Why It Makes Sense To Shop At Your Local Pawn Shop For Jewelry

Business Blog

If you're in the market for an engagement ring, special birthday present or unique piece of jewelry and are frustrated by the boring selection of items at the regular jewelry stores, you should consider taking a look at your local pawn shop. Most such shops have an extensive selection of previously-owned rings, earrings, bracelets and necklaces at prices much lower than you'll find in chain jewelry stores.

How pawn shops work

Pawn shops acquire jewelry in one of two ways. Most shops will buy jewelry outright for a price less than the market price and then resell the item. In addition, pawn shops make short-term loans, using the jewelry (and other items) as collateral. If the loan isn't repaid within the specified period of time, the pawn shop owns the piece of jewelry and can sell it to recoup the cost of the loan.

Benefits to shopping at a local pawn shop for jewelry

1. Price. An educated consumer can find some bargains at pawn shops. Unlike chain jewelry stores, which charge a huge mark-up, pawn shops generally operate on a much lower profit margin. For one thing, pawn shops are rarely located in high-rent areas, like shopping malls. In addition, such shops have other income streams, such as the interest and storage fees associated with their loans, so they don't need to make all of their money on jewelry sales.

Since prices are lower at a pawn shop, you'll get more for your money. If you have a set amount you want to spend on an item like an engagement ring, you can get a much better quality ring for your money at a pawn shop than at a traditional retailer.

2. Uniqueness. Unlike the jewelry stores at the mall, where each store offers similar pieces, jewelry offered at a pawn shop is often unique. You'll frequently find vintage and even custom-designed pieces at such shops, each with its own intriguing history. If you're looking for a one-of-a-kind ring or other piece of jewelry, a pawn shop is a great place to look.

3. You're recycling. Buying jewelry at a pawn shop not only helps you save money and buys you a piece of history, but buying previously-owned jewelry is kind to the environment, since new metals, gemstones and other resources don't have to be used to create a new ring, earrings or necklace.

While shopping for jewelry at pawn shops isn't right for every consumer, such shops like West Covina Pawn offer an affordable, diverse and interesting selection of items that you probably won't right at a chain retailer.


12 January 2015

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