The Best Places to Trade Cash for Gold and Diamonds

These days, many of us are looking for ways to acquire some extra pocket money. If you happen to have some jewelry that you no longer really wear or even want, then you might consider trading cash for gold, diamonds, and other precious metals and gemstones. There are a few places you might do this.

Since market value is the same across the board in the cash for diamonds trade, the main consideration when selling your unwanted jewelry is really which option is going to be the most efficient and convenient for you. This also depends on what you intend to do with the profit, as sometimes the surface value – in retail terms – of your jewelry pieces might be higher when you trade it in for new jewelry as opposed to just opting to sell your gold outright. So, to determine the best place for you to acquire cash for diamonds, let’s evaluate the merits of the three most common places where this exchange happens; jewelry stores, pawn shops and online cash for diamonds exchanges.

JEWELRY STORESrnIt’s common to think of your local jewelry store as strictly a retail outlet, but they often offer cash for gold, diamonds or other jewelry, as well. In this venue, if you’re interested, you can often trade in your old jewelry for credit toward something new, as well. On the surface, the trade in value will often be higher than a cash trade, but this is usually offset by the retail markup of the piece purchased.

PAWN SHOP OPTIONSrnPawn shops can provide cash for gold with a couple of different options. The first option of pawning your jewelry involves a cash loan with the jewelry held as collateral. If the loan is not paid off by the agreed upon terms, then the shop owns the jewelry and usually puts it out for sale. Pawn shops will also make an outright purchase though, if you don’t want the piece back. Like a jeweler, a pawn broker will often make concessions for trading items for jewelry, as well.rnWith both of the above options, it’s important to remember that the primary reason for the cash for gold exchange on the part of the retailer is with the intent to resell the piece for a profit. So the price point you have in mind based on a piece of jewelry’s estimated value is likely not the price you’re going to get. These are still worthwhile entities to consider, however, as you can sell your gold the same day in many cases; cash in pocket.

CASH FOR GOLD ONLINE EXCHANGESrnOnline cash for gold and diamonds exchanges let you send your gold by mail for evaluation and an offer of purchase. In this case, the price offered is based on meltdown (ounces of pure gold.) For accurate comparison, it’s advisable to have your jewelry appraised for resale value –as is –first.