanics out of the way, there are two possible scenarios that affect the pricing of your loan / buy.
If a pawn shop resells your ring directly to consumers – it’s possible that you may be able to get a little bit more out of your negotiation. However, if they directly melt the gold then you have to make sure that you hold your hat on the gold value of the day. Pawn brokers melt their gold with refineries and so they have fixed calculated amounts that they can extract from your gold ring – or any piece of precious metal.
When taking your gold ring – or any item to a pawn shop always make sure to educate yourself prior to visiting the pawn shop. The pawn broker will appreciate your understanding and knowledge and they will be willing to negotiate with you based on basis points.
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