If you’re planning on buying an engagement ring, jewelry or a top quality watch, a high end pawn shop will likely have the perfect item for you. Pawn shops buy valuable goods like antiques, exotic and collectible cars, motorcycles, instruments, estate jewelry, watches, electronics and more. They also sometimes sell these, and you get high quality watches and jewelry at very reasonable rates. Like a thrift shop, you can buy better quality items than if you went for new watches or jewelry.
Many pawn shops combine several functions: they make cash loans, offer watch repair services, and are officially recognized precious metals dealers. High end pawn shops are not like something out a Dickens novel or even the popular television series. Think jewelry and watch repair, with a sideline in interesting curios, decorations and household objects and electronics.
Pawn shops make collateral loans
With bank loans difficult to come by, people bring their jewelry, watches and other valuable items to the pawn shop for loans to meet payments like mortgages, phone bills and school fees. Overall, pawnbrokers have seen a 3 to 5% increase in business, though gold transactions have leveled off.
Collateral loans constitute about 80% of a pawn shop’s business. The value of collateral pans has increased from an average of $80 in 2008 to $150 in 2011. The majority of people who sell to a pawn shop do so several times a year, with more than 80% reporting that they have taken collateral loans more than twice in the year. The advantage of a collateral loan is that you don’t have to sell your items. They are recovered when the loan is repaid.
Should you buy jewelry at a pawn shop?
Buying jewelry at a pawn shop can be a wise decision. You can get good value for your money. If you’re buying an engagement ring, a high end pawn shop has a wide selection of new and preowned jewelry. Preowned jewelry and watches sell well below the retail price, but you get outstanding quality.
Pawn shops buy estate jewelry. Which means that if you are buying an engagement ring, at a pawn shop you will have a wider selection than you would at a jewelry store which only carry modern designs. You can find many unique, one of a kind pieces of jewelry at a pawn shop, including antiques.
If it’s time for you to be thinking of buying an engagement ring, you should check out the offerings at a high end pawn shop. They are also qualified jewelers and all products and service are regulated, so you can buy with confidence.