7 Things to Know Before You Sell Gold


Right now is a great time to sell gold for extra cash. Currently, gold prices are hovering around $1,800 per ounce, which tops typical prices. What’s even more exciting is the price per ounce is expected to rise to $2,500 by the end of 2022. Many of us have treasures sitting right before our eyes and we don’t even know it. Do you have a lone gold earring missing its partner? Perhaps you have your late grandfather’s old coin collection. Do you spy a knotted clump of gold chains sitting at the bottom of your jewelry box? Or possibly, you’ve been holding onto an ostentatious gold bracelet that you received as a gift from your aunt. These seemingly small treasures can add up to a lot of extra cash. While the process can seem intimidating, it doesn’t need to be. Read on for a few tips and tricks you need to know before you sell gold.

Look for a reputable buyer

The most important step to take before selling your gold is to look for a reputable buyer, such as a pawn shop. Not all pawn shops are created equal though, so make sure to do your research. Look for a pawn shop that pays a fair market value for your gold. A reputable pawn shop will shop their competitors to make sure they are paying top dollar. Other factors to look for are the number of years the pawn shop has been in business, if they pay cash, how quickly they pay, and their reviews online. One example of a reputable buyer is Gene’s Pawn Shop in Charleston. Gene’s Pawn Shop has been in business for over 30 years and they provide both in-person and out-of-town estimates with a no-pressure, no-charge quote. They also offer cash for gold and pay the same day.

Know what you have before you sell gold

Many times, gold jewelry is not made from 100 percent gold. Pure gold, or 24-karat, is often too soft to use in jewelry, so manufacturers will alloy other metals with the gold to increase its strength. A karat is a unit of measure for the fineness of gold. The most common gold in the United States is 14-karat, although you can also find 18-karat and 10-karat gold alloys. Oftentimes, gold jewelry is marked with the kartage, look for “10K,” “14K,” “18K,” or “24K,” respectively. It is important to note that the higher the karat, the higher percentage of pure gold, thereby the higher cash value. 

When thinking of gold, we often visualize an item yellow and shiny, however there are many gold alloys that create a variety of colors. A metal alloy is created when gold and another metal are combined. This can result in white or rose gold options. White gold, which is made with gold and rhodium is more affordable, and therefore has a lower resale value. Rose gold is created by alloying gold with copper and is often 14 karat.

Gold-plated and gold-filled jewelry are other gold alternatives that look like gold but have significantly less value. Gold-plated jewelry is a piece of metal with liquid gold on top. If the gold plating is on top of a precious metal, like silver, it still could have value. However, if the gold plating is on top of a cheap metal, such as stainless steel, brass, or zinc alloys, the value is significantly lower and may not be accepted by the pawnbroker. Make sure to know what you have before attempting to sell. Check out this great article on understanding the various types of gold.

Think outside the ring

While you can certainly sell your gold rings, necklaces, and earrings, you can also sell scrap gold. Look around your home for broken jewelry, old trophies, gold coins, statues, name plates, or even old tooth fillings. You may be surprised at what items contain gold. Many pawn shops, such as Gene’s Pawn Shop, will purchase broken and scrap gold. Selling scrap gold is a win-win solution because the damaged items may not mean much to you, but you can still reap the rewards of cash for gold.

Consider selling online

Look for a pawnshop that accepts out of town estimates. While you can certainly visit your local pawn shop to sell your gold, many pawn shops offer an easy and risk-free option to sell your gold online. You can fill out a request form online and the company will mail you an envelope or box. A few days after the company receives your gold, they will be in touch with your offer. You can decide to accept or decline, risk-free. If you accept the offer, you will receive a check. If you decline, the company will return your items.

 Know the price of gold

It is helpful to understand the value of your gold prior to bringing it into a pawnshop to sell. Visit a reputable site, such as Kitco.com, to obtain the latest value of gold. The price listed is the wholesale value, so this is not the price that you will receive. You can also easily calculate the value of your gold by visiting a site, such as Gold Calc. Simply enter the weight and gold purity and you can calculate your gold scrap value. Invest in a digital gram scale, which is inexpensive and can be found at a variety of retail stores, to weigh your gold. 

Have realistic expectations

Selling gold will not make you rich, but it will give you a little extra money that you didn’t have previously. It’s important to understand that the price listed on sites, such as Kitco.com, will not be the price you will get paid for your jewelry, but it will give you a reference point so you can have context for your offer. You will get paid a fair price for your gold, minus fees and other costs the pawnbroker incurs. Pawnshops are a business and function as a business and retail shop. Check out this article on how pawnshops make money for more information.

