How do pawn shops work? how much do you get?

[JackRipper]

Originally posted by: BillyBatson
I have a pair of .62ctw diamond white gold earrings appraised at $2050 and were $1000+tax at costco. I have it on ebay right now never worn for $600 starting bid for 5 days with 45 mins left! but no bids and i do not think anyone will bid.

so if i took them to a pawn shop how does that work? roughly how much do that pay as in what percentage of the original item cost do they provide, is there anythign you would have to fill out, ID, etc?

Depending on the quality of the diamonds you probably are not gonna get anywhere near what you paid for them.

The pair of diamonds are total .62ctw = .31 ct's each (less than 1/3 carat each). If you came to our shop (we're not a pawn shop) I would give you max $200 for both. Appraisals are often a lot more than market asking price... when we give certified appraisals at our store we base it on actual replacement cost for the buyer (in the event of insurance claims). Diamonds are more expensive and valued based on total weight of a single diamond (ie a single 1 carat diamond costs 2-3 times more than 20 diamonds that add up to a carat).

On average, jewelry markup @ mall stores = 5 to 6 times the amount... even during a typical holiday 50% off sale, they are making almost 2-3 times cost. For jewelry stores that are independent from the mall, the markup may be 2.5 - 4 times the cost. Store's like Tiffany's markup about 5-6 times then add on % for brand name.

Another thing to think about is if the diamonds are certified. Non certified diamonds are significantly cheaper than certified. Did you get a grading certificate w/ yours? Typically GIA certified diamonds are the best... EGL/IGL/etc... certificates are less valued.

Anyway, good luck on selling diamonds on eBay... really easy to scam if you are not established.

JR

BTW...Pawn shops have good deals to buy but sucks horribly to sell since they know u need the money. A legitimate pawn shop would ask for lots of documentation when they are buying from you. Cops/FBI can come up, show a picture of missing item matching the one being sold, and easily confiscate the item.

 

[necine]

get store credit... get multiple gift cards... sell gift cards on ebay for 90% of the cost.

 

[bozack]

Originally posted by: JackRipper
Depending on the quality of the diamonds you probably are not gonna get anywhere near what you paid for them.

The pair of diamonds are total .62ctw = .31 ct's each (less than 1/3 carat each). If you came to our shop (we're not a pawn shop) I would give you max $200 for both. Appraisals are often a lot more than market asking price... when we give certified appraisals at our store we base it on actual replacement cost for the buyer (in the event of insurance claims). Diamonds are more expensive and valued based on total weight of a single diamond (ie a single 1 carat diamond costs 2-3 times more than 20 diamonds that add up to a carat).

On average, jewelry markup @ mall stores = 5 to 6 times the amount... even during a typical holiday 50% off sale, they are making almost 2-3 times cost. For jewelry stores that are independent from the mall, the markup may be 2.5 - 4 times the cost. Store's like Tiffany's markup about 5-6 times then add on % for brand name.

Another thing to think about is if the diamonds are certified. Non certified diamonds are significantly cheaper than certified. Did you get a grading certificate w/ yours? Typically GIA certified diamonds are the best... EGL/IGL/etc... certificates are less valued.

Anyway, good luck on selling diamonds on eBay... really easy to scam if you are not established.

JR

BTW...Pawn shops have good deals to buy but sucks horribly to sell since they know u need the money. A legitimate pawn shop would ask for lots of documentation when they are buying from you. Cops/FBI can come up, show a picture of missing item matching the one being sold, and easily confiscate the item.

Awesome response jack...

I agree on all points and would suggest the Op either return them for a credit and or trade them in at Costco for the nicest watch they have in that price range (omega or whatever) and then sell that on ebay as the chances are much better of that selling than diamonds.

 

[BillyBatson]

Originally posted by: JackRipper

Originally posted by: BillyBatson
I have a pair of .62ctw diamond white gold earrings appraised at $2050 and were $1000+tax at costco. I have it on ebay right now never worn for $600 starting bid for 5 days with 45 mins left! but no bids and i do not think anyone will bid.

so if i took them to a pawn shop how does that work? roughly how much do that pay as in what percentage of the original item cost do they provide, is there anythign you would have to fill out, ID, etc?

Depending on the quality of the diamonds you probably are not gonna get anywhere near what you paid for them.

The pair of diamonds are total .62ctw = .31 ct's each (less than 1/3 carat each). If you came to our shop (we're not a pawn shop) I would give you max $200 for both. Appraisals are often a lot more than market asking price... when we give certified appraisals at our store we base it on actual replacement cost for the buyer (in the event of insurance claims). Diamonds are more expensive and valued based on total weight of a single diamond (ie a single 1 carat diamond costs 2-3 times more than 20 diamonds that add up to a carat).

On average, jewelry markup @ mall stores = 5 to 6 times the amount... even during a typical holiday 50% off sale, they are making almost 2-3 times cost. For jewelry stores that are independent from the mall, the markup may be 2.5 - 4 times the cost. Store's like Tiffany's markup about 5-6 times then add on % for brand name.

