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What is a Pawnbroker? A Day in the Life of Buying Gold and Jewelry

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Ever wonder what it’s like to be a pawnbroker? You know, those folks behind the counter when you walk into a pawn shop, surrounded by a treasure trove of watches, gold chains, and jewelry? Spoiler alert: it’s not as glamorous as you might think, but it’s definitely never boring!

Let me break down what we do as pawnbrokers and take you through a typical day, specifically when it comes to buying gold and jewelry.

So, What Does a Pawnbroker Do?

Think of a pawnbroker as part treasure hunter, part banker, and part negotiator. Our job is to evaluate items people bring in—whether it’s gold, jewelry, or the occasional antique accordion (yes, that happens)—and decide how much we can lend or pay for them.

Here’s the deal: You bring in an item, we assess it, and if you need quick cash, we can loan you money against it. If you pay back the loan within the agreed time, you get your item back. If not, we sell it to recoup the loan. Simple, right?

But it’s not just about loans. We also buy items outright, especially gold and jewelry, which is where most of the action happens. Now, let’s dive into what a typical day looks like when you’re a pawnbroker dealing with bling.

8:00 AM – Coffee, Gold, and Dreams of Treasure

Every day starts the same: a strong cup of coffee (or two) and a mental pep talk about what sort of treasures—or not-so-treasures—are going to walk through the door. You’d be amazed at what people consider “valuable.”

Gold and jewelry are the bread and butter of the pawn world. People bring in everything from old engagement rings to gold chains from the ’80s. Some of it’s real, some of it’s, well, not. But it’s our job to figure that out.

9:00 AM – The Gold Rush Begins

The doors open, and it doesn’t take long before people start coming in. There’s always a rush of folks ready to sell or pawn their gold and jewelry. Some need cash for unexpected bills, others are just clearing out their old jewelry boxes.

First customer of the day? “Mr. I Swear It’s Real Gold” . He’s convinced his necklace is 24k gold, even though it’s turning green around the edges. Spoiler: that’s definitely not gold. But hey, I’ll test it anyway, just to be sure. We pull out the gold tester, and surprise, surprise—it’s gold-plated at best. We have a friendly chat, and I let him down easy.

11:00 AM – The Big Players: Gold and Diamonds

Gold, silver, diamonds—this is where things get serious. Every piece of jewelry that comes in gets tested, weighed, and appraised. You’ve got to know your stuff. People can get really attached to their gold and diamonds, but sentiment doesn’t pay the bills.

When buying gold, I check the karat (how pure the gold is), weigh it, and calculate the market value. People often think their gold is worth more than it is, especially those big flashy chains. But here’s the thing: it’s all about purity and weight, not how good it looks in a music video.

Diamonds are another story. Not only do I have to test if they’re real, but I’ve also got to check the cut, clarity, and carat. The 4 Cs of diamonds—these bad boys can make or break a deal. And yes, I’ve seen my fair share of cubic zirconia trying to pass as diamonds.

1:00 PM – Negotiation Time (AKA Lunch)

After a morning of gold and diamonds, it’s time for lunch. But of course, lunch is never quiet. Someone always wants to negotiate a better price on their gold chain while I’m trying to enjoy a sandwich. Pawnbroking is all about the art of negotiation. Everyone thinks their items are worth more, but at the end of the day, it’s all about the current market value.

2:00 PM – The Surprise Finds

Afternoons are always interesting. This is when you get the unexpected items. People often bring in old family jewelry that’s been sitting in a drawer for years. Sometimes it’s junk, but every once in a while, you hit the jackpot—like a genuine antique piece or a high-quality gold ring.

I once had a guy bring in a ring he thought was just some costume jewelry from his grandma. Turns out it was a vintage 1920s art deco piece with real diamonds. Needless to say, both of us were surprised, and he walked out with a nice chunk of change.

4:00 PM – Gold Buyers Galore

As the day winds down, we often get the last-minute sellers—people who’ve finally decided to part with that gold bracelet or grandma’s old wedding ring. Gold prices fluctuate, so we stay on top of the market, making sure we’re offering fair prices.