Understand tax implications of selling gold

Remember that gold sales are taxed at the capital gains rate. Precious metals, like gold and silver, are treated as collectibles for tax purposes and carry a 28 percent top federal tax rate on long-term capital gains. 

As you can see, selling your gold is not difficult, especially if you find a pawnshop with a good reputation. Take a look around your house for extra scrap gold and you can make some extra cash quickly and easily.

Is It Better to Pawn or Sell Scrap Gold?

If you are ready to let go of your scrap gold, now is the perfect time.

If you are ready to let go of your scrap gold, now is the perfect time. No one really knows what the post-pandemic market will look like for precious metals and gold. And since prices are good now, it is best not to chance it by waiting. But if you are just looking for a little extra cash to get you past some recent hardships, you might be wondering if it is better to pawn or sell your scrap gold in Charleston, SC. Consider these factors before you decide.

The First Step: Understand Market Fair Price

Gold is similar to stocks because it is an asset that is publicly traded, so it has a specific “market value.” If you Google “sell scrap gold Charleston, SC,” you will see a list of places where you can sell and/or pawn your gold for cash. Most of the places that you see are reputable and will offer you a fair market price. But, also like stocks, the price of gold fluctuates according to market conditions. That means it may be worth more tomorrow than it is today, or vice versa.

How to Know What Fair Market Price is…

The good news is that you can check the prices of gold on the market, the same as you check any other stock. Gold is a commodity that is traded on the open market 24 hours a day, seven days a week, unlike other commodities. So finding a baseline is not hard to do. When it comes to value, it is all about understanding how jewelry stores and pawn shops price scrap gold and determine its market value.

How Pawn Shops Determine Their Price

Pawn shops use the current market value to assess how much your scrap gold is worth. Make sure to investigate before you visit so you know a ballpark figure. Work from the base price, but understand that a pawn shop will have to buy it for slightly less because they have to turn it around and sell it for a profit to stay in business.

Know the Karat Value of Your Gold

Another thing that will influence the market price of your scrap gold will be its karat. Pure gold is 24 karats. It is the softest karat there is and will be easily bitten into. If you are dealing with jewelry, there are probably other metals involved. The question then becomes, just how much is real gold and how much is something else? Rings are usually marked around the band, so look for a signature. You can also buy a gold test for verification.

Is It Better To Sell Gold or To Pawn It?

Pawn shops are guided by what the market is doing on any particular day, which can work in your favor. If you know the price of gold and the value is particularly high, then it might be best to sell and take the cash to make sure that the market doesn’t bottom out and leave you with nothing. However, if you need the cash and the market price is fairly low, then you might want to consider pawning it and waiting until the market bounces back. If you pawn it, pay close attention to the market price, then you can go back in and sell it at the high.

Scrap gold is useless to the average person – unless of course you have a safe full. If you have scrap jewelry sitting around, gold prices are at an all-time high. Consider the option to pawn or sell your scrap gold in Charleston at Gene’s Pawn. We offer the most competitive rates in the gold industry. And we have a proven track record of fairness in the community. Come in today to see what your scrap gold is worth.



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Valentine's Day is coming soon. Do not drop the ball this year . Genes Jewelry & Pawn has a great selection of NEW & Pre-Owned jewelry that will make her happy and you look like a king! Diamond studs, Bracelets, Gold, all in some of the latest styles. Fine jewelry does not have to cost a fortune.  Jewelry does not guarantee a kiss, but the odds are heavy in your favor.

Save a lot of money while still getting a kiss!

Why Buy Jewelry in Charleston, SC From a Pawn Shop

Why Buy Jewelry in Greater Charleston SC from Genes Jewelry & Pawn?

Investing in jewelry can be like investing in a new car. Once you purchase them, you lose a lot of value. For pre-owned jewelry, Charleston, SC offers many places to get the most value and the most beautiful pieces on the market. Instead of going to the internet or buy sell shops, consider buying your jewelry from a pawn shop instead. Pawn shops offer additional advantages that jewelry stores or individuals do not.

1. You can buy it at or close to wholesale

When someone brings in a piece of jewelry into a pawn shop, the item is thoroughly tested for authentication and a percentage of the value is given. The price is based on the wholesale price and the type of piece plus condition. The value is based on the wholesale price that the jewelry could be purchased new for from a wholesale supplier. This is the same place other jewelry stores buy from and then mark to retail prices to sell to the public. (Yes, many pawnbrokers buy new jewelry to resell and go to jewelry show.)

