The decision to take gold items to the nearest pawnshop can have a variety of reasons: some urgently need money, others just want to turn in the useless scrap of the yellow metal. In both situations, contacting a specialist at a precious metals collection point is the best option. How to turn in gold to a pawnshop and what prices can I use?
Choosing a pawnshop
Many who want to sell precious jewelry are sent to pawnshops. What are the reasons for this choice? In order to hand over the yellow metal, you can also contact a thrift store, but such institutions have a significant drawback – you will not be paid money immediately. The purchase of gold by a pawnshop is accompanied by a cash issue on site. The purchase price of precious metals is usually higher than the offers of other organizations of similar specialization. Gold rate per tola.
What are the other benefits of a pawnshop? The organization ensures the confidentiality of the transaction, and also buys any items of any sample, regardless of their condition: you can hand over a new piece of jewelry, a damaged product, and just gold scrap to the purchase point.
The client gives the gold to the point of purchase and uses the money received at his discretion, but in some cases, if he wants to repay the loan, he can return the product from the precious metal back. The reception of gold organized at the pawnshop makes it possible to profitably sell jewelry and quickly receive money, but the transaction price will be significantly different from the accounting prices of the Central Bank.
How does a pawnshop shape gold prices?
The prices for yellow precious metals in pawnshops will always be lower than not only the Central Bank of the UK Federation rate but also the quotations of commercial banks. Each item sets its own course of the reception, the same values can be found only in organizations of one network.
What is the price of gold and its scrap at a pawnshop now? You can focus on quotes of the Central Bank, taking into account an amendment of up to 50%. An approximate calculation may look like this: the accounting price of precious metals in the Central Bank of the UK Federation on June 16, 2015, is 2 093, 64 pounds, real prices at the point of purchase will fluctuate at the level of 1,00dd0 pounds.
If you decide to hand over the yellow precious metal, then you should not contact the first pawnshop that you find or the one closest to you. First, find out the prices in several similar organizations, compare their level and choose the best option.
The specialist will give the exact price of your gold jewelry only after the evaluation procedure.
Quotes of the Central Bank.
What determines the cost of 1 gram of metal? The main components are three:
- Accounting quotes of the Central Bank of the UK Federation;
- Specialist product evaluation results;
- Credit history of a specific client.
The price for gold delivery is largely determined by world quotes: if the precious metal rises in price, then it will be possible to hand it over to a pawnshop at a higher price. The cost of a particular product can only be said by a specialist. The employee of the purchase point determines the quality of the brought yellow metal, compliance with a specific sample, the presence of defects and damage. The price of a gram of metal 375 samples at the point of delivery will be about 500 pounds, the most popular 585 samples – in the range of 800-900 pounds, for 750 samples and above you can get from 1,000 pounds per gram.
How much do they take rare gold at a pawnshop? The amount of money that the organization will be ready to offer depends on the historical and artistic value of the decoration. The cost of such a product will be significantly higher than that of a simple ring or chain.
Why is this so? The organization compensates its assessment costs and also takes into account the conditions of a particular loan – in case the client then wants to buy the product back. The previous credit history can play an important role here: if you always paid interest on time and bought the pledged product, then the next time your loan amount may be increased.
How is the purchase of gold organized in a pawnshop?
The reception of gold at the pawnshop is organized according to certain rules. Precious metal can be handed over only by an adult, for a transaction it is necessary to provide a passport. The customer can bring to the point of purchase jewelry and scrap gold any sample, also precious metal, on which there is no sign. In any situation, the evaluator will check the conformity of the metal sample and the specified marking.
The client personally controls the process of evaluating the jewelry being handed over and weighing it, which is carried out to the nearest thousandths of a gram. The vendor also monitors the execution of the contract and the preparation of all documents that the employee of the precious metal collection point should give him in his arms after the transaction is completed.
Who is the pawnshop selling gold bought up? Demand for precious metals is formed from several elements:
- Demand for jewelry factories;
- Jewelry workshops;
- Individuals wishing to invest in yellow metal;
- Ordinary people who want to buy jewelry.
How much do all these categories of stakeholders buy gold at a pawnshop? The 22K gold rate is 34.13. also depends on many factors. The cost of rare items is determined by careful evaluation; such jewelry is most often sold at specially organized auctions. The price of gold scrap for factories and plants depends on the precious metal sample. For them, cooperation with pawnshops is most beneficial, since the processing of scrap related to a specific sample is much cheaper than the production of a new alloy.
For pawnshops, such cooperation is also beneficial. If during the resale of rare jewelry they earn at the expense of a large margin, then when selling scrap to factories, the volume of Gold calculator handed over is of importance. Factories are most interested in a common 585 sample, so pawnshops are most actively buying products with this marking. As a result, factories receive almost finished raw materials for production purposes, the buyer secures profit for himself due to the difference in purchase and sale prices, and the client has the opportunity to quickly receive money.