It’s a proven fact that our personal belongings don’t always last a lifetime. Through time and use, items break and often lose all of their value. For example: When a television malfunctions, it is perfectly fine to discard it to the nearest junk shop. This goes similarly for other household items that can no longer be used.

Meanwhile, some items will never lose value no matter what happens. No, we’re not talking about your precious family photographs with sentimental value; we’re talking about your old (and even damaged) gold and silver jewelry and how pawnshops can be the right place for them.

Pawnshops: The Home for Damaged Jewelry?

In a nutshell, scrap jewelry that has been broken is just as valuable as jewelry that has not been tampered with. The precious metals market, like the stock market, determines the value of gold and silver jewelry. If the market rises, the value of your jewelry rises as well. You know what I'm going to do if the market falls.

This means that you can sell your jewelry to a pawnshop regardless of how you treat it. This, however, raises the following question: Does the value of broken jewelry decline?

Typically, the answer is no. Bracelets, necklaces, pendants, charms, and rings are worth the same with or without diamonds. Because the precious metals market determines the value of these items, no matter how badly your jewelry has been destroyed, a pawnshop will always pay for a sizable amount.

The Case with Diamonds and Damaged Jewelry

Diamond jewelry, on the other hand, is one-of-a-kind. Diamond rings, necklaces, bracelets, and earrings are valued on the precious metals market, but they also resale for more. Whatever condition your jewelry is in, it will retain its worth. This means that pawnshops are less likely to turn down broken, burned, old, new, or monogrammed jewelry.

This means that if you have an unbroken diamond bracelet, a pawnshop might pay you more for it because it can be resold in their jewelry case. For example, a broken diamond bracelet can still be pawned, but the gold must be burned and the stones sold wholesale. Moreover, scraping gold and wholesale diamonds is generally less profitable than selling them in a jewelry case.

A Pawnshop’s Appraisal of Broken or Damaged Jewelry

A pawnshop’s appraisal of broken or damaged jewelry is usually a piece of cake. To begin, the pawnbroker will test your valuables for their precious metals’ purity. This is typically assessed based on its karats. The pawnbroker will also weigh the jewelry, inspect and measure any stones to finally give you an offer.

Afterward, you have the option of accepting the offer, pawning or selling your things, or declining it. It's your choice!

Conclusion

When something is broken, most people believe it is worthless or it might be time to just get rid of it. While this may be true for home appliances, clothes, and whatnot, the case is different for gold and silver jewelry. Before you discard those precious accessories, simply keep in mind that broken jewelry typically sells for the same price as new jewelry. Compared to other commodities, gold and silver jewelry (and even diamonds) have the opposite effect! 

River City Pawn is a pawn shop located in Murray, KY, that offers a wide range of services for both buyers and sellers. Get your money’s worth, make some cash, and get quality service all at the same time! Visit us today to sell or buy our items!