If you have a jewellery box that is crammed full of sparkling bling, you might just be able to turn some of that into a vacation abroad, a credit card repayment or whatever else you might need some extra money for.
However, selling your gold and jewellery is not always as easy as you might have expected it to be. First, you need to know its value and secondly, you need to know where you can sell it. Well, getting your sparkling goods valued will cost money and then when it comes to selling it, you have to be wary of the many unscrupulous types that will be looking to scam you.
Online auction sites, in particular, are full of the type of people that will try and scam you. You can of course just use your wits and only deal with those with good feedback but even this is not a guarantee.
What you could do, however, if you wanted to know the best place to sell gold in London is to use pawnbrokers. Although you might not get the full value for your gold and jewellery, you will at least know that they are not trying to swindle you. You will not have to pay for an appraisal either as they will do this for you.
You Have the Option TO Retrieve Your Pawned Items
Another good reason to use a pawn shop is that when you pawn jewellery, you have the option of buying it back. They will keep it out of their shop window unless you do not return to buy it back within a set amount of time. This makes pawnshops an excellent way to get hold of some quick cash when in times of need that you can just repay and get your goods back when you can afford them once again.
Part Payment, Loans, and Installments
Contrary to popular belief where a pawn shop will ask you to buy the item back at full price, you are actually in effect giving the pawn shop your jewellery as a loan. The pawn shop owner will then charge you interest on the item. Obviously the longer you leave it, then the more it will cost to buy the item back.
In some cases, you can agree a monthly interest rate to hold the item for an unlimited amount of time. Not every pawn shop will allow this, but some will. As long as you pay the set interest every month, then the item will be held for you to buy back at the price you sold it to the pawnbroker for.
Another option is to sell your jewellery for half the price or a percentage of its worth and pay the interest on that amount. This means you are less likely to spend all the money you have traded it in for. Plus, your debt is lower so you will be able to pay it off easier. Which leads us to another point. You can also pay off the debt in installments until such a time you have paid back the pawnbroker so you can retrieve your jewellery.
Hopefully you are now wiser on just how to trade your jewellery with a pawn broker. You have the choice to just outright sell it and forget about it, or you can have the broker hold it for you and arrange a deal that eventually leads to you retreving your jewellery once you have paid back what is owed with interest.