By now, I’ve tested and weighed enough gold to fill a pirate’s treasure chest (well, almost), and I’m still explaining why 10k gold isn’t worth the same as 24k. Fun fact: the higher the karat, the more gold it contains, which is why those 24k gold pieces are worth so much more.

5:30 PM – Wrapping It Up As

we close up shop, I take a final look at the day’s haul. Gold chains, engagement rings, diamond earrings—you never know what’s going to come through the door next. And while I didn’t strike it rich today, there’s always tomorrow. The life of a pawnbroker is a mix of surprises, negotiations, and the occasional hidden treasure. And that’s the life of a pawnbroker—always on the lookout for the next piece of gold or jewelry that could be worth its weight in, well, gold.

Christmas Gift Guide

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Well, December is here now, and though it seems like there is plenty of time, you know that time always mysteriously disappears all too quickly. Before you know it, it’s Christmas Eve and you’re drenched in a cold sweat, filled to the breaking point with stress as you frantically hunt for gifts, all the while hoping they don’t look “last-minute.”

Unless you are really, really good or really really lucky, odds are that these gifts will be a little lackluster in your heart of hearts. What better joy is there than giving a gift you KNOW is downright PER-FECT. I’ll tell you what’s better: when that gift is for the person who means the most to you.

Now I don’t want to turn this into a “Philosophy of the Holiday Season” article; that’s not going to help you out right now, but often we get so caught up in just getting something (anything!) that we miss out on a whole lotta joy and love. Seriously. OK, but that’s a discussion for next November.

So what do you do? Put just a little more time in and it will pay you back TEN FOLD. Now it’s hard to know where to start, so I’ve got a few ideas (and pictures) for you to choose from. Pay attention to what that special someone wears, likes, or even HINTS about.

Jewelry Style for 2016-17 Gift Ideas:

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Layered Pearls

Obviously this could get pricey if you do cultured pearls, but we have a great selection of freshwater pearls with white or yellow gold (or silver) that look amazing.

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Bangles (worn over sleeve)

I personally love this trend. It really makes the bangle stand out; plus it’s one style that agrees perfectly with living in the Northeast! We have some drool-worthy candidates in yellow, white or rose gold, with or without diamonds, sapphires, faceted or cabochon, etc., etc.!

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Layered Necklaces

I have been digging this trend for a while now. This is such a great gift because you can really customize it to suit your taste and budget. These layers can be created with single pendants in yellow or white gold, precious stones such as diamonds, emeralds, rubies or birthstones, bar or station necklaces – the possibilities are only limited by your creativity!

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Lariat Necklaces

I love lariats. They are elegant but don’t have to look too dressy and can be worn casual or evening. They can be with or without stones and come in yellow, white or rose gold.

Come in and talk to us for more ideas or to grab one of these ones. The earlier you come in, the more time we have to create that perfect gift. There’s absolutely no reason to not enjoy every facet of this Holiday season. No reason. Relax and breathe in, breathe out. Happy shopping!

For more ideas, this is a great resource:

Jewelry Trends for Fall 2017

Do You Spring Clean?

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Here’s Why You Should

When the last of the muddy snow finally disappears, the first of the Spring flowers poke their heads up, and the sun feels just a bit warmer, you might notice a little hopeful feeling emerge; an inner wisdom is nudging you, reminding you that it is a new season: a chance for a new beginning. This is the time of year that we long to slough off the dead leaves and muck of last year and start fresh.

Selling Unwanted Jewelry

Selling Unwanted Jewelry

I am a big believer in re-booting whenever possible. Every day, really, is a chance to begin with a clean slate and it helps to reflect that feeling back however you can – even if that just means making your bed every morning! A crisp, inviting made bed waiting for you at the end of the day might just be the difference between mental clarity and cloudiness, peace and calm and stress and anxiety. If something so small as that can make such an impact, think if you apply that concept to other areas of your life! I say when Spring comes around and you feel that pull to “shed your skin”, listen to it!

