A pawnshop is a convenient place to get
cash for gold, pawn unused or unwanted items for extra money, and buy watches, jewelry,
and electronics at a discount. Before you visit a pawnshop to pawn items
for cash, take some time to understand how pawnshops work. Here are some
tips on how to prepare for your visit to a pawnshop.
Determine What Items They Buy and Sell
Visit the pawnshop’s website before bringing in your item, to ensure
that it’s something the pawnbroker would be interested in. If you
are trying to sell gold, watches, diamonds, or jewelry, it helps to have
a certificate of authenticity or an official appraisal to show the pawnbroker.
This will prove that your item is authentic, and may help you get more money.
Ask How Items are Valued
You will only receive a portion of the item’s retail value, and that
retail value will depend upon the item’s condition, the rarity of
the item, and the demand for that type of item on the resale market. Your
pawnbroker is loaning you money based upon the item’s value, not buying the
item from you. The loan amount that your pawnshop will offer will also
decrease based upon the pawnshop’s storage and security costs and fees.
Understand the Pawn Process
When people pawn items at a pawnshop, they are typically looking for an
instant cash loan. A pawnshop offers cash loans, using your personal belonging
as collateral. The pawnshop then keeps the item until the date that the
loan is due. Loans must be repaid in full, including interest and fees.
If the loan is not repaid, the pawnshop will then sell the item to recoup
the amount of the loan.
At Gem Pawnbrokers, we have been the premiere
NYC pawnshop since 1947. We are a reputable, family owned and operated pawnshop that
buys and sells gold, watches, diamonds, and electronics. For more information
about our cash for gold or instant cash loan services, you can visit our
website, or call us today at (718) 596-5626.