Most convenient New York pawnbroker with 20+ branches in NYC area! Stop by and get cash for your gold! We've been the largest gold buyer in NY for over 60 yrs!

Spotlight on Diamond Buying

If you are surveying your belongings for something to pawn in New York City, consider anything you own that involves diamonds. This may include diamond jewelry and loose diamonds. Read on to find out more about the process of diamond buying.

When it comes to diamond buying at Gem Pawnbrokers, there are a few criteria that must be met in order for the transaction to be considered: the diamond must have at least an SI in clarity and a color of I, in addition to weighing at least one half of one carat. If you are unsure whether your diamond meets these requirements, we can help you find out with our free appraisals. We accept a wide variety of diamond cuts including princess, European, Asscher, and emerald, as well as several others.

Would you like to know more about diamond buying? Call Gem Pawnbrokers at (718) 596-5626. Our pawn shops offer cash for gold and diamonds in the New York City and Long Island areas. If you would like to find out more about our pawn services, please do not hesitate to visit our website or stop by and meet with us.

Factors to Consider Before Visiting a Pawn Shop

Thanks to the popularity of various reality television programs that have sprung up over the past few years, pawn shops in NYC have enjoyed a spike in popularity. If you are considering visiting one just because of your experience with the television show, however, you should do some research before you set out. Here are a few factors to consider before visiting a pawn shop.

Collateral

An integral element of pawning is collateral, so it is important to fully understand how this concept works before making any decisions. A collateral loan consists of one party trading money to another party in exchange for an item that holds some amount of value. You will bring a valuable item into the pawn shop and offer it to the pawnbroker for a loan; the item will be returned to you once you pay off the loan as well as any interest and applicable fees.

Value

Pawn shops are designed to help individuals or families take out small loans that they cannot receive from banks or credit unions; this is especially helpful for individuals who have recently suffered some sort of financial crisis. These individuals can have their belongings appraised and leave them with the pawn shop in exchange for a small cash loan. It is important to note, however, that a loan will only be worth a percentage of the appraised value of your item. This is because the pawn shop will have to pay for storage and security until you repay your loan.

Interest

Interest rates on pawn loans typically do not reach very substantial amounts. Since you are only receiving a small loan and you will likely be paying it back over a short period of time, interest rates can be very manageable.

If you have any questions about how pawn shops work, feel free to call Gem Pawnbrokers at (718) 619-4192. Our pawn shop offers cash for gold in the Long Island area. Please feel free to visit our website or stop in and meet with us to learn more about our pawn services today.

Tips for Getting Cash for Your Gold

Cash for gold in New York City sounds like a straightforward exchange, but there are several factors that you should understand about the process of selling your gold. In order to make sure that you are paid a fair price, you must know a little bit about karats, weight systems, and who to sell to. Keep reading for a few tips for getting cash for your gold.

Understand Karats

Purer gold is typically valued at a greater price than gold that is combined with other metals, and karats are used to describe gold’s composition. A karat itself represents 1/24 of gold by weight, and if a piece of jewelry has less than 10 karats, it cannot legally be labeled “gold jewelry.” A 10-karat piece of jewelry will be made up of 10 parts gold to 14 parts of other metals that give the item color and durability.

Recognize Systems of Weight

Someone who is willing to buy your gold, like a pawn shop or a jeweler, will likely weigh your gold in a specialized manner. Although you may think of an ounce as 28 grams, there are 31.1 grams in a troy ounce, which is the unit of measurement used to weigh gold. You should also familiarize yourself with the pennyweight system—one pennyweight is equal to 1/20 of a troy ounce—before attempting to sell your gold so that you can more easily communicate with the gold buyer.

Choose Your Buyer

Make sure that your appraisals are accurate and that your business is done fairly by seeking a reputable gold buyer. Pawn shops such as Gem Pawnbrokers are prepared to offer competitive prices as well as legitimate customer service, both of which help to facilitate a fair transaction that leaves both parties satisfied.

For more tips for getting cash for your gold, contact Gem Pawnbrokers or visit our website. We are happy to serve the New York City area with a variety of pawn services including jewelry and estate buying. Feel free to call us at (718) 619-4192 or stop by one of our pawn shops and meet with us to find out more about what we can do for you today.

Determining the Value of Gold

It is not uncommon for pawn shops in New York City to offer cash for gold, but do not expect to leave with much if your gold is not real. Watch this video for help in determining the value of your gold.

When inspecting a gold item, look for some sort of marking that may describe the karat value of the item; gold pieces that were made in America tend to have them. Keep in mind that real gold is heavier and denser than fake gold, and green or black spots throughout the item indicate artificiality.

Gem Pawnbrokers’ pawn shops are happy to serve the New York City area with a variety of pawn services. As gold buyers, we are happy to take a look at your gold and determine what it is worth. Feel free to visit our website or give us a call at (718) 619-4192 to find out more about our pawn shop.

How We Can Help You Cope with Financial Emergencies

Financial emergencies happen to nearly everyone at least once in their lives, and are often unpreventable. Whether you're facing an unforeseen medical expense, a traffic fine, or just scraping up enough to pay the power bill after an unexpected layoff, we at Gem Pawnbrokers can help.

We give cash for gold if you're looking to sell, but we can also loan money in exchange for a variety of items of value. Whether you want to sell an unneeded watch or pawn a set of musical instruments, we can help you make ends meet until life goes back to normal.

Visit our website, call us at (718) 878-4462, or just bring your items in and see us at Gem Pawnbrokers. We'll explain how our pawn shop loans work in detail, and will be happy to give you an offer right away.

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