Retail jewelry stores and pawn shops have some major and important differences.
Unlike traditional jewelry stores, pawn shops can price their gold items according to the current price of gold in the market. They have the unique ability to monitor the market and price items, such as necklaces and bracelets, accordingly.
In the retail jewelry business, the daily price of gold does little to change the day to day price of an item. In a retail jewelry store, items are priced on a cost basis. The design and make of an item has a good deal to do with its pricing. A pawn shop can adjust the price to reflect the going rate for gold in the market. Instead of pricing an item up due to its make or design, a pawnbroker can price it according to its weight and karat.
“In the pawnbroking business, at least at Suffolk Jewelers and Pawnbrokers, the daily price of gold has everything to do with what it is priced to the public,” said owner Ed Bean. Bean said he enjoys the flexibility that market pricing provides. “We’re able to give our customers a better deal than they would find at a retail jewelry store,” Bean said.
A traditional retail jewelry store buys its items at wholesale, and often marks them up 100 percent or more to make a profit. Pawn shops, however, cut out the middle man, which enables them to price their items in response to the current market. Also, they don’t have to mark up an item just because it has a certain designer.
This means that if gold prices are lower, our prices are lower.
With the recent downward movement in the price of gold, the asking price at
Suffolk Jewelers and Pawnbrokers for all its jewelry is substantially less. Come in and take advantage of this ideal shopping situation today.