We all have “stuff” and a lot of it is good stuff; but we also tend to hang on to many things that we don’t use or need. All that superfluous clutter and baggage is really just dead weight: these things no longer add to your life; in fact, they could be detracting from it!

Ready to give it a try? But where to begin? A good starting point is usually the things that are going to be the most noticeable, what takes up the most space or always seems messy and cluttered. Whether that’s your closet or your kitchen cabinets, you need to decide what will give you the most satisfaction in the end. If you hate opening your closet because it is such a disaster, start there. If you never want to cook anything because your cabinets are scary, start there. Make sure you have plenty of uninterrupted time to go through. Put on your favorite music, knuckle-down and focus on down-sizing just that section. Don’t get down if at first you feel like you’re creating a bigger mess than you already had. Trust me, stay in the moment and things will start to take shape and clear out. At that point you will definitely feel lighter, more peaceful, and possibly inspired to keep on going.

We have some great tips for sorting out jewelry here and really the same principles apply to just about anything you own. Try not to throw things away willy-nilly. Even though many of us are trying to be more environmentally conscious, we can still be guilty of trashing some things that would be serviceable to someone else. You know the old adage, “One man’s trash is another man’s treasure.” I know, eye roll, but really, you know it’s the right thing to do, and if that still doesn’t do it for you, some of your stuff could make you some money! There are so many avenues available now that it really is a shame not to try to recycle your unwanted dishes, flat- and serving- ware, collectibles and other housewares, purses, jewelry, watches, shoes, clothes, and the list goes on. We buy a lot more than jewelry (you can see a list of some of the things we buy here), so if you’re unsure where to begin, contact us and we will get you on the right track.

Happy cleaning!

Read Article - Spring Cleaning Part 1

Safe-Guarding Your Jewelry this Summer

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summer-jewelryThe big holiday is over and Summer is in full swing. Time for cookouts, relaxation, and lots of outdoor excitement – whether hiking, biking, swimming, or relaxing on the beach, Summer is our most active (and enjoyable) season. The only down-side I can see is that a lot of these fun activities can prove hazardous to your jewelry. Discolored metal, cracked, scratched or missing stones, or gasp, a lost diamond, can certainly put a damper on an otherwise great Summer.

But hey, don’t worry! We’ve put together four simple tips to help you avoid any unnecessary mishaps. Of course, not wearing your jewelry in certain circumstances is the ideal course, but many of us feel like a part of ourselves is missing without that special piece so let’s try to avoid that if we can!

Prong Check Boston

Prong Check Boston

1. Check your prongs. OK let me say that a little louder, CHECK YOUR PRONGS!!! This is the single most important thing you can do and what’s more it should cost you little to nothing! You should be able to drop by any reputable jeweler and have this service performed, often while you wait. No excuses! The jeweler will be able to tell you on the spot if any prongs need to be tightened or re-tipped.

2. Check all clasps and closures. That means necklaces, bracelets and earrings. Items with snap in or over clasps (we call them plungers) you should feel a decent amount of tension and hear a nice snap. The same goes for earrings – earring backs should be tight, and if it’s a clip you should feel a nice click when they close. If you are wearing hook dangle earrings, invest in some slide-on stoppers for the wire ( in a pinch, a little piece of an eraser will do too!). Anything you’re not sure about, ask a jeweler to check for you!

grandmother-jewelry3. OK I know I said you can wear your jewelry, but we need to qualify that statement… sorry. If you are going to swim in a pool frequently, it is really best not to wear your jewelry. If it’s just a few times you will probably be safe (but I can’t promise) but chlorine (or any bleach) is very damaging to fine metals, not to mention many precious stones as well.

summer-jewelry-metal4. This last one is pretty easy – you need to wear sunscreen but your jewelry doesn’t! When applying, remove all jewelry and wait until the sunscreen is absorbed before putting it back on.

Phew! That’s easy enough I hope? Follow these tips and you and your jewelry will enjoy many happy future Summers together!

Certifications vs. Jewelry Appraisals: What is the difference and what do you need?

