When you’re in need of quick cash or simply want to make the most of your jewellery, you’ll often face one big question: should you pawn it or sell it?
Both options have their benefits, and the right choice depends on your situation. At Sapphire Jewellers Coventry, we handle both every day, so, here’s a clear, honest breakdown to help you decide what’s best for you.
What Does It Mean to Pawn Jewellery?
To pawn your jewellery means to borrow money against the value of the item of jewellery. It can easily summarised in the following steps:
- We assess the value of your item of jewellery (this is mainly based on the weight of the gold).
- A loan amount is agreed. (For example: £100)
- The article of jewellery is then stored in our secure vault for the duration of the pawnbroking contract.
- Repay the initial loan amount (plus the agreed interest) and reclaim your jewellery.
It's as easy as that!
Benefits of Pawning Jewellery
-
Instant Cash Access - get money quickly without having to sell your jewellery.
- No Credit Checks - Your jewellery acts as collateral, so your credit score isn't affected.
- You Keep Ownership - Once the loan is repaid, your item is safely returned to you.
- Flexible Repayment - Extend or repay your loan at a pace that suits you.
- Secure Storage - All items are fully insured and stored safely during the loan period.
- Private & Discreet - No bank involvement or unnecessary paperwork.
What Does it Mean to Sell Jewellery
Selling your jewellery is a permanent transaction. We buy your item outright for an agreed price, based on its gold weight, purity, and current market value.
3 Easy Steps to Sell Your Jewellery:
- Your jewellery is inspected and valued by our team.
- A price is agreed between yourself and Sapphire Jewellers.
- You are then paid the agreed amount by either cash or bank transfer.
When to Sell Your Jewellery
- You have unwanted jewellery that you'd like to cash in on.
- You want the highest possible payout, instantly.
- You can't afford to repay the value of your jewellery that you could borrow if you were to pawn.
Pawn or Sell - Which will Yield More Money?
Generally, selling your jewellery will give you a higher payout upfront, since you’re transferring full ownership.
When you pawn, you’ll receive a slightly lower amount because it’s a secured short-term loan, not a sale.
However, pawning lets you keep ownership, which can be worth more to you emotionally in the long run.
| Option | What It Means | Best For | Cash Received | Ownership |
|---|---|---|---|---|
| Pawn | Borrowing money using jewellery as security | Temporary cash needs | Slightly lower | You keep it (once repaid) |
| Sell | Permanent sale of your jewellery | Instant cash, no plans to reclaim | Higher | You transfer ownership |
How Sapphire Jewellers Can Help
At Sapphire Jewellers in Coventry City Centre, we’re proud to offer both fair pawnbroking loans and top cash offers for your gold, silver, and diamond jewellery (Sapphire Jewellers are also experts on gold & silver bars and coins, we offer pawnbroking loans on these as well as instant cash purchases).
Every valuation is done on-site by experienced jewellers — meaning no middlemen and instant decisions. Whether you choose to pawn or sell, you’ll always get a transparent, competitive offer and a service built on trust.
Need Advice?
If you’re unsure which option is best for your situation, pop into our store or call us. Our friendly team will walk you through the pros and cons, no pressure.
You can also message us directly via Instagram. We aim to respond to all queries within the hour.
Sapphire Jewellers | 26 The Burges, Coventry, CV1 1HL
02476 225 391
FAQs
Can you only pawn / sell jewellery?
No! At Sapphire Jewellers we also accept gold and silver bars and coins for sale or pawnbroking loans. However, we do not purchase / loan against luxury watches.
How long is a pawnbroking contract?
Our pawnbroking contracts last 7 months.
How is the rate of interest calculated?
The rate of interest is a % of the loan amount borrowed. At Sapphire Jewellers we pride ourselves upon our competitiveness and offer one of the cheapest interest rates in the country.
Should I borrow the maximum amount of money I can?
To avoid getting into irreversible debt / pawnbroking contracts that are not likely to be repaid, we recommend you only borrow the amount of money you need.
For instance, if the maximum loan value of your jewellery is £1000, but you only require £500 in that moment, we recommend only taking the £500. This makes the loan easier to repay and also ensures the interest payments are as low as possible. Always remember: A larger loan = larger interest payments!
What happens if my pawnbroking contract reaches it's deadline but I can't afford to repay the whole amount?
When your pawnbroking contract reaches maturity at 7 months but you cannot afford to repay the whole loan, you can renew the contract for a further 7 months at a cheaper rate.
Do I need ID to pawn or sell my jewellery?
Yes, UK law requires anyone selling or pawning jewellery to bring valid photo ID with them (i.e. passport or driving license).
Please Note:
This article is NOT intended as financial advice and is for INFORMATIONAL PURPOSES ONLY.
