What To Expect When Pawning Your Jewelry Or Watches

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Pawning is a business that’s actually more common than most people think, yet the details on its transactions can be quite vague for those who aren’t familiar with how pawnshops operate. There are lots of pawnbrokers and pawnshops offering opportunities for fast cash. From jewelry and watches to laptops, other electronic gadgets, and even musical instruments, you can pawn or hock whatever you have in exchange for money or to even get a loan on.

Now, pawning is basically exchanging your stuff for money. When it comes to jewelry or watches, you should be vigilant and careful with regards to price of your item, its rarity, and its current condition.

At A to Z Pawns, you can pawn all sorts of items as long as they have been legally acquired. Whenever you pawn an item, an in-house appraisal expert comes in to inspect your item and then offers you a price quotation for it. There are occasions when the appraisal expert “tests” the item that you brought in so that they will know if it’s genuine, usable, or of no use at all. Once the price has been agreed on by both parties (meaning you and the pawnbroker), you will then sign some paperwork and get the money on the spot.

Here are some things that you should expect whenever you are pawning your jewelry and/or watch:

  1. If you are pawning a used watch, don’t expect the price to be equal to or higher than how much you paid for it.

You can’t expect to pawn a watch that you have owned for, say, about 3 years and expect its price to be the same as 3 years ago. That doesn’t really happen under normal circumstances. Unless it’s very rare, the watchmaker has stopped producing that model, or it’s the only watch of its kind in the world, don’t expect a lot of money for it.

  1. Don’t ever claim that your fake jewelry or watches are genuine.

Remember, every pawnshop has appraisal experts who are skilled in determining if an item is real or counterfeit. At A to Z Pawns, our experts know what to look for and how to test or determine the authenticity of an item, whether it is a diamond necklace or a Rolex watch. So if you want to pawn a fake Rolex, get ready to be turned away once the appraisal expert inspects it. Maybe you can still pawn it, but don’t expect the price to be the same as that of a genuine Rolex.

  1. If you want to buy your pawned item back, expect its price to be a bit higher than how much you sold it for.

This is just the way that pawnshops profit from the business. But take heart: Though there is a markup from the buying price, the price is still better than buying the same item from an actual shop. Besides, some pawnshops like A to Z Pawns offer reasonable rates and lay-away plans to help you recover your pawned(sold) item(s).

  1. Be prepared to show some identification.

A to Z Pawns – Pawn Shop Phoenix

For valuable items like jewelry and watches, a pawnshop will ask you for some ID to ensure that what you’re pawning isn’t stolen goods. So, before going to a pawnshop, make sure to bring a government-issued ID with you, such as your passport and/or driver’s license.

Just follow these tips for a smooth, stress free and hassle free deal when pawning your stuff.