Are you considering yourself know between right and wrong and acting on your conviction regardless of your circumstances? Then you are a person of integrity, right! So, you have unused gold jewellery. Do you believe heading to a local pawnbrokers to pawn or sell your valuable items is against your code of ethics?
Many stereotypical people think that all pawnshops only deal in stolen goods. They assume it is where criminals walk in with a stolen item to pawn it and walk out with cash. To be honest, less than 1% of pawnshop transactions actually deal in property stolen. You may even be surprised that pawnbrokers are more decent than you think.
Here is why we say this!
Pawnshops Are Regulated By The Local Law
Pawnbrokers are not only in the business of buying valuable items but also provide loans in exchange for your valuable item until repaid in full. A pawnshop is a part of a financial service industry using your gold jewellery as collateral for your loan.
They need to follow specific regulations and laws when handling transactions. For example, they obtain customer information, setting fees, interest rates, and the time they need to store the item for you to repay it. Law enforcement also keeps a close eye on their business dealings, ensuring they deal following the law.
Even when you need fast cash selling gold jewellery, you need to provide the dealer with valid government-issued identification.
Pawnshops Do Not Tolerate Stolen Goods
Yes, many people have spread stories with misconceptions about dealers buying and selling stolen goods. However, it is untrue as pawnshops have access to different technologies to easily track or identify stolen merchandise.
The pawnbroker works closely with federal law enforcement to ensure that stolen merchandise is not sold in their stores. In addition, for every item they buy, they keep a record of the serial number to upload to a database.
Doing this helps to keep track and identify the owner if it is a stolen item. However, there are severe consequences like imprisonment if a dealer buys and sells stolen goods. So it is just not worth it.
You Can Get Your Item Value Determined
This is a big ethical question when selling gold jewellery to a pawnbroker. How does a pawnshop determine the value of precious items? Unfortunately, people believe that dealers only want to rip people off.
Still, determining the value of any item is complex. It is not just simply looking at the jewellery and throwing numbers around. Pawnshops use different factors to determine the value of an object. For example, when you visit a dealer to have your gold pieces appraised.
The pawnbroker considers the purity of the metal, weight, and embellishments in the design. Once considering all the factors, they look at the current precious metals market price to present you with an offer.
Hence, the pawnshop will never try to cheat you out of money as they go to great lengths to give a fair appraisal or deal on the items pawned….