Getting rid of your unwanted goods, or loaning money in exchange for your goods is easy to do with all the Melbourne pawnbrokers available in the city centre. They offer a range of services, from instant cash loans for your valuable items to buying gold jewellery.
How to Sell Your Gold Jewellery
Pawnbrokers will often have a list of jewellery items that they want to buy as well as a list of items they don’t want.
Some of the gold items that are often in demand may include:
Scrap gold or broken jewellery items. Sometimes jewellery pieces can break, or parts of a piece may go missing, and it’s often too expensive to repair, or maybe the item doesn’t hold enough sentimental value to justify fixing it. Such items can include rings, chains, bracelets, earrings, cufflinks, and watches.
Some items that pawn shops may not be interested in can be:
Items that are gold plated, made from synthetic materials, pieces that are filled with wax or copper, and pieces that are made of non-precious metals and stones such as costume jewellery.
Pawnbrokers use a combination of experience as well as specialised testing equipment to determine the make-up and quality of gold and other precious metals and stones. These tools allow a pawnbroker to quickly and accurately determine the value of the items they’re assessing.
What Do Pawnbrokers Do With Scrap Gold?
Melbourne pawnbrokers collect broken or scrap gold jewellery in order to recycle it. They will usually build up a store of scrap gold items until there is enough available to sell in bulk to a smelter or gold bullion dealer.
The gold is then melted down and refined to extract as much of the pure metal as possible. In return, the pawnbroker is then paid the value of the pure gold by its weight and current market value.
The smelter or bullion dealer will then recast the recycled gold into a format that can be sold or traded on the gold market, usually as gold bullion bars.
Will a Pawn Shop Offer Good Prices for Gold?
Pawnbrokers are quite straightforward when it comes to the prices they will offer for gold. These prices are usually broken down into a table of carat weight and price per gram.
The price tables that the pawn shops have available also specify the different amounts paid for buying versus pawning, and customers will find that the buying prices are often slightly higher in comparison.
Since there are approximately 31.1 grams in an ounce you can easily calculate how much the pawnbroker is offering for your gold items in comparison to the average market price. But bear in mind that the pawn shop also needs to turn a profit and the amount they offer will always be a lower percentage.
This is true of most industries that trade in second-hand or resale goods, so the trick is to research the offerings from various Melbourne pawnbrokers and choose the one with the most attractive price offers.