Chose Your Pawn Broker: Make Sure It’s the Real Deal

Pawn shops have been getting a lot of attention lately because of the reality show “Pawn Stars,” but pawn shops actually date back more than 3,000 years. The History Channel says that there are more than 12,000 pawn shops in the United States and millions of Americans who don’t use banks use pawn shops as a way to buy and sell items.

New Yorkers see GEM Pawnbrokers as “the closest pawn shop to me,” but we also strive to be the best in every way. GEM Pawnbrokers is committed to making sure customers are totally satisfied, while at the same time following recognized industry practices. Because of special regulations, we also focus on being responsible legally and financially. GEM Pawnbrokers is a name you can trust.

GEM Pawnbrokers promotes the laws and regulations that govern the activities of pawnshops because they balance the interests of the pawn broking industry with those of consumers who need to use our services. Here at GEM Pawnbrokers, we hold our customers in the highest regard, and every employee is committed to our “Best Practices Policy.”

Practicing a Best Practices Policy

Our Best Practices Policy includes providing full disclosure to every customer, so that customers are aware of what the terms are when they come in to pawn their items, from the first transaction until the completion of the business. We are committed to complying with all city, state and federal laws and regulations. At GEM Pawnbrokers, we believe in truth in advertisement, and we encourage and promote community responsibility and commitment.

An Institution of Proven Commitment

With 24 locations in the New York City metropolitan area, GEM Pawnbrokers has already helped millions of customers get cash fast when they need it most. We know the real meaning of customer service. Our customers have been here for us since 1947, and we thank them for making GEM the largest and most respected pawnbroker in the entire state of New York.

Pawnbroker Code of Ethics

The National Pawnbrokers Association offers a Code of Ethics, which gives guidance so that we know what is the best we can strive for in the industry. We want to be the best not just for our own reputation, but to promote and enhance the reputation and image of pawnbrokers in the rest of the industry. The Code of Ethics encourages competition among pawnbrokers because striving to be better gives the customers yet better quality.

Not only does the Code of Ethics encourage pawnbrokers to follow all local, state and federal rules regarding pawnbroking, it encourages us to maintain positive and long-lasting relationships with all related officials. If we encourage other pawnbrokers to join and make a commitment to the National Pawnbrokers Association, we can offer better quality in the business nationally.

Pawnbroking as a Profession

In 2015, the National Pawnbrokers Association created a Certified Pawn Professional (CPP) designation. Candidates must have at least three years of experience in the industry, and there is a required course. They do not earn their designation until they have passed the required number of courses, which cover information relating to the business like product knowledge, marketing, and federal regulations. This is just one more way that pawnbrokers are becoming more professional.

A Family-Owned and Operated Business

Martin Kaminsky opened GEM Pawnbrokers in 1947, and it has grown into the largest pawnbroker in New York City. GEM Financial Services started in 1975 as a spin-off and offers financial consulting and other financing programs designed for a pawnbroker’s model. Martin has passed on, but his son Mitchell is Chairman of the Board at GEM Pawnbrokers, and his granddaughter Rachel Wilen has taken over as President.

Why Go to a Pawnbroker?

Pawnbrokers provide a convenient, discreet way to get a quick collateral loan. The borrower can leave behind an item of value instead of taking a loan out, and there are no legal or financial consequences to the borrower if he does not repay the loan. The items of value can include anything from jewelry, musical instruments, and appliances to firearms, electronics, and tools.

How Much Can I Expect to Get?

The amount of the loan will depend on the value of the collateral, although it also depends on the condition of the item and if it is currently in demand. The pawnbroker is going to have to consider whether he will be able to sell it to make the money back. Usually, the item in your cash pawn can be surrendered to provide payment in full on the loan. Some pawnbrokers may specialize in certain kinds of items, and some may even extend the loans if requested to do so.

How Do I Choose a Pawnbroker?

When choosing a pawnbroker, you want to find the best pawn shop. The most important thing is trust. You want to get the most money for your goods, and you want to deal with someone who is operating ethically. The first and easiest thing to do is ask your friends and anyone else in your circle who has used a pawnbroker before. You can also go online on different websites like eBay and Amazon to try to figure out how much money you should be able to expect for your goods. If you are wondering “Where is a24 hour pawn shop near me,” you will probably find us.

Choose Your Pawn Broker

How Can I Get the Most Money for My Goods?

After you make sure which pawn shop is the best, decide if you want to sell the item or if you really just want to pawn it. Negotiate if you can, and bring in an appraisal if you can prove the value of a particularly unique item. Make your goods look as good as possible by perhaps cleaning and shining them. It is very important if you are pawning your item and you want it back to make sure you pay on time. It will be a much easier pawn if you have done your homework.

Should You Sell or Get the Loan by Pawning?

It’s better from the point of view of the pawn shop if you sell because they won’t have to store your items as long. But they’re happier if you pawn because you’re more likely to be a repeat customer. However, even then, the pawn shop is likely to hold your goods for a specified time, possibly as long as 30 days, to make sure they’re not stolen. But you’ll probably get more money if you do a straight sale. It’s better to ask while you’re doing your business to know for sure what is best for you right now.

What Is the Best Strategy when Buying from a Pawn Shop?

Research ahead of time to find out not only what items cost new, but what their demand is and how much they are selling for used. Negotiate if you can, and when you get your receipt read it carefully for statements such as “All sales are final.” You can sometimes get a better deal if you pay with cash. The available stock in a pawn shop changes day by day, but GEM Pawnbrokers has a high volume of inventory all the time, and you can probably find what you want.

What Other Services Can I Expect at GEM Pawnbrokers?

We want you to think of us when you ask yourself, “What is the best pawn shop near me?” Not only does GEM Pawnbrokers operate as a traditional pawnbroker, but we provide additional, related services. We are one of the only companies in the state that will make a reasonable offer for a loan on your vehicle, so instead of finding storage or parking in New York City, we can take care of that for you. We also provide professional services where we can liquidate entire estates for attorneys or families, and will even consider artwork on a case-by-case basis.

You Can Even Shop Online

We aren’t just the closest pawn shop physically, but through our webpage, you can browse available items and make an offer or buy items outright. Items available online include cameras, toys, movies, sporting goods, electronics and tools. When you check out, you will be directed to log into eBay so you can pay and provide your shipping information. Not only are we the closest, and available 24 hours, but we are available virtually, too.


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