Another thing to think about is if the diamonds are certified. Non certified diamonds are significantly cheaper than certified. Did you get a grading certificate w/ yours? Typically GIA certified diamonds are the best... EGL/IGL/etc... certificates are less valued.

Anyway, good luck on selling diamonds on eBay... really easy to scam if you are not established.

JR

BTW...Pawn shops have good deals to buy but sucks horribly to sell since they know u need the money. A legitimate pawn shop would ask for lots of documentation when they are buying from you. Cops/FBI can come up, show a picture of missing item matching the one being sold, and easily confiscate the item.

I know the appraisals are not the actual cost of the product that is why so many commercials say "guaranteed to appraise for double the asking price" and like i said this appraisal says "Estimated Retail Replacement Value: $2,050.00" which is double what i paid for them. It is also why i was asking $600 (60% of what i paid before taxes, 40% loss though new). It is all on a Costco Wholesale appraisal form although it claims to be GIA and says "Graduate Gemologist (GIA) # 14412" and has his signiture above it

 

[HomeAppraiser]

Yea those diamond appraisals are for insurance purposes more than anything. Can't you just return the diamonds for a gift card, use the gift card for $1,000 worth of stuff including one expensive toy. Then return the big item the next day for cash?

 

[BillyBatson]

Originally posted by: HomeAppraiser
Yea those diamond appraisals are for insurance purposes more than anything. Can't you just return the diamonds for a gift card, use the gift card for $1,000 worth of stuff including one expensive toy. Then return the big item the next day for cash?

no i thought about that but since the receipt wills ay gift card, that is what they will give back to you

 

[HomeAppraiser]

OK get a group of your friends and family to go buy $1,000 of stuff on the gift cards and have them pay you cash minus 10%. Everybody's happy!

 

[BigJ]

Originally posted by: HomeAppraiser
OK get a group of your friends and family to go buy $1,000 of stuff on the gift cards and have them pay you cash minus 10%. Everybody's happy!

Why doesn't he just sell the gift card for 90% of FV on eBay?

 

[JackRipper]

Originally posted by: BillyBatson

Originally posted by: JackRipper

Originally posted by: BillyBatson
I have a pair of .62ctw diamond white gold earrings appraised at $2050 and were $1000+tax at costco. I have it on ebay right now never worn for $600 starting bid for 5 days with 45 mins left! but no bids and i do not think anyone will bid.

so if i took them to a pawn shop how does that work? roughly how much do that pay as in what percentage of the original item cost do they provide, is there anythign you would have to fill out, ID, etc?

JR

BTW...Pawn shops have good deals to buy but sucks horribly to sell since they know u need the money. A legitimate pawn shop would ask for lots of documentation when they are buying from you. Cops/FBI can come up, show a picture of missing item matching the one being sold, and easily confiscate the item.

I know the appraisals are not the actual cost of the product that is why so many commercials say "guaranteed to appraise for double the asking price" and like i said this appraisal says "Estimated Retail Replacement Value: $2,050.00" which is double what i paid for them. It is also why i was asking $600 (60% of what i paid before taxes, 40% loss though new). It is all on a Costco Wholesale appraisal form although it claims to be GIA and says "Graduate Gemologist (GIA) # 14412" and has his signiture above it

Even @ 60% of what you paid for it's more than (at most equal to) cost for the retail store, so they would never buy in at cost... You are lucky you bought it at Costco + losing the receipt and still getting credit honored. Typical jewelry stores (especially branded stores) will probably give you store credit before 90 days less 15-20% restocking fee IN ADDITION to only using the credit to purchase something for twice the credit value.... the last part sucks cause i had a customer bring in a credit certificate and asked if we wanted to purchase for half the cost (the ticket was $2500... that meant he had to buy something for $5000+ to be able to use the certificate lolz) it really sucks... That's why I hate the jewelry business... fair jewelers never prosper....


JR

 

[daveymark]

There are plenty of items that costco sells that you can resell on ebay. return your item to costco, use the gift card to buy another item(s) for $1k, resell said item(s) for $1200 - $1400. I know of 5 or 6 items that are $400 - $500 at costco, they can be resold on ebay for around $$600 - 750. minimal profit after the fees and taxes (only around $100), but at least you get your money back. PM me.

 

[filetitan]

Originally posted by: Ronstang
Prostitutes not only end up being much more cost effective they don't cause you emotional stress.

lmao

 

[pontifex]

Originally posted by: GuitarDaddy

Originally posted by: BillyBatson
1/4!!?!?!? $250 for $1000 earrings is horrible! i thought they might at least pay 50%!?!

i don't think relisting them would help, i even looked at MANY other similar listings especially those that had actual bids and they did not list any info or add anything to the auctiont hat i didn't. i also already did the whole picture, gallaery, abd bold listings so it isn't like i could do anything different if i listed them a gain

Yep, jewelry in general has horrible resale value unless your talking true investment grade diamonds. And I highly doubt a pawn shop would give you $250 for it, more like $150. Pawn shops are for the extremely desperate, and for thieves to fence stolen merch.

And selling jewelry on eBay is also tough unless your an established jewery seller or jewelry store.
Your best bet will be something like a gold & silver exchange or a private jewelry store that deals in consignment and/or used pieces

couldn't you buy stuff with the credit then retunr that stuff with the receipt for cash?