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NlIkoOur many years in the jewelry business have taught us a lot, and one of the most important lessons is that simplicity is always best. Many friends and customers have expressed confusion when trying to differentiate between jewelry appraisals and certifications. The terms seem often to be used interchangeably which of course, adds to the problem. We’d like here to explain what both certifications and appraisals are used for, in the simplest terms possible to help clear up any murkiness.

Jewelers have been doing jewelry appraisals for probably as long as they have been selling jewelry (and as long as insurance agents have been selling policies!). Certifications on the other hand, seem really to have come into vogue in the past decade or so. It is all too easy for an average person to miss the differences between these documents, resulting in confusion and often disappointment.

Jewelry Certifications vs. Jewelry Appraisals

Perhaps the biggest difference between an appraisal and a certification (or “cert”) is that an appraisal asserts a monetary value on a piece or pieces of jewelry, while a certification does not. Secondly, while appraisals and certifications both deal with quality, an appraisal is ultimately a subjective valuation of an entire piece of jewelry. However, a certification is a stringent verification of a single gemstone conducted in a gem lab by a certified technical gemologist, pertaining only to the gem’s individual aspects and quality. A certification does not determine a market value.

Jewelry Appraisal

Jewelry Appraisal

Thirdly, and perhaps most importantly, the uses for both types of documents are quite different and yet interrelated. To illustrate, a certification is something you might want to see before you buy a loose diamond for an engagement ring. It is not generally worthwhile to get certifications for stones that are too small or are otherwise of a less valuable nature. A gem certification should come from one of two internationally recognized gem labs: GIA (Gemological Institute of America) or EGL (European Gemological Laboratory). That said, we recommend GIA certifications, as they tend to adhere to far more strict and consistent standards, making a GIA certification conducive for use as a buyer’s aid. Essentially, certifications work the same way they do at a car dealership. We have all heard the term “certified pre-owned.” Well, a gem certification does the same thing: it is a document verifying that the stone you are looking at is exactly what your jeweler says it is. It can be viewed as an added buyer protection and is very helpful in choosing between diamonds of different qualities. Additionally, it can be used to aid the subsequent appraiser’s assessment when you have mounted your stone in a piece of jewelry.

The purpose of an appraisal is quite different. Rather than buyer protection, its use is property protection. After you make your purchase, you may want to insure your piece of jewelry against loss or theft. A jewelry appraisal is an assessment of an entire piece of jewelry’s current market value for replacement, performed by a qualified jewelry professional. If you have a stone certification, this will help reduce the level of subjectivity involved in appraising your piece, as your appraiser will have concrete confirmation of the gemstone’s aspects and quality that may be difficult to determine once a stone has been placed in an item of jewelry.

Finally, it is unlikely you will ever get a second certification for a stone, but you will most certainly need to update your appraisal every few years or so, as your insurer’s guidelines will dictate.

There you have the basic distinctions between certifications and appraisals. We sincerely hope this clears up any perplexity, but feel free to call us or come in person if you have any questions!

Our Two Cents on Collecting Gold Coins in Boston

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Collecting Gold Coins as a hobby is older than the great city of Boston. People have eagerly built collections for centuries based on a variety of motivations. Coins can hold historical significance because they were either designed, portray or commemorate an important person or event, making them worth more (sometimes significantly) than face value. Every year, the demand for collectible coins rises as the hobby becomes more and more popular. Whether you’re an avid coin collector, have inherited some old coins or a collection, or just have a box of old coins lying around – checking out the value of those coins could prove to be very lucrative!

Coins can be far more than just pocket change! Within the past few years, the value of precious metals has gone up significantly. This translates directly to the value of your old silver coins. In addition, the growing demand has also played a part in the increased value of rare and historical coins.

Perhaps you’re looking to sell because you’ve inherited them, and are not into collecting yourself. Or maybe, you are an avid collector who is looking to make some money so you can upgrade your collection. Whatever the case may be, before you go to sell your coins you should know the value so you can recognize a reasonable offer. All too often people will overvalue the majority, while undervaluing the rare ones.
Here are a few things for the Boston coin collector to consider:

Rare Dates. There is a strong demand for coins with old and rare dates. For example, 1922 penny could be worth hundreds of dollars, regardless of condition!

