Central Mega Pawn is a Pawn Shop and lending, Jewlery Store, Gold and Silver Buyer and seller located in Ontario Ca (2024)

FAQs

Is it better to pawn or sell jewelry at a pawn shop? ›

And whilst selling gives you the entire cash value of an item, pawning diamonds and jewelry will only provide you with a fraction of its resell value. You can sell your items to a pawnbroker but they are not diamond specialists. As such, they do not have the expertise and knowledge to offer the best prices.

It is more affordable when you buy gold at a pawn shop

Buying gold jewelry from a pawnshop rather than a jewelry store will almost guarantee that it is more affordable. Most pieces available at a pawnshop are second hand, so they are not as expensive as the brand-new pieces you find at the jewelry stores.

Pawnbrokers also utilize a density test to determine the authenticity of gold jewelry. This method relies on the principle that gold has a higher density compared to most other metals. A precise measurement of the piece's weight is taken, followed by a measurement of its volume using specialized equipment.

Pawn shops typically use different standards when appraising jewelry since they do not actively deal in gems or precious metals themselves. Instead, they may offer much lower prices than you might find at a jewelry store, which could leave you feeling disgruntled with the transaction or the quality of service provided.

Another benefit of selling something to a pawn shop instead of getting a pawn loan is that you typically receive more money for the item. The pawn shop will determine the value and make you a slightly lower offer. After all, it still needs to sell it to make a profit.

As a general guideline, expect to get 55 to 75 percent of the total gold value (assuming the piece is in good shape). So, if your necklace contains about $420 worth of gold, a fair offer would be $231 to $315. Another way to calculate it is to reduce the per-gram value by 25-45 percent.

A 10K gold ring is worth $38.73 or less at a pawn shop. Most pawn shops only offer between 40% and 60% of your gold ring's value but that is too less money. Without a doubt, Jewelry is a prime candidate for price negotiation, because it's expensive and the margins are fat.

Magnet Test: Gold is non-magnetic. If your chain is attracted to a magnet, it might be an imposter. Scratch Test: Real gold leaves a gold streak when scratched against a ceramic plate. If the streak is black, it's likely fake.

Will Jewelers test gold for free? ›

A jeweler can normally do this for you for free if you don't have your own scale. You will need the weight in grams. Fill a vial with water. It's helpful if the vial has milliliter markings on the side, since that will make it easier for you to read the measurements for this test.

Whenever you buy gold jewelry, it comes engraved with a hallmark stamp (identifying its content and the manufacturer). It is one of the easiest and quickest ways to identify the purity of the gold. The standards of the purity scales are based upon “karats” and “millesimal fineness”.

On average, our customers say pawn shops offer to pay anywhere from 20%-70% of the value of your items. Jewelers offer to pay anywhere from 40%-75%. And precious metal buyers (like us), pay anywhere from 55%-95%. You can see those percentages overlap a bit, but the spread for pawn shops is concerning.

Third Person Theft/Lost Property

If a pawnshop is negligent in losing or allowing the property to be stolen by a third person, then it is liable to the customer who gave the property to the pawn shop owner, if they want to pay off the loan and get their property back.

While it's true that pawn shops do sell vintage and estate items (amazing pawn shop finds), we also have a wide selection of new and unused merchandise, including natural diamonds. Some people assume that pawn shop diamonds are of poor quality, but that is most definitely not true here at Queen of Pawns.