Because the broker is buying or giving a loan below the wholesale value, the merchandise is sold at or below wholesale! This gives the customer a great value without the inflated price that drops once you wear the jewelry. Plus you know you are buying real product as the item was authenticated before the broker put money into the item. You do not get that from an individual!

2. You Can Use Other Items as Trade

When you buy new retail, you are paying a premium to call the jewelry 'NEW'. The truth is there is no such thing a new diamond or new gold. They all come from the ground and have been around a long time. Diamond are bought and sold in new mounts all the time!

What do you think places do with pre-owned diamonds, throw them away? No, they put them back in mounts and are sold as “new ” goods. That's what makes buying from a reputable pawn shop so great. You pay much less for the same items others are paying premiums for and no one knows! You get the deal.

3. A Huge Selection

When you go to a retail jeweler, you are limited to what brands they carry. When you buy pre-owned jewelry in Charleston, SC from a pawn shop, there are going to be all kinds of styles and types of jewelry to choose from. Some will be new styles and others vintage. This keeps you from looking all over and is much more interesting to shop in.

If you are looking for beautiful jewelry, then look no further than Genes Jewelry & Pawn. One of the largest jewelry selections in the Charleston area, you can be assured that you are paying way below retail even if it is a new piece. Genes will even size it for you while you wait. Question is, with such great deals,  will you want to give the secret away!

Come by one of our Lowcountry pawn shop locations in Moncks Corner, Goose Creek or North Charleston and see all the unique items we have for sale.

How and Where to Sell Unwanted Jewelry in Charleston SC

Sell your jewelry Charleston SC! If your jewelry box is overflowing with pieces you no longer wear, you can turn these trinkets into cash at Gene’s Pawn!

How and Where to Sell Unwanted Jewelry in Charleston SC

If your jewelry box is overflowing with pieces which you no longer wear, you can turn these trinkets into a wonderful vacation, room renovation, or payment on your car—or just cold hard cash!

To get the most out of your jewelry, you should know its exact value and the best place to sell your jewelry in Charleston, SC. You also need to consider how much time and effort you want to invest in selling your jewelry.

Although selling the unwanted jewelry in return of cash sounds great, you want to avoid dealing with people or shops who may low-ball you on its value. As with any transaction, it is vital to educate yourself and to know what you should expect from the process of selling your jewelry.

Before you decide to part ways from your valuable items, you should take a look at these key points to make your jewelry selling successful.

  • Do Your Research Before You Sell Your JewelryIf you have an extremely special piece of jewelry and want to get a fair deal on it, then you should spend sufficient time getting the correct information about the piece. You should know about the brand name, how old the jewelry is, and is it unique?To get the best figures, bring your jewelry in to a certified jeweler to estimate the value of your items and you can even compare with other jewelers to make sure the values are in line. Gene’s’ Jewelry & Pawn can help you get the correct value!
  • Sell in Person to a Reliable Pawn ShopWhen you first plan to sell your jewelry, you might be tempted to list it yourself on Facebook or Craigslist. While this can be a feasible option for some items, selling your valuable jewelry online can be risky. Unfortunately, the ambiguity and ease of the internet to create fake profiles can be a risk factor for your valuable products.When it comes to getting the best return for your unwanted jewelry, local pawn stores are the reliable option. Their aim is to resell the jewelry for a great price or use it as security, and most of them tend to offer the highest value for your jewelry pieces.
  • Go In Without Expectations You have an idea of what you have and what it is worth of, which is why it is important to keep in mind that you should not harbor unrealistic expectations. It is vital to know the difference between accepting and expecting. The way you feel about your jewelry or gold’s worth, might not be in line with the market’s current price. Keep a range in mind and be willing to consider a reasonable offer!Selling your unwanted jewelry in Charleston, SC isn’t something you do quite often, but when you do, you want to turn to the experts.

    Gene’s Jewelry & Pawn is the Charleston Pawn Shop that will pay the highest cash for broken gold, watches, diamonds, coins, and silver. We have been buying precious metals for over 29 years, and we shop our competitors to ensure we always pay more.

If you are looking for a jeweler in Charleston, Goose Creek, Moncks Corner or North Charleston who might be interested in buying your jewelry then contact us at (843) 744-5744.