Have You Cashed in Your Gold Yet?

Sterling & Knight Jewelry & Pawn

Bolingbrook: 295 S. Schmidt   (630) 759-9100   

Villa Park: 109 E. St Charles   (630) 833-0800

Hinsdale: 244 E. Ogden Ave   (630) 321-5600

 

With the price of gold at record highs and the state of the economy at record lows, many people are realizing that their old jewelry could  be put to better use by selling it. Most people don’t have any experience when it comes to selling jewelry, so how can you be sure to get the most you  possibly can for your old valuables?

Here are some tips on how to get the most money for your old, unwanted jewelry:

  1. Get at least two, if not three offers to buy your jewelry before selling it. When you get two or three different offers, you are educating yourself on the process of selling jewelry. You will be very surprised at how the different offers will vary, sometimes by hundreds of dollars. Come to Sterling & Knight Jewelry & Pawn last, and we will meet or beat any offer!
  2. When selling diamond engagement rings or other large diamonds, bring any appraisals, certificates or paperwork you may have from when you purchased it. A qualified jewelry buyer will evaluate the diamond and make his own determination of value, but having something to check his opinion against is helpful for both you and the buyer.
  3. When meeting with the buyer, ask them about their history in the industry, educational background, etc. With gold buyers popping up all over the place, there are lots of gold buyers out there who have little or no background in jewelry or gemology. I recently secret shopped a “Cash for Gold” store in a nearby community.   I casually asked the buyer how long he had been an appraiser, and he told me that “he was working for a catering company last month and happened to meet the owners of the company, and they gave him the jewelry buyer job!” An experienced appraiser or jewelry industry veteran will generally offer you higher prices for your jewelry.
  4. Don’t pay for an appraisal! Any qualified jewelry buyer will give you a free, no obligation cash evaluation of your valuables. A current written appraisal is unnecessary to the process.
  5. Don’t expect to get retail value when selling your jewelry. Gold jewelry that you purchased 20 years ago will have value because of the gold content, but it is probably not something that will be re-sold as jewelry.

Keeping these 5 tips in mind will help you get the highest price for your old jewelry. If you do your homework and have realistic expectations of what your items are worth you are sure to have a profitable outcome.

Ford Sunderland is a jewelry, coin and estate buyer with over 35 years of experience. For more information log on to: www.skjewelryandpawn.com

We are a pawnshop or pawn shop, but we also buy gold and pay cash for your gold, we also pay cash for diamonds, we buy diamonds, we sell diamond engagement rings, diamond stud earrings, diamond and gold or platinum wedding bands and more! 

We have three locations to serve you! We are located in:

Bolingbrook

295 S. Schmidt Road Bolingbrook, IL 60440  630.759.9100

Hours: Monday 10 – 7:00 Tuesday – Friday 10 – 6:00 Saturday 10- 3:00

Villa Park

109 E. St Charles Road Villa Park, IL 60181 630.833.0800 

Hours: Monday 10 – 7:00 Tuesday – Friday 10 – 6:00 Saturday 10- 3:00

Hinsdale

244 E. Ogden Ave. Suite 114 (In the Courtyard of Koshgarian Plaza) Hinsdale, IL  60521 630.321.5600

email: info@skjewelryandpawn.com

Hours: Monday – Friday   10 – 6:00 Saturday  10 – 3:00

Sunday by appointment.

If you refer a new customer to our store, you receive a 3% referral bonus, just like referring someone to host a Gold Party.

Please visit our website at

www.skjewelryandpawn.com

Thank you for your business and continued faith in our local, family owned business. We’ve had the privilege of working with wonderful customers and helping them in these troubled times.

           

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*(205 ILCS 510/2) (from Ch. 17, par. 4652)
Sec. 2. It shall be unlawful for any pawnbroker to charge or collect a greater benefit or percentage upon money advanced, and for the use and forbearance thereof, than the rate of 3% per month. Nothing in this Section shall be construed so as to conflict with the law pertaining to usury and the person receiving money so advanced may hold such moneys to pay any fees in addition to interest as herein provided.
Each pawnbroker, when making a loan under this Section, must disclose in printed form on the pawn contract the following information to the persons receiving the loan:
  1. the amount of money advanced, which must be designated as the amount financed;
  2. the maturity date of the pawn, which must be at least 30 days after the date of the pawn:
  3. the total pawn interest and service charge payable on the maturity date, which must be designated as the finance charge;
  4. the total of payments that must be paid to redeem the pledged goods on the maturity date, which must be designated as the total number of payments; and
  5. the annual percentage rate, computed according to the regulations adopted by the Board of Governors of the Federal Reserve System under the Federal Truth in Lending Act.
Each pawnbroker may contract for and receive a monthly finance charge including interest and fees not to exceed one-fifth of the loan amount, as set forth herein, for appraising, investigating title, storing and insuring the collateral, closing the loan, making daily reports to local law enforcement officers including enhanced computerized reporting, complying with regulatory requirements, and for other expenses and losses of every nature whatsoever and for all other services. Such fees, when made and collected, shall not be deemed interest for any purpose of law.
(Source: P.A. 90-477, eff. 7-1-98.)

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