How to turn your unwanted jewellery into cash

Diamonds, Jewellery Loans, Loans Comments Off on How to turn your unwanted jewellery into cash

If you have a jewellery case that is overflowing with pieces, you no longer wear, or you have inherited something beautiful but it is not your style, it might be time to release the value and get something new. As you will have seen, the price of gold as a base has risen by 20.80% in the last 11 months and now is a perfect time to get a new piece of jewellery.

What’s it worth?

Let’s imagine you have a necklace that is 18ct gold and it has two 0.25 FL diamonds set in it. You may have been offered the scrap price for it, which includes the “diamond price” but this is the lowest you can get for your item. The scrap or spot price is generally at least 30-40% lower than your item may be worth. It is the most comfortable price for the trader to offer as they don’t need to know the market.

The best thing to do it take your item to a luxury and antique jewellery specialists like Hopkins and jones and they can tell you want it is worth. This is not a “scrap” price but the real retail price, they are experts in jewellery and luxury watches and know what the current market is paying for these items. You should avoid somewhere that offers to “scrap” gold.

To Borrow Against:

Once your item has been valued or an offer made, you could choose to lend money against it, or sell the item. Getting a pawn loan against it can be a great option if the loan can be paid off with other means, as gold and diamonds are always going up in value and building up a literal golden nest egg can be an excellent idea.

Pawnbroking step by step:

·       A borrower ‘pledges’ an item of value for a set period.
There are no restrictions on what the borrower can pledge, and the pawnbroker will work with the borrower to help them get the best from their item.

·       The pawnbroker releases a high percentage of the item’s value as a cash loan, upon which the customer will pay interest when the loan is redeemed

·       The loan can be repaid at any time during the loan period, along with any interest due, and the item will be returned

·       If the loan cannot be paid at the end of the loan period, the item is sold by the pawnbroker on behalf of the customer. Any excess earnings, after interest and the loan amount, have been repaid, are returned to the borrower.

 

To Sell the item:

If you don’t want to have to repay anything and are happy to sell, now is the best time, as the gold price is very high. You are also able to shop at our showcase and look at our range of investments antique jewellery.

Gold price:

The price of gold is very, very high right now as a result is you are a person who has collected a four or five necklaces, a few rings and some earrings your little collection may be worth thousands. Rather than having a jewellery case of things you never wear, you can instead get something you’re excited to have on.

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On February 14, 2020
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Hopkins & Jones Ltd is a trade member of The NPA (The National Pawnbrokers Association). Hopkins and Jones Limited, Company registration Number 433606. Registered Office, 7 William IV Street, London, WC2N 4DW. Hopkins and Jones Limited are authorised and regulated by the Financial Conduct Authority licence No 6520002 for the provision of pawnbroking loans.