It would be inaccurate to say that it is better to buy jewelry from a pawn shop instead of a jeweler. But there are some benefits to buying jewelry from a pawn shop.
In this article, we outline the benefits of buying from a pawn shop, as well as some of the drawbacks of buying jewelry from a pawn shop.
Pros of Buying Jewelry From A Pawn Shop
Broader Range of Products
One of the most popular reasons that people prefer to buy jewelry from a pawn shop instead of a jeweler, is that a pawn shop will generally have a much broader range of jewelry of all different types.
Where a jeweler will need to stock the latest products, of the brands and manufacturers they work with, a pawn shop is not restricted in the same way. A pawn shop can display and sell any jewelry they want, at any time, that they can get in stock and are not limited in the same way.
Can Still Get A Guarantee
Just because you buy a piece of jewelry from a pawn shop, does not mean that you are not protected with your purchase. Many people think that when buying jewelry from a pawn shop they are not protected, and they have no recourse, should they find the goods to be faulty or not as promised. This is far from the truth.
Pawn shops that stock jewelry often have jewelers on staff, and can provide guarantees about the nature of each piece of jewelry. This guarantee will state what it is, what type of stones and silvers, and golds are included in the jewelry, and the weights of each if you have an independent appraisal that suggests otherwise, you will be welcome to return that piece of jewelry.
Can Bargain On Price
Though pawn shops do list prices on their items, it is much more common, and widely accepted to bargain, and try to get a lower price.
Though when you purchase jewelry through a jeweler the price will be fixed unless they are running a publicly advertised sale. With a jeweler, there is no wiggle room to try and bargain and get a discount on the listed price, whereas when you browse at a pawn shop, this is something you can do.
Lower Mark Ups
Pawn shops can be a cheaper place to shop forgery because they do not mark up the jewelry to the same extent that a retail jeweler does. The average markup for a pawn shop is 50%, sometimes a bit more, whereas a retail jeweler is likely to mark up jewelry by multiple hundred percent.
For those who did not want to pay the full price for new jewelry upfront, pawn shops are often very flexible with payment terms offering multiple different purchase plans and layaway. This is very rarely the case with a retail jeweler, and they are a lot less flexible with their payment terms.
The Castle Jewelry offers a range of layaway and financing options.
Cons of Buying Jewelry From a Pawn Shop
The main downside associated with buying jewelry from a pawn shop is that the jewelry is pre-owned. Many people view jewelry as a gift, that symbolizes love and care for the person receiving the gift. But the person receiving a second-hand gift will often feel less special if the gift they are receiving is not brand new.
Even if the jewelry is in nearly new condition, the fact that it has been worn by someone else, and that that person would have had memories and experiences with that piece of jewelry can often diminish its impact as a present.
Though this is true, many people reason that this is not a big deal, because jewelry itself is completely made up of repurposed materials. It includes a rock that has been dug up from the ground, and precious metals that have been dug up from the ground, and all these things have been processed in a factory and then worked on by multiple skilled tradespeople.
Increased Potential For Fraud
The other potential risk of buying jewelry from a pawn shop is the perceived risk of fraud. There is a common public perception that pawn shop owners may try and take advantage of their customers and deceive them regarding the nature and quality of the goods they’re selling.
Though this has undoubtedly happened in the past, its occurrence is extremely rare and if you make a purchase, and do your own verification regarding the quality of the jewelry, you can still get all the benefits of buying jewelry from a pawn shop without any of the downsides.
Many pawn shops even have a jeweler on staff who can independently verify the nature and quality of the goods. But you can always ensure that your purchase is conditional upon independent verification, and do your own testing through another jeweler if you want to be sure.
Though buying jewelry from a pawn shop is not for everyone, for those that are happy to have second-hand jewelry, there are many benefits. From the cheap price to the increased range, to the increased number of payment options – purchasing from a pawn shop has some clear advantages unmatched by those offered by a jeweler.