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Wondering how to calculate the value of my jewelry or your resale jewelry value? What is the pre-owned value of my Jewelry?
Resale jewelry value is probably the number question we get on a daily basis in our industry. The pre-owned value of jewelry and watches is often confused with the appraised value. Appraisals are typically used for insurance purposes and full retail replacement of your valuables as if they were lost or damaged. Jewelry items such as Diamond Rings-Bracelets-Necklaces-Earrings and other manufactured Jewelry items take the biggest deprecation hit. The biggest reason for this is the cost of design-manufacturing and retailing these items. A single piece of jewelry starts as raw gold and raw diamonds. Gold has to be refined before it can be used to build a piece of jewelry, a diamond has to be mined from the earth and then cut into a shape and then polished. All of these processes are very time consuming and very costly. Once that the gold is refined and the diamond is mined, cut and polished we are now ready to design a piece of jewelry. After the piece is designed then it’s ready to go to the jeweler for manufacturing. So as you can see from what I’ve just described there’s a lot that goes into making a piece of jewelry and the piece passes through a lot of hands and at every stop there’s a markup of at least two times. The true pre-owned value of most jewelry is 1/3rd of the original retail price.
Fine watches are a different story. A fine watch if kept in good condition and all original paperwork is also kept the depreciation curve is not as dramatic. Some watches will actually increase in value. Watches are much easier to research and determine the true pre-owned value because there are many websites that will give you the pre-owned value of your fine watch. Just remember to put yourself in the buyer’s shoes and think about what you would expect if you were looking to purchase a pre-owned fine watch or piece of jewelry.
Online pawnbroker Internet Pawn is meeting the short term cash flow needs for a huge % of the nation’s white collar population by lending them cash on their Fine Jewelry and High end Watches from the privacy of their own home or office.
This new generation of customer base has never had experience in a traditional brick mortar pawnshop.
The traditional pawnshops are not equipped with necessary tools and staff to meet this customer’s short term cash needs. An average loan at the neighborhood pawns shop is less than $100.00
their main focus is on Electronics-Tools and Small Gold Jewelry items’ they do a great job fulfilling small loans on these types of products.
An online pawnbrokers average loan is over $2500.00 and their main focus is on Fine Jewelry and Watches such as Vacheron Constanin ,Patek Phillippe ,IWC, Girrard,Perregaux, Rolex, Audemars Piguet.
Online pawnbrokers have expert staff that is experienced in evaluating fine Jewelry and Watches.
Just last week internetpawn.com gave a NFL player a $10,000.00 cash loan on his breitling diamond watch.
Todd Hills, CEO of Internet Pawn was surprised when the online application came in. The player has been in the league for over ten years and has played for multiple teams.
The player said that he needed the cash to cover some unexpected bills. He was able to get a cash loan on his Breitling diamond watch for $10,000.00 in less than 24-hours.
The player said he would be back to repay his online watch loan in less than 30-days even though he has 6-months to retrieve his watch.
When we think of the typical pawnshop customer, often we think of low income people out of work and down on their luck.
The one thing I hear all the time is pawnshops only deal with crack heads, drunks and thieves. These typical stereotypes still hold true for a number of pawn customers, but there is a new pawn customer emerging.
The pawn industry has significantly changed over the last decade. There is a new customer base and a new quality of product being pawned. The high unemployment rate, lack of personal loans, and overall economic downsize has produced a whole new breed of pawn customers. These people are not crack heads, drunks and certainly not thieves. The new customers are honest, hard working, educated, blue and white collar Americans that are caught in the country’s credit crunch and huge economic slowdown.
Let me be a little more specific about who this new customer is. It could be a very successful business owner that has a payroll to meet next week. I have provided financial solutions for a few professional athletes, who are down on the luck and their contracts have expired. With the divorce rate continuing to loom around 50%, diamond rings are pawned or sold to help build new lives. Or how about a big time wealth manager or a real estate broker, mortgage broker or car sales person. Many industries are being affected by the economy and many people are one pay check away from financial hardship. In this day and age I never know who my customer will be, but am always glad I can offer a financial solution. In the good times these new pawn customers have done their part in stimulating the economy by purchasing
items like. The good news is that they have these assets, which can be pawned for financial relief. I have seen a tremendous growth in the value of items being pledged, and would expect to see this trend as the economy continues to suffer.
Pawnshops have been around for centuries. In the good times and bad, they have been there to service the financial gap that traditional financial institutions cannot, or will not serve.
Todd Hills