Pawning your jewelry is one of the most popular ways to turn unwanted or unused items into instant cash. This type of transaction is beneficial for both the pawn shop and the customer because the pawn shop can offer customers a lower price on items than they would if they sold them at retail and because selling an item doesn’t impact your credit history or score.

However, before you pawn your jewelry, there are some things to consider. Pawn shops are in the business of making money, and they will only offer you about 60% to 70% of an item’s actual value, based on the store’s location and clientele. This is a lower return than many people expect and should be taken into account when deciding whether to pawn or sell your jewelry.

How to Pawn Your Jewelry Safely and Quickly

Pawn shops are typically interested in pure metals, like gold and silver, and will often turn down costume jewelry. Before you go to a pawn shop, it’s important to get an appraisal from a reputable jeweler or appraiser so that you have a better idea of what your jewelry is worth. Once you have that information, visit a few local pawn shops and see what they can offer for your jewelry.

If you decide to pawn your jewelry, you’ll receive a percentage of the value of your piece as a loan and have a certain amount of time (typically 30 to 60 days) in which to pay back the loan plus interest. If you don’t pay back the loan within the specified period, the pawn shop will melt down your jewelry and keep it as their own.