Tag Archives: watches

Diamond, Gemstones, Gold, Jewelry, Silver, Watches

Why You Should Avoid Pawning Jewelry

Posted on by Julianne Jacobs
Pawn shop from the old West, where pawning jewelry likely occurred
18
Aug

When you first think of pawning jewelry or pawn shops, you may think of the TV show “Pawn Stars,” or maybe even a Quentin Tarantino film. However, pawn shops aren’t just an American practice, although more than 30 million Americans use pawn shops yearly. The practice of pawning has been around for centuries, dating back to ancient China. Today, it’s a $14.5 billion industry with 11,000+ pawnbrokers across the U.S. While pawning jewelry or other valuables might seem like a great way to get quick cash, educating yourself on the industry, the process, and its setbacks is essential. Here are some reasons why avoiding pawn shops might be in your best interest and some alternative options to get cash for your jewelry. What Are Pawn Shops, And How Do They Work? A pawn shop (also called a pawnbroker) is a business that loans money to people who bring in valuable items, which they then leave with the pawn shop. The valuables left behind are known as “collateral,” meaning security for the loan provided by the pawn shop. The person can get their valuable item(s) back from the pawn shop if they pay back the money the pawn shop loaned them with interest. However, suppose the person doesn’t repay the loan and interest within an agreed-upon timeline. In that case, the pawnbroker can sell the valuable item to another customer to get back the money the pawn shop loaned. How Do Pawn Shops Make Money? Pawn shops make money in two ways: (1) making personal loans and (2) selling unclaimed collateral items. Providing Personal Loans Pawn shops give out personal loans to individuals who relinquish custody of an item, such as jewelry or electronics. The amount a pawn shop is willing to lend is based on a few different factors: the value of the item, the pawnshop’s inventory at the time of the loan, and demand for the item. Since individuals seeking a pawn loan typically can’t qualify for a traditional bank loan, the risk of default is higher. That’s why pawn shops make loans with substantially higher interest rates than banks typically charge for personal loans. State law governs the amount of interest a pawn shop is allowed to charge. In Texas, the maximum pawn shop rate is 240% APR! That’s high!  Reselling Pawn shops’ second primary income source is retail sales on unclaimed merchandise and items purchased outright from individuals. How Much Will Pawn Shops Give For Your Jewelry? If you are considering pawning jewelry, you might wonder how much pawn shops offer. Unfortunately, selling your jewelry to pawn shops guarantees the lowest amount of money in exchange for your items, thanks to the business model we outlined above. While pawn shops tend to offer more money to purchase items outright than to lend against them, it still will only get you about 50% of the value of your jewelry. Even if you need cash in a pinch, there are more lucrative ways to sell and get more out of the value of your jewelry. Alternatives to Pawning Jewelry If you want more money out of your jewelry, there are better ways! It also makes sense to outright sell jewelry you no longer want or need, rather than taking out a loan with a pawn shop. Those interest rates are no joke, especially in Texas! Here are some other, more lucrative, ways to sell your jewelry: Selling Online While this isn’t a great option if you need cash on the spot, you can sell your jewelry online to get more value out of your jewels. eBay is a great, safe option for everyday sellers. If you end up needing to do an in-person transaction, here are some do’s and don’ts to ensure your safety: DON’T agree to meet strangers alone. DON’T give out your address. DO meet in a safe, public place. DO accept cash only. Dallas Gold & Silver Exchange We’ve been around since the 1960s. We’ve stood the test of time by offering customers the most for their jewelry and being a trustworthy source of information. If you don’t believe us, shop around before you come to see us! We’ll give you the best offer and the best experience with our friendly, knowledgeable associates. You can bring your jewelry to any of our metroplex locations during our business hours at your convenience. No appointment is necessary. Want to learn more about the selling process at Dallas Gold & Silver Exchange? Let Loreina walk you through the easy process by clicking the video below!