 

[Injury]

Originally posted by: pontifex

Originally posted by: GuitarDaddy

Originally posted by: BillyBatson
1/4!!?!?!? $250 for $1000 earrings is horrible! i thought they might at least pay 50%!?!

i don't think relisting them would help, i even looked at MANY other similar listings especially those that had actual bids and they did not list any info or add anything to the auctiont hat i didn't. i also already did the whole picture, gallaery, abd bold listings so it isn't like i could do anything different if i listed them a gain

Yep, jewelry in general has horrible resale value unless your talking true investment grade diamonds. And I highly doubt a pawn shop would give you $250 for it, more like $150. Pawn shops are for the extremely desperate, and for thieves to fence stolen merch.

And selling jewelry on eBay is also tough unless your an established jewery seller or jewelry store.
Your best bet will be something like a gold & silver exchange or a private jewelry store that deals in consignment and/or used pieces

couldn't you buy stuff with the credit then retunr that stuff with the receipt for cash?

The plot thickens....



Probably not. Most stores will only allow returns in the same way you paid. IE... you pay with credit, the card is credited... you pay with cash, you get cash (or more likely, a checked mailed to your house from corporate HQ because they don't pay out cash over certain amounts)

 

[marvdmartian]

Originally posted by: pontifex
couldn't you buy stuff with the credit then retunr that stuff with the receipt for cash?

You must have missed it a few responses ago, when the OP said they'd see it was purchased with GC, so would refund with GC.

OP, definitely go the way of the gift card, then sell that on ebay. Best return for your investment (in other words, smallest loss).

Oh yeah, and never, NEVER, NEVER buy jewelry retail, not even from Costco!! Geez, I could tell you some horror stories of what I've seen! $200 gold chains that are worth $60 in gold, etc....... Definitely, buy from someone who's in the business for the love of anything buy money. I had a goldsmith buddy that would purchase old, broken gold chains & pieces for 60% of face value, or 80% if you were using it as credit in his store to buy pieces he was selling. He'd melt the stuff down to make other items, and that percentage was his profit. He's run a profitable business for well over 15 years now, against every tom, dick & harry retail store, and laughs when he hears people tell him that they paid atrocious prices for gold chains, etc, that were "80% off!!!" Remember, if they're offering anything at 80% off, and still making money, it's because their "original" prices were 120% higher than actual value!

 

[Kyanzes]

Nice trick to advertise yourself on ATOT. Congrats. You gave every possible params so no one could miss your ad on e-bay. There should be a forum dedicated to e-Bayers. Seriously.

 

[BillyBatson]

Originally posted by: Kyanzes
Nice trick to advertise yourself on ATOT. Congrats. You gave every possible params so no one could miss your ad on e-bay. There should be a forum dedicated to e-Bayers. Seriously.

um i did? other than a description of the item i didn't give any info, and FYI the auction ended yesterday while i continued to ask questions

 

[acemcmac]

Originally posted by: Kyanzes
Nice trick to advertise yourself on ATOT. Congrats. You gave every possible params so no one could miss your ad on e-bay. There should be a forum dedicated to e-Bayers. Seriously.

ger over yourself

 

[JackRipper]

Originally posted by: marvdmartian

Originally posted by: pontifex
couldn't you buy stuff with the credit then retunr that stuff with the receipt for cash?

You must have missed it a few responses ago, when the OP said they'd see it was purchased with GC, so would refund with GC.

OP, definitely go the way of the gift card, then sell that on ebay. Best return for your investment (in other words, smallest loss).

Oh yeah, and never, NEVER, NEVER buy jewelry retail, not even from Costco!! Geez, I could tell you some horror stories of what I've seen! $200 gold chains that are worth $60 in gold, etc....... Definitely, buy from someone who's in the business for the love of anything buy money. I had a goldsmith buddy that would purchase old, broken gold chains & pieces for 60% of face value, or 80% if you were using it as credit in his store to buy pieces he was selling. He'd melt the stuff down to make other items, and that percentage was his profit. He's run a profitable business for well over 15 years now, against every tom, dick & harry retail store, and laughs when he hears people tell him that they paid atrocious prices for gold chains, etc, that were "80% off!!!" Remember, if they're offering anything at 80% off, and still making money, it's because their "original" prices were 120% higher than actual value!

^^^ The above scenario is rare... its hard not to profit from jewelry and survive long. The worse is when I get a customer buys a chain for $300 from who know's where... just for me to tell them resale value is only about $70 and I can buy in gold value @ at most $35... we typically buy in scrap gold at about 5-8$ a gram (most stores around pay about $3 per gram)... what the customer doesnt realize is we have to refine the gold... and refining process can get a bit expensive here in the midwest where acid is hella expensive...

Originally posted by: Kyanzes
Nice trick to advertise yourself on ATOT. Congrats. You gave every possible params so no one could miss your ad on e-bay. There should be a forum dedicated to e-Bayers. Seriously.

^^^ A dumb@ss u r sir... the OP's auctioned ended with no bids (way b4 ur post)...