Considerations for Gold Buyers in Chicago

Posted By : Alex , on Jul, 2015


Gold jewelry is known to be one of the easiest things to sell, as there is always a buyer for it no matter the design or weight. The market for gold has become quite competitive, but it’s almost impossible to sell a gold piece for its full value. Pawn shops will often pay customers the ‘melting price’ or ‘scrap price’ for their gold. The process of selling gold is a systematic one with a few steps involved to ensure that it is authentic and worth purchasing for the pawn broker.

Gold buyers in the Chicago area begin the gold buying process by visually appraising the jewelry piece for any indicators of fake metals or gems. Once the buyer authenticates the metal, they move on to the next step which is weighing the gold jewelry pieces. Jewelry is weighed a special scale that can ascertain the exact weight of the gold. The weight in grams is multiplied by the rate at which scrap gold is currently being sold on the market. After the weight is established, the broker can establish the value of the piece.

Many people find it the most convenient to have their gold appraised and purchased by pawn shop Gold Buyers. However, there is a misconception that pawn brokers are shady, or don’t pay fair prices for jewelry pieces. This prompts many people to attempt to sell their gold pieces to jewelry stores. The idea that pawn shops are shady buyers is simply not true. Pawn shops are regulated by federal, state, and local laws, so most of them abide by the ‘Fair Business Practices’ laws, and strive to give their customers the best prices possible. Most pawn broker Gold Buyers in Chicago also abide by the jewelry industry’s base line for the purchasing and selling of scrap gold and its ‘melting price.’ This means that oftentimes the price offered for gold is not solely determined by the buyer.

People may think it’s better or safer to sell gold to a jewelry store, but it’s also worth noting that pawn shops have more walk-in sells than the average jewelry store. These walk-ins aid in the jewelry selling process, as more customers means more purchases and more sells. It also means that a pawn broker is more willing to buy customers’ gold items at higher prices, as there will soon be more customers to possibly purchase those items.

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