The topic of money and gold never gets old. Shiny, blinking, worthy gold pieces of jewelry, especially rings, can be found in everyone’s possession. With a golden ring on a finger, not only do we feel married, engaged, or elegant, but we also feel financially secured.
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How untroubled you are, and for how long, sometimes depends on the value of your ring. To check how much is the 14K gold ring at the pawn shop, you need to know several facts about forming gold prices and what affects them.
Demand for Gold and Value of Gold in the Market
The gold is a highly appreciated precious metal. However, its price is not always the same and depends on the gold demand. The factors that affect it can be different.
The gold will have a higher price as the currency value decreases. For example, people will save gold as a backup economic value in periods of inflation. In such conditions, they usually won’t sell their gold, the demand becomes greater, and its value will rise.
Closely connected to the demand is the gold price on the market. Bad economic conditions affected by crises such as wars, rebellions, and diseases can increase the gold’s worth, as well.
On the other hand, gold’s value will remain stable in periods of welfare, peace, and economic stability. It is also well-known that some countries have a tradition of wearing gold jewelry as part of their traditional clothing.
Don’t forget that some cultures have the custom to give gold jewelry for a child’s birth or a wedding. Therefore, wedding seasons will increase the demand for gold and its price accordingly.
Whatever the circumstances, the pawn shops will evaluate your golden ring at the moment when you come to sell or buy it according to the current gold value.
The Gold Purity
The gold can be divided into several groups according to its purity. In the US, you can find 10K, 14K, 18K, and 24K gold. However, there are a few more variations throughout the world, such as gold of 8, 9, 13, 15, 16, 19, 20, 21, 21.6, 22, and 23 karats.
The 24K gold is 99% pure and, consequently, the most expensive. 14K gold jewelry contains only 58.3% of pure gold, so its value is a bit lower. On the contrary, 8K, 9K, and 10K gold are the least expensive as they have less than 50% precious metal.
Keep in mind that gold is a soft metal, so jewelers need to add the other alloys to get the jewelry firmness and resistance to scratching and damaging. The unit used for measuring the gold content is K (karat).
When you have the 24K gold, that means it contains 24 of all 24 units of gold. In the case of 14K, there are 14 units of pure gold in 24 of all units.
The State of the Ring
The state of your ring or other jewelry can affect the price drastically. If the ring is broken, scratched, or a piece misses, that will significantly decrease its value.
Pawn shops will often give you a lower price for the rings that are not in presentable state as they can’t sell them immediately without reparation. Rarely, a few of them will melt it to something else. Most of them will calculate the cost of repairs or cleaning and decrease the amount you asked for.
Therefore, make sure to clean and polish your ring if you are skilled or have extra time. If not, check how much the repair is and calculate if it is payable to fix your jewelry before selling it.
Usually, people sell plain rings with no ornaments and gemstones. In such a case, math is uncomplicated. In case you plan to sell a ring with a gem, including a diamond, you will get more money from the pawn owner if the gemstone doesn’t miss.
A complete piece means fewer repairs and less money spent before exhibiting the ring in the shop window. Sometimes they will offer very little money because they don’t want to risk and invest cash in servicing the ring that may or may not sell afterward.
Ring with particular historical value
Not so often, it happens that you come into possession of a valuable ring with the heritage. In that case, you need to dig deep for the documents to support the ownership of such a valuable item.
If you have a certificate of the ring origin or any proof that any celebrity wore it at least once, it will significantly increase its price. Your 14K gold ring will also be worth more than regular 22K or 24 K models if it has a famous jewelry designer’s signature.
The Weight of the Ring
For the ordinary 14K ring’s typical selling, the criteria include its state, weight, and current gold price. There are scrap gold calculators on the Internet that can help you do the calculations precisely and exactly.
For instance, the following table shows the current value for one gram and one ounce of 14 K gold compared to 24K and 10 K gold.
|Quality of gold||Price||Purity of gold|
|1 gram of gold||1 ounce of gold|
|10K||$ 25.974||$ 807.96||42% pure gold|
|14K||$ 36.363||$ 1,131.9||58% pure gold|
|24K||$ 62.342||$ 1,939.0||99% pure gold|
The 24 K gold costs the most as its purity is 99%. Since the 14 K gold is only 58% pure, it is always cheaper. Now, when you know your gold’s value and what to expect, let’s visit the pawn shops.
The Real Situation in the Pawn Shops
First of all, you shouldn’t expect to walk in the pawn shop and get the amount of money you previously researched or determined to claim. It is more complicated than that.
Also, keep in mind that the pawn shops won’t offer the same gold price when selling and buying jewelry. It is always significantly different, and you will need to fish out for the best price. To be sure you are not tricked for the real gold ring price, you can always ask to see their license to sell and buy gold.
Be aware that the pawn shop owner needs to make money out of your gold, and you will never get 100% what you have expected.
The fair price you can get is 55 to 75% of the particular ring’s estimated value. Keep in mind that the given prices are always for a simple ring without a gemstone.
When you want to make the final price for more complex rings, you will need to calculate all parts separately. It is quite a challenging job if you are not a professional. However, you can always ask around or check the details.
After comparing the price of 14K gold per gram that the pawn shop offers with its value on the market, you will notice a big difference. Even though one gram of 14K gold is $36 on the market, the pawn shop will provide you with only 13$ per gram for the ring with the same number of karats.
Luckily for you, the pawn shops don’t have fixed prices, and you can always bargain and bid. Always research how much your 14K ring might cost, and determine the approximate price you won’t go below.
In case you are not in a hurry, you should always check several pawn shops. Compare prices, find the most favorable place, and bargain for the best possible price.
It probably sounds crazy, but you can get a far better deal in the pawn shops close to the official gold buyers. Since they always know the buyers’ price of gold, they are often ready to pay more money to be competitive and takeover the possible customers.
The best-case scenario
The best option is that you are a skillful negotiator and manage to persuade the pawn shop owner to buy your ring for 75% of its estimated price. I sincerely hope you are, and that the information above helps you achieve the best bidding.
The worst-case scenario
You will get stuck to a miserable 50 to 55% of the actual ring price in the worst case. You should think twice if it is the best time to sell your jewelry in such a situation. If possible, you should wait for better gold conditions or check the market with better demand for golden rings.
As you can see, the final choice depends on you. You should do your best to get the most favorable price for your ring. Pawn shops are exciting places where everything is possible. However, you shouldn’t give up on negotiating, bargaining, and bidding since it can be both profitable and fun.
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As Rick Harrison from the show Pawn Stars says, everything has its price, and you never know what is gonna come through that door.