THE DIFFERENCE BETWEEN JEWELLER, PAWN SHOP, AND GOLD BUYER

Selling gold jewellery is easy, right? Yes, for the most part, it is! But things get confusing when you need to figure out to whom you should sell your precious metal. For example, is it going to be the jeweller or pawn shop?

Or are you going to sell gold Brisbane to a gold buyer? Who will pay the most, and whom can you trust? The truth is that each of these providers does the same thing but is slightly different. But that slight difference can impact the wallet, especially with the gold price as it is standing now.

There is Not Much Difference between Them

Regardless of where you decide to go to sell gold, everyone works with the same current market price for your precious metal. The spot price changes continuously. So, precious metal buyers will all determine the karat and weight of the jewellery, offering you a percentage of the market value at a given time.

The main difference is how high the dealer wants to pay for the gold.

On average, clients advised that pawnbroker offered them between 20% and 70% of the item’s value. While jewellers will pay between 40% to 75%. Still, gold buyers will pay anywhere from 70% to 95%. So as you can see, the percentages overlap. Still, looking at pawn shops, the rates concerning the jeweller are not better.

Who Pays More for Gold?

When you visit a pawnshop, they are in the business of pawning. On the other hand, jewellers do business of selling. You will give up your gold jewellery as collateral against a loan with pawning. You agree on a price, and the broker holds your gold until you pay back your loan plus fees and interest.

While it is the best route if you need fast cash and do not want to sell your gold pieces. Still, pawnbrokers work on a high volume and have loads of inventory keeping them busy. Hence, they take the risk of offering you lowball prices.

If you refuse the offer, they might raise it, but how do you know it is not the highest they can go. So, you cannot expect the same level of respect, trust, and honesty as you would see in family-run businesses.

The pawnshop has everything, and the staff is not always trained to handle precious metals or diamonds, meaning your heirloom might not be evaluated accurately. When you look at jewellers, it is all about the resale game.

The jeweller purchases your jewellery at a low price and adds a markup to put it up for display to sell. Still, if you have not purchased the gold jewellery from them, the likeness is that they will not buy it to sell again. Furthermore, they are selective about purchasing and look for stylish or trend pieces that sell fast.

Gold Buyers Works Hard to Offer You More Cash

Gold dealers work with extensive networks of wholesalers that deal with recycling precious metals. They even work with antique dealers, coin buyers, and diamond wholesales to hunt down the best prices for your gold.

As they have an ongoing relationship with different networks, they have buyers for any gold jewellery to other precious metals available. Neither do gold buyers concern themselves with how long an item will be on display nor if there is a buyer or not.

When you sell gold Brisbane, gold dealers can confidently offer you competitive rates for your gold as they specialize in any type of precious metal. In addition, they spend time training their staff to work one on one with customers to present them with the best buyback prices.

While the jeweller, pawnshop, and gold buyer works with the same concepts, the experience with integrity makes a difference in how much cash you can get for your gold.

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