Unfortunately the high price of gold has left new gold jewelry retailers somewhat out in the cold because people are simply not buying new jewelry with the state of the economy and gold prices so high.

Worldwide gold jewelry demand, dampened by growing global recession, fell 11 percent in 2008, the lowest since 1989.  The United States accounted for one-third of all decline.  The 2008 Gold Survey of GFMS Ltd., a leading international precious metals consulting firm, says the sharp drop in U.S. jewelry consumption not only affected the U.S. jewelry manufacturers but also contributed to 2008 Italian jewelry exports, down 18 percent.  Another 11 percent decline worldwide is expected in reports for 2009 says GFMS, “As economic sluggishness and the gold price strength hit all areas of jewelry demand except gold coins.

Pawn shops are another place people can take their unwanted old gold jewelry in order to receive quick cash for any number of reasons, like paying utility bills, and unexpected medical bill or making the mortgage payment because a family chose to purchase food or medication instead of paying the mortgage that month. 

When people do want a new piece of gold jewelry, many of them are turning to a Baltimore Pawn shop which now has an abundance of old gold jewelry, many of the pieces unique and one-of-a-kind that have been traded in for quick cash and can now be sold in the pawn shops storefront.

A Tucson pawn shop works in two different ways: an individual will bring in their valuable items such as a piece of gold jewelry or a flat-screen television and the pawn shop will hold the item for a predetermined amount of time for a certain amount of money loaned to the individual and then at the end of that amount of time, the individual brings back the money, with interest and receives their valuable back.

The other way a Seattle pawn shop works with people looking for quick cash is that they bring in their valuables, gold jewelry or electronic videogames, and the pawn shop purchases it out right – gives the owner of the valuable money and in return keeps the valuable to sell in their store front.