Condition. Well preserved, high quality coins in top condition are always in demand and return a high value. Uncirculated coins can be worth 80% more than a widely circulated and worn coin.

Mint Marks. This refers to the marks placed on a coin collection when it was created at the United States Mint. One mark in particular that creates a lot of buzz is the CC mark, indicating that the coin was minted at the Carson City, Nevada Mint, which ceased operations in 1893.

Rare Varieties. A rare variety of a coin (for example, a buffalo nickel vs. a Jefferson nickel) can be worth eight times more than its similar counterpart.

Even knowing you have a valuable coin doesn’t always mean you know exactly what it’s worth. To find the exact value of your coins with confidence, you can visit Bromfield Jewelers in Boston for an expert appraisal! We also buy coins, for when you’re ready to cash in.

Make sure to check your dressers, cabinets, and old boxes for collectible coins. You never know what treasure may be hiding there! And the next time you go to “give a penny,” it might be worth it to take a second look!

Knowing the 5 C’s of Diamonds | Boston Diamond Dealer

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One of the most memorable days in a couple’s life is the day they get engaged – especially if it’s in the beautiful city of Boston! But before you get there, you’ve got to buy the ring. The process of finding the right Boston Diamond Dealer in this lovely city and in most others can be daunting, and even a little intimidating. How do you know what to buy? Where do you go and what’s best? The first step to purchasing the perfect diamond engagement ring is to know the 5 C’s.

Carat – The weight of a diamond is measured in Carats. One Carat is equivalent to 1/5 of a gram. The greater the weight of the diamond, the more expensive it will be. For example, a one carat diamond ring will cost more than a ring with three smaller diamonds that have a cumulative weight of one carat.

Color – The color of a diamond is graded by letter. The most perfect and colorless grade is a D, with each following letter having slightly more color. The less color in a diamond, the more rare it is. Grades up to an H are colorless to the naked eye. The farther you go through the alphabet, the more yellow the diamond contains.

Clarity – The clarity level measures the flaws, or inclusions, of a diamond. These can be spots, clouds or cavities in the diamond itself. The clarity level is rated from SI (slightly included) to VVS (very, very slightly included). While the level of inclusions will affect the quality and price of the diamond, most cannot be seen by the untrained eye.

Cut­ – Not to be confused with the shape of the diamond, the cut measures the workmanship of the diamond. The cut can enhance the luminosity and sparkle, and can hide any flaws or inclusions.

Certification – The lesser known “5th C” is for Certification. It’s crucial to review the diamond certificate to protect your investment and verify its authenticity.

boston-diamond-dealer

In addition to the diamond, you should know your metal choices for ring settings. The most popular are white gold and platinum. While white gold is the more affordable option, there is no such thing as pure white gold. To create this, yellow gold is dipped in rhodium to give it the bright white silvery color. This will have to be re-dipped every several years to keep it from reverting back to its original yellow color. Platinum is the more expensive option, as it is the rarer of the two. Unlike white gold, platinum is natural in its silvery tone but does dull over time and lose its shiny luster. Regardless of each one’s slight detractions, both are good options depending on what you’re looking for and the care you’re willing to put into it.

Bromfield Jewelers in Boston is a professional certified diamond dealer who cares enough to work with you, discuss all your options, and to help you find the perfect ring for your perfect day!

Boston Estate Jewelry – What to know before you go

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Like a fine wine, estate jewelry only gets better with age. Deciding to purchase Boston estate jewelry can be a wise investment, but how do you know what to buy? What has the most value, and what is the most collectable?

Estate jewelry simply refers to anything that has been previously owned. Contrary to common belief, the previous owner does not have to be deceased for it to be considered estate jewelry. The two categories of estate jewelry are antique and vintage. The term antique is usually reserved for jewelry over 100 years in age, while vintage is anything crafted within the past 100 years, most commonly in the 1920s.