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Watches

What Your Watch Says About You

Posted on by Julianne Jacobs
15
Aug

While we live in the age of the smartphone, watches are still an important component to everyone’s wardrobe. They don’t just tell time — watches show the world who you are and what you value. No matter what kind of watch you wear, the fact that you wear a watch at all shows that you’re competent and trustworthy. In fact, you’re more likely to get that job or promotion while wearing a wrist watch. So, you wear a watch and we know you’re a dependable person. What kind of watch do you rock and what does that say about your personality? Rolex If you wear a Rolex, you might be a traditionalist. You value the long-term investment over the latest fad. Whether it’s your money, career or relationships, you carefully plan your actions with the future in mind. If it’s a big-ticket item that you won’t be using in ten years, you won’t buy it. Practicality rules in your day-to-day life. While you don’t subscribe to passing trends, you’re your own kind of trendsetter. When people ask you about your clean, high-caliber style, your answer is simple — “invest in quality.” Breitling If you wear a Breitling, you might be a pioneer with a case of wanderlust. Your taste for adventure shines through whether you’re taking an African safari or checking out the new hotspot in your hometown. Breitlings are made with adventure in mind — they can withstand sky-diving, spelunking, scuba diving, and pretty much whatever else your rebel spirit will throw its way. Wearing a watch that can handle this action shows that you go big or go home. You’re willing to dig deep and give everything your 100% best, whether it’s in business or life. Tag Heur If you wear a Tag, you might be stylish. Your look is important to you, and you’ve perfected every detail of it. While trends don’t dictate your life, you still keep an eye on them and discern which trends match your style and which you’d rather let fade without participating. Just as you take great care perfecting your look, you take just as great care in life and in work. Before you send that email, you’re sure there are no typos. When you plan a trip, the itinerary is worked out far in advance. Your devotion towards getting it right the first time and dependability are made evident by that perfectly picked style of Tag on your wrist. Omega If you wear an Omega, you might be an innovator. To be sure, it’s no coincidence that the Omega Speedmaster was the watch worn by the Apollo 11 astronauts. You’re a born leader with a future-oriented mindset. You’ve got the bright ideas, whether those ideas are for leading your company bravely into the future or preventing another meltdown from your toddler. Your forward-looking mindset is a vital key to your success, and you’ve put that mindset towards one of your most important investments: your Omega. Do you relate to one of these personality descriptions, but don’t own the corresponding watch? Come in to Dallas Gold & Silver Exchange and find the watch that speaks to you. Show the world what you’re made of!  

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Diamond, Jewelry, Watches

Why Should You Get a Jewelry Appraisal?

Posted on by Julianne Jacobs
Man Inspecting Watch
15
Mar

Your jewelry holds a great deal of value — both monetary and emotional. To protect the monetary value of your jewelry, Dallas Gold & Silver Exchange offers you an appraisal on your prized jewelry pieces while you wait. Whether you’re a lifetime jewelry collector or just have a few select pieces you adore, you’ve worked hard to grow your collection! At Dallas Gold & Silver Exchange, we want your jewelry collection to be one of your greatest assets. That’s why we offer accurate jewelry appraisals from our GIA-trained experts to ensure your jewelry’s value for years to come. What is a jewelry appraisal? A jewelry appraisal is the process of assigning monetary value to a piece of jewelry by a certified professional for a specific purpose, such as tax, insurance, or reselling. You’ll receive a clear explanation process and the measurements used along with a signed statement of value from an expert appraiser with your jewelry appraisal. Our GIA-trained experts make sure to appraise your jewelry for the full retail price. When should you get a jewelry appraisal? Dallas Gold & Silver Exchange recommends a jewelry appraisal at least every two years. Because the prices of gold, silver, diamonds, and other gemstones fluctuate, be sure you have your jewelry valued accurately. Additionally, there are many events in which you should get your jewelry appraised, such as if you: Plan to re-sell your jewelry Switch insurance companies Modify a piece (such as a new setting) and change its value Give or bequeath the piece(s) Put the piece(s) into a trust or will Need to show ownership to your insurance company How long does a jewelry appraisal take? It depends on how many items you need appraised and their complexity. On average, an appraisal takes about 30 minutes so you can shop around or relax in our store while you wait. If you’d like to leave your pieces with us during the appraisal, you can rest assured knowing your jewelry is secure and protected. There are plenty of reasons to get your jewelry appraised and zero reasons not to. That’s why Dallas Gold & Silver offers jewelry appraisals at our Dallas location on Preston Road. Bring your beloved items for an appraisal to ensure their value today. You’ll thank yourself tomorrow!

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