When you’re looking for a place to pawn a Rolex, it’s important to avoid a pawn shop. This may sound like counter-intuitive advice — how can you pawn a Rolex without visiting a pawn shop? What many customers don’t realize, however, is that pawn shops aren’t equipped to deal with luxury watches. Instead, pawn a Rolex somewhere with watch industry expertise like Diamond Banc.
It’s common to see nice watches on display when you walk through a pawn shop. Remember, most of those watches you see were probably a bad deal for their previous owner. Here’s what you need to know before you pawn a Rolex.
Rolex watches are always in demand
Pawn shops love to buy Rolex watches because their value doesn’t go down. Unlike jewelry styles that go out of fashion, a Rolex watch is timeless and has high demand. Remember, you should get a high price for your watch. Take the time to shop around, and consider different loan options.
Pawn shops are unpredictable
Bring your luxury watch to someone already in the watch business. You are guaranteed to get a higher price when you pawn a Rolex to someone with industry connections.
First, jewelers have connections and known buyers in the watch industry. At Diamond Banc, we know exactly how quickly a Rolex can be sold. At a pawn shop, customers are unpredictable. The owner has to wait for someone to walk in who happens to want a Rolex. Since Diamond Banc knows we would have a buyer, we would pay more for a Rolex.
Pawn shops lack expertise
Another way to guarantee a higher price is by working with an expert. Our jewelers have been working with watches for decades, and know exactly which models fetch more than others.
Want proof? One pawn shop website says customers usually get $2,268 for a Rolex. At Diamond Banc, some recent deals we’ve done include $5,500 for this stainless steel Rolex Submariner, $11,000 for a Rolex Daytona Chronograph and $4,500 for a ceramic Rolex Submariner.
Diamond Banc jewelers are also able to repair loose clasps and add links easily, improving the cosmetic value of the watch.