Should I Pawn or Sell my Jewelry?
I get asked this question at least a couple times a week. The most important factors are, do you have a sentimental attachment to it? Is it something that can be replaced down the road?? How long will it take me to have the funds to get redeem it???
If your item was passed down from someone in your family, then pawn it and make sure you set aside some money each week so you can pay it off. If you bought a Rolex watch say for $5000 and you need money now, sit down and try to guesstimate how long it will take you to get it back. If its more than a couple months, then you might want to sell it and buy one again down the road when you can afford it. The interest can add up quickly and end up costing you more in the long run.
Pawnshops have come a long way from the dark ages when they were in bad neighborhoods and had questionable characters that owned them. Getting a short-term loan on your jewelry items can be a lifesaver for many folks. Selling your jewelry is a good idea if it's going to be 6 months or more before you get right with your finances. But if you ever want to replace your jewelry or watches down the road, it could be more costly than if you took a loan out and got them back with the interest charges added.
We have been loaning money fo over 28 years and will loan you almost as much as I would buy it for. We are not a pawnshop that deals in everything. All I loan money on is jewelry and fine watches. Here is a great article that I found on the net that is interesting reading.
http://hubpages.com/hub/Pawnshop-Loans
Cons
Appraisals are usually low; a pawnshop loan is typically about 30% – 50% of what a broker expects to receive if he/she has to sell the item. Jewelry is usually appraised at wholesale value, guns at about 60% of blue book value, electrical appliances at only 10% – 30% of their original cost. For example, if you pawn your $6000 diamond ring, the loan you get may be as low as $200.
This where I am different from pawnshops. I have 28 years of selling jewelry in Orlando. I have an established clientele that are always looking for nice watches and diamonds. I have the knowledge to pay you top dollar and I have very competitive rates.
Remember, if you need the money short term, a cash loan can be a lifesaver. But be realistic, if it is going to be 6 months or more before you will have the money to redeem your item then you might just consider selling the items so the interest does not become to much for you to handle.
Are you in Orlando/Central Florida? Please call, email or stop by my store if you have any questions about your items. I also have free appraisal’s on your valuables.
All the best, JB