When browsing for jewelry, look for durable metals that will hold their value. The most collectable pieces are made of gold, sterling silver, and platinum. Anything containing precious gems such as diamonds, emeralds, rubies or sapphires, will also prove to have a higher value. Pieces that integrate with changing fashion are likely to hold their value longer as well.

When purchasing period jewelry in Boston, it’s important to understand what you’re seeing. The terms estate, antique, and vintage are all very similar, yet vary in meaning and value. Knowing the distinguishing factors that make these historic pieces unique can help you make the best decision.

Estate jewelry is also categorized by the period from which it hails. These classifications can help you determine both value and style.

Design Periods

Georgian Era (1714 to 1830)– The Georgian Era covers the reigns of the four “George” British kings—George I through George IV. Every piece of jewelry from this period was hand-crafted and often incorporates precious stones. This is also the period in which “mourning jewelry” was popular. You may find pieces adorned with a skull or coffin as a commemoration of the deceased.

Victorian Era (1837 to 1901)-  From the era of British Queen Victoria’s reign, these extravagant conversation pieces are adorned with gemstones and semi-precious stones, and are typically flashier than the other periods. Victorian costume jewelry and fine jewelry are often indistinguishable.

Arts and Crafts Movement (1860 to 1910) – As a form of rebellion against the Industrial movement, these hand-made pieces are very simple in pattern, and include colorful, uncut stones.

Edwardian Era (1901 to 1910)– These pieces from the period covering the reign of British King Edward VII exhibit a more feminine, lacey and delicate motif. Often referred to as “lace translated to platinum and diamonds” these pieces generally are crafted with more expensive gems

Art Nouveau – This romantic design popular during the period of 1890 to 1910, focuses on the natural. You may find butterflies or flowers adorned on these pieces as art nouveau was inspired by natural forms and structures.

Art Deco – Becoming increasingly popular in the “Roaring 20s,” this jewelry includes bold colors and the use of a variety of gemstones in one piece. You’ll also see the introduction of ivory and jade, typically in a very geometric design.

Retro Period – The period of retro jewelry began in 1935 and ran through 1945. Hollywood inspired, these elaborate pieces are bold and colorful and those that survive today are highly coveted.

Now that you know what you’re looking at, visit Bromfield Jewelers in Boston for a wide selection of Estate Jewelry from a variety of periods. Stop by today to discuss adding to or starting your own collection, to request an appraisal on an item you’re curious about or need to insure, or just to browse through time and fashion!

Sell Jewelry in Boston – the Right Way!

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shutterstock_118640449So, you want to sell jewelry in Boston? Have you ever seen an amazing piece of jewelry on someone and wondered where he or she got it? Or thought, How did they afford that? Many consumers fall victim to the notion that high quality equals high cost. But you can be the one turning heads if you only know where to shop.

Do you know what your jewelry is really worth? If you did the research, you’d probably find that the net worth of your accumulated gold and diamonds is much less than what you paid. That’s because most retail jewelry stores mark up their inventory at least twice their cost for gold and over three times their cost for diamonds – making a gold diamond ring sell for around 500% over cost! This is in part due to the lack of consistent demand throughout the year, and more specifically the inflated costs of running a retail business. When you buy that diamond ring, you’re not only paying for the ring itself, but for all the costs the retailer incurs (salaries, marketing, rental, taxes, etc.), in addition to the calculated profit.

Another driver in prices is the widely accepted assumption that price equals quality. The more expensive an item, the more valuable it is, right? Wrong! Retailers play into this misconception by implementing even higher markup costs than normal for high quality items. So, while those pieces are in fact more valuable, you’re not only paying for that value, but the perception of value as well.

As frustrating as this reality can be, know that not all jewelry stores are the same! The savvy shopper can avoid those high costs by visiting  Bromfield Jewelers! Cut out all those high retail costs that drive prices up, providing customers with the opportunity to purchase high quality pieces at an affordable price. So, you can become the envied one amongst your friends while keeping the majority of your paycheck! Check us out at 49 Bromfield Street in Downtown Boston!