Gold
Gold was at an all time high in 2022. Will 2023 bring the same prices? The gold and silver market fluctuates with the economy, so watching the market will help you determine when it is a good time to sell gold.
There are different purities of gold, and each brings a different value. There are 10k, 14k, 18k, 22k, and 24k gold purities. 14k gold means your piece is 58.5% gold, where 22k means 91% gold. The purer your gold, the more value it has.
Buying and selling gold may be something you have been doing for awhile as a hedge against inflation. Selling gold or pawning is an option for people who need quick cash for an unexpected financial burden.
Purity of Gold
24k Gold
24k gold is 99.9% pure. It won’t stick to a magnet, it won’t discolor, and it will scratch the ceramic tile. It is what spot price is based on. 24k gold has not been mixed with any other materials and is the purest of all gold types. It is the most expensive gold to use, and is uncommon in the United States to use for jewelry. It is soft and bends, scratches, and doesn’t retain its shape well if used for rings or wearable jewelry. It is used in bullion bars and gold coins. The color of 24K gold is bright and orangish. With this, it is not attractive and doesn’t look as nice if used for wearable goods.
24k gold is the best purity of gold to sell to a buyer if you want to make a lot of money and get instant cash.
18k Gold
18k gold is 75% pure and thus has 25% alloy materials, such as nickel. It is the purest form of gold used for jewelry and everyday practical wear. It will scratch because it is still soft in nature. It is lighter yellow in color and more attractive compared to 24k gold. 18k gold is still expensive, and items made from 18k gold can be expensive.
14k Gold
14k gold is 58.3% pure and thus has 41.7% alloys, such as nickel, copper, silver, and zinc. 14k gold is used in most jewelry because it is affordable and durable. It doesn’t scratch as easily as 18k or 24k, and it will hold its shape well. Most bridal sets, engagement rings, and gold jewelry are made using 14k gold because of affordability, and a pleasing yellow-gold appearance.
10k Gold
10k gold is 41.7% pure and has 58.3% alloys of nickel, copper, silver, and zinc. 10k gold is durable and doesn’t scuff and scratch. It is affordable for most people. It has an appealing pale yellow color. It is used in wearable jewelry and is a practical choice. Because it has less gold content, it will not bring as much money if you are selling gold to a reputable gold buyer compared to 24k.
Dental Gold
Dental Gold has value. It is mostly 16k gold, but can be 10k to 22k too. Dental gold is used for bridges, crowns, fillings, and aesthetics. Gold is used for dental work because it is strong to direct pressure and doesn’t corrode. It can be expensive and has a short lifespan when used. Some pawn shops and online gold buyers will buy dental gold.
You can’t talk about gold without considering the market on silver. Silver, like gold, has various purities. There is pure silver, sterling silver, Taxco silver, and fine silver.
Silver
The content of silver in pure silver is 99.9%, with only .01% trace elements. High pure silver is very soft and difficult to shape. Jewelry needs some durability, so it holds its form and doesn’t scratch as easily, so pure silver is not the best choice for jewelry. To achieve a more suitable silver for jewelry making, silver is mixed with other alloys like copper and nickle to give it more strength, but not degrade its malleability.
Sterling Silver
Sterling Silver is a silver that has been combined with other metal alloys. Sterling silver is fine silver combined with copper. There is 92.5% pure silver and 7.5% copper in sterling silver. The hallmark stamp on sterling silver will be “925 silver.” 925 silver is affordable and easier craft and repair. On the other hand, it requires frequent polishing to keep it looking shiny, because it tarnishes.
Gold and silver jewelry both have resale value, as well as value for pawning. Pawn shops, unlike jewelry stores, will work with you to buy your gold and silver jewelry outright or get you a quick pawn loan based on the value of your precious metals.
Diamonds and Diamond Jewelry
You will be surprised that diamonds and diamond jewelry are both worth cash, and working with a pawn shop to get quick cash by either selling them or pawning them is an easy process.
If you are looking to sell or pawn loose diamonds, engagement rings, gold and diamond jewelry, or other unwanted jewelry, pawn shops can help.
How Do Pawn Shops Grade Diamonds?
The 4cs (Carat Weight, Clarity, Cut, and Color) determine a diamond’s value.
1. Carat weight
Using 200 milligrams as a “carat,” the weight of your diamond can be given within a hundredth decimal place.
Miners mine diamonds digging deep tunnels under the earth to collect rough diamonds, which are irregular-shaped, dirty, and dull. Only after they are mined, cleaned, cut, and polished do they look like they do when you are looking at diamonds to purchase.
Larger diamonds are rarer and thus more valuable.
2. Diamond Clarity
Diamond Clarity refers to the absence of “inclusions” (substances, spots, etc. included in the structure of the diamond) and “blemishes” (external characteristics).
The purer a diamond is, the better the Clarity.
Clarity is appraised after looking at the diamond under powerful magnification, and then determining what inside characteristics it has (inclusions).
3. Diamond Cuts
Knowing how your diamond is cut is essential in understanding your diamond’s value and ability to transmit light and sparkle. A diamond cut is one of the most important qualities when determining a diamond’s value. The cut helps with a diamond’s fire and allurement.
A skilled gem cutter will know precisely how to cut a diamond, so it interacts with the light to enhance its beauty and value.
Brightness: Internal and external white light reflected from a diamond
Fire: The scattering of white light into all the colors of the rainbow
Scintillation: The amount of sparkle a diamond produces, and the pattern of light and dark areas caused by reflections within the diamond
4. Diamond Color – Lack of Color
A diamond with no color, like a drop of water, is valued higher than a diamond with some color. All diamonds are evaluated, from D (diamonds with no color) to Z (diamonds with color).
Pawn shops are diamond buyers. Ask around and compare the price you can get for your diamonds or unwanted diamond jewelry. Jewelry stores don’t always buy diamonds, because they can get similar stones from their bulk suppliers at lower wholesale prices.
Pawning or Selling a Diamond Engagement Ring is the best of both worlds
Pawn shops will also buy and loan against engagement rings. They hold their value because they have gold and diamonds in most situations. A jewelry store will buy pre-owned diamond engagement rings, but so do pawn shops, and you can get the money immediately.
Sometimes engagements are cancelled, and a diamond engagement ring is just sitting in a jewelry box. Make the situation positive and get money for your ring.
Sometimes people outgrow their engagement ring and want something different. Selling the pre-owned engagement ring to a pawn shop is a great way to get money.
Engagement rings can also be bought at a pawn shop, and the purchaser will save money. This is the same for other diamond jewelry. Pawn shops carry a large inventory of pre-owned jewelry, and they also sell diamonds if you want to design your own piece.
Wild Side Pawn and Jewelry, located in Stuart, Okeechobee, Sebring, and Port St. Lucie, FL has the gold and diamond services you need!
At Wild Side Pawn & Jewelry, they buy, sell, trade and loan on jewelry and loose diamonds. Come down to one of their four Florida locations to see our wide selection of jewelry they have for sale. If you need some quick cash or just have old scrap jewelry you don’t wear anymore, then bring them down to Wild Side! They will inspect and test your jewelry and diamonds, and provide you with an instant cash offer. Call them today, and they can answer any of your jewelry and diamond questions.
