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How Much Do Pawn Shops Pay for Gold per Gram? 

 February 12, 2021

By  devinhsmartin

A brief summary

  1. To know the market price and how much pawn shops pay for gold per gram, there are three basic factors you need to check: the purity of the gold, the weight of your gold jewelry, and the current price of gold.
  2. Make sure that you find a good, reliable pawn shop to get the best value for your gold jewelry.
  3. Below you will find a chart to ascertain the current market value of gold and other precious metals (Price per ounce, not per gram):
  4. Now that you have the information on the karat weight of your gold jewelry, and the current market value (as shown in the precious metal chart), you can more or less determine how much is a fair price.
  5. Be wary that there are many who will offer quick money when selling your gold, but the best advice is to go to a pawn shop with a good track record, such as online reviews.

Are you looking to sell your gold for quick cash? To know the market price and how much pawn shops pay for gold per gram, there are three basic factors you need to check: the purity of the gold, the weight of your gold jewelry, and the current price of gold.

There are many pawn shops that will buy gold, but do not just sell to the first one that will offer to buy. Make sure that you find a good, reliable pawn shop to get the best value for your gold jewelry.

How to Determine Your Gold’s Value

how much is a gold coin worth

I. Know the Purity of Your Gold Jewelry

You need to check the purity rating of your gold jewelry as follows

Karat Purity
24k 99.99%
22k 92.6%
21k 87.5%
20k 83.3%
18k 75%
15k 62.5%
14k 58.5%
12k 50%
10k 41.7%
9k 37.5%
8k 33.3%
6k 25%

Anything less than 99.99% is an alloy with other metals like platinum, silver, or copper. It is this fact that makes those less than 24% more suitable for jewelry since pure 24 karat gold is too soft to be used as jewelry.

So inspect what is engraved in your gold piece. A 10k gold jewelry is 41.7% gold, a 14 karat gold is 58.5% pure, 18k is 75%, while a 24k piece is 99.9% pure gold.

Bear in mind this is just one of other factors to consider to calculate the value when you sell gold, such as the current gold price and the weight of your gold in grams. If your gold jewelry has a diamond, the pawn shop shall determine its value separately.

II. Weight of Your Gold Piece

This is pretty straightforward, you need to check the weight of your gold jewelry, assuming it is just gold without any other embellishments. You can determine this using a jewelry scale as it weighs to the tenth of a gram and is thus most accurate.

III. Price of Gold

Below you will find a chart to know the current market value of gold and other precious metals (Price is per ounce, not per gram):

 

Calculate Its Worth: How Much Pawn Shops Pay For Your Gold Jewelry

Now that you have the information on the karat weight of your gold jewelry, and the current market value (as shown in the precious metal chart), you can more or less determine how much is a fair price.

Let’s say you want to sell your bracelet which has a stamp that says it is 18 karat gold. This is 75% pure or 0.75. If it weighs 30 grams, then you multiply 30 times 0.75 then multiplied by the current price of gold in the market per gram.

Another example: 14k gold jewelry (without a diamond or any other precious stones) is 58.5% pure, and your jewelry weighs 40 grams, then 40 x 0.585 x current gold price in grams.

Pawn shops will pay anywhere from 25% and up of its determined value or worth. At Clark Pawners and Jewellers, we offer above what others give for gold and other valuables.

Keep in mind that there are many who will offer quick money when selling your gold, but a noteworthy piece of advice is to go to a pawn shop with a good track record, via online reviews.

Some Tips When You Decide to Sell Your Gold

Find a reputable pawn shop.

best pawnshop in chicago

Honest gold buyers have a physical store, such as an established pawn shop with decades of experience in buying gold.

By selling to pawn shops directly, they pay a fair value for your gold jewelry and eliminate that lowballing middleman who would make quick cash offers but buy at a lower price.

Make sure you always check the current market value.

When you know your gold jewelry’s worth, you know you can get a good deal and a fair amount. Check our price chart above before selling your gold jewelry.

Some Frequently Asked Questions

Is it better to sell gold at a pawn shop?

Selling gold to a pawnshop has advantages. You get a fair and honest appraisal from an established and trusted buyer and you get cash on the spot.

Do you get more if you pawn or sell?

In essence, you get more by selling than pawning. This is because with pawn loans, aside from paying back the loan amount, you also have to pay interest and fees.

With selling, it is just a one-time transaction. After you sell, you have no further obligation to the pawnshop. The only reason you might want to consider a pawn loan versus selling is if you want to hold on to that pawned item.

Do pawn shops pay full price for gold?

Keep in mind that as pawn shops also need to profit to keep the business going, you do not get the full price for your gold jewelry. You can get anywhere from 25% up. At Clark Pawners and Jewellers, we pay higher than the average gold and jewelry buyer.

Nevertheless, you can get a good offer by doing your research.

Your best bet when selling your gold jewelry is to get feedback and to always read reviews of pawn shops to get a fair deal.

How much is a 14K gold bracelet worth at a pawn shop?

how much do pawn shops pay for gold per gram

To find a 14 karat gold bracelet’s value, have your bracelet weighed in a jewelry scale for more accuracy, multiply by its purity rating of 0.585 (for a 14 karat gold) x market value and a pawn shop’s final appraisal.

How do pawn shops determine the value of gold?

Pawn shops consider the purity of your gold jewelry in terms of karats, the weight in grams, current prices, then the pawn shop’s discretion.

How can I sell my gold jewelry without getting ripped off?

Be careful of people who would make quick cash offers. It is not worth the money to sell to those who have no proven track record. Take time to ask around and compare prices. Better yet, read reviews.

Should I sell my gold jewelry now?

how much do pawn shops pay for gold per gram?

If the money would be put to better use such as lowering debts and liabilities, starting a small business, financing emergencies or a child’s education, these are investments and is thus a valid reason to sell them now.

What is the best way to sell gold?

To get the best price possible, search for a pawn shop with decades of experience and service. Check Google reviews and ask questions from people you know. It is always a good idea to sell to an established pawn shop because such a store has lasted owing to good business practices.

Clark Pawners and Jewelers is one such pawnshop. We have built a solid reputation for buying gold at the best prices plus quick cash offers. You can read about what people like about us through reviews from happy clients.

Clark Pawners & Jewelers is your trusted pawn shop in Chicago. We buy and sell jewelry, diamonds, gold and more, aside from offering cash loans.

Clark Pawners & Jewelers

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