Finding a great pawn shop

Buying and selling jewellery can be a daunting, often an expensive proposition. To save some money without sacrificing quality, many head down to pawn shops and other local shops. While many are hesitant to buy from a pawn shop because of their association with scams, there are plenty of perfectly upright and fair pawnshops – all you need to do is know what kind of shop you’re visiting before you go. Here are three essential tips to buying and selling in a pawn shop setting. 

Know the role of a pawn shop 

Pawn shops buy and sell jewellery (and other goods) to consumers, usually in order to sell and buy from other consumers. At a pawn shop, you can buy or sell your jewellery or other items, or you can pawn them, meaning you give the shop your item for a brief period in exchange for a cash loan. If you don’t repay the loan, the shop takes ownership of your item.  

Typically, you won’t choose to pawn an item unless you know you can pay the loan back and you know the value of your item to ensure you’re getting a fair deal. You can also buy jewellery and other items if you’re looking for highly affordable items. 

Find a shop that follows procedures 

When you enter into a pawn shop, you’re entering into a two-way street of respect and bargaining. If you’re pawning or selling jewellery, you should bring some sort of proof of authenticity to prove its worth. 

Pawn shop employees and owners are as wary of being scammed by sellers as buyers are of being treated unfairly. Of course, most pawn shops will give you a fair asking price for your goods, though they’ll never give you full resale price. Pawn shops are in the business of reselling, so you’ll always be at least somewhat underpaid for the value of your item; if you want a higher price for your jewellery, you should find an online collector. 

Read the reviews 

Nearly every business today has reviews and social proof directly on their website. This social proof exists for your benefit, to prove to you that the business is legitimate and will treat you fairly and with respect. Here at Cuttings, for example, we have been within the pawnbroking industry for over 100 years and have fantastic Google reviews which are available to read online. 

It is worth reading through these reviews to find out if the pawn shop you choose to visit is worth your time and will give you a fair shake, whether you’re buying or selling your jewellery. You can also ask around your social circle to find good and equitable pawn shops. 

Here at Cuttings, we are a family-run independent jeweller owned by the Kirkland family for over 50 years and we are here to help you with your jewellery investment. Whether you are looking to purchase a  timeless gold or diamond piece, or if you are looking to get your jewellery valued with our pawnbroking team, we are here to help. We have expert knowledge and provide expert advice so please get in touch with us here.

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