Tag: london pawnbrokers

How to Determine the Value of Your Diamond?

value of your diamond Jewellery

Are you looking to borrow money against your diamond jewellery? If yes, then you must be wondering how much the precious gemstones are worth today.

Well, it might seem pretty daunting to determine a diamond’s value. However, some apparent factors can help you estimate the worth of these precious gems. At The Luxury Hut pawnshop in London, we aim to lend the highest amount of credit against any diamond jewellery or loose diamonds.

value of your diamond Jewellery

We consider all the essential factors in evaluating an accurate value and the final credit loan amount we are willing to offer for your precious diamond. However, for your basic understanding of the way experts evaluate a diamond’s value, we have jotted down three of the most significant factors.

Take a look!

The 4 C’s of a Diamond

Diamonds are graded based on the four C’s, and they are the primary factors that you should consider to determine the gemstone’s value.

  • Cut – The best diamond cut will refract light more forcefully. Eventually, it makes the diamond look more sparkling. However, the cut of a diamond is not determined naturally.
  • Carat – This is one of the four C’s that even non-professionals can understand easily. It refers to the weight and size of a diamond (1ct = 1/5 of a gram).
  • Colour – The more colour you see on a diamond, the less valuable it is. However, in the case of fancy coloured diamonds, it is different. The actual selling point in fancy coloured diamonds is the colour.
  • Clarity – Experts determine a diamond’s clarity based on the inclusions present within the gemstone. Thus, they inspect these precious gems under 10X magnification. Look at your diamond through naked eyes; it may appear flawless. But it can possess slight inclusions.

You may have now acquired a basic knowledge of the four C’s of a diamond. However, the fact is you will still require an expert evaluator to determine the accurate grading and value of your diamond.

Diamond certification

The best way to determine your diamond’s value is always by getting a free quote from trusted diamond experts like The Luxury Hut. Diamond jewellery comes with a certificate that mentions the gemstones’ grading based on the 4 Cs.

Most diamond jewellery certifications come from GIA (Gemological Institute of America), AGS (American Gem Society) or WGI (World Gemological Institute). Make sure that you retain the certificate of your diamond. They help in selling or getting a loan against diamond jewellery easier.

The fact is the certificate will help you know precisely how much you are likely to expect for the cut, colour, carat and clarity of your diamond. Submit all these details by filling in our online form and get a free accurate valuation instantly.

The precious metal & other gems (if any)

When it comes to selling or pawning your diamond jewellery, another significant factor you should consider is the jewellery that comes with the stone. For instance, your engagement ring can be made of platinum, gold or white gold. Moreover, it may also have other precious gemstones on the band. To determine your diamond jewellery’s worth, you have to consider the quality of the metal and other gems (if any).

However, the entire process of evaluating a diamond’s worth can seem complicated for any layperson or non-experts. Thus, if you want to ascertain your diamond’s value, get in touch with experts.

With The Luxury Hut pawnbrokers London, you can know your diamond’s accurate value and get the highest possible loan offer if you want to pawn your diamond. So fill in our online form with details of your precious stone or jewellery. One of our associates will contact you shortly with a free quote via phone or email.

4 Items that You Can Always Pawn at The Luxury Hut

Pawnbrokers in London

Do you want to raise some fast cash? If yes, get in touch with any trusted pawnbrokers in London and secure a quick pawn loan against a valuable asset.

Pawnbrokers lend against any asset that holds value. However, the items accepted as collateral for a pawn loan usually vary from one pawnbroker to another. But there are a few common items that virtually every pawnshop in London or other big cities accept as collateral.

Pawnbrokers in London

Read on to find out the assets you can always pawn with any pawnbrokers near you, like at The Luxury Hut.

Jewellery

One of the most common things that people use as collateral for a pawn loan is jewellery. Gold and diamond jewellery will always fetch you a hefty sum.

You may have inherited some jewellery and have an emotional attachment to it. In such an instance, the best choice for you will be to take it into a pawnshop in London and get a quick cash loan against your jewellery. You can retrieve your asset after your loan term ends.

If your jewellery is tangled or not in good shape, it won’t be a problem as you may think. Precious metals like gold are always valuable in any form. Moreover, gemstones and precious metals can be pulled off damaged settings.

Diamonds

If you have loose diamonds or a diamond jewellery piece, you can quickly raise some fast cash against it at a pawnshop. Diamonds are forever; they never go out of style. Thus, you can always use your diamonds as collateral and get a substantial amount of cash loan against it.

Diamonds are girls’ best friends, signifying that they always have high demand.

Luxury Watches

Luxury watches serve as valuable assets to use as collateral. Watches made by elite brands like Rolex, Patek Philippe & many more retain excellent value over time. Thus, they always enjoy a higher demand in both the retail and pre-owned market.

It is easier to secure a loan against watches from these top brands than any other timepieces. Moreover, if your timepiece is in excellent condition, you will likely get the highest cash loan offer from professional pawnbrokers in London like The Luxury Hut.

Designer/Branded Items

Designer or branded items are always sought-after even if it goes out of style. For example, a Hermes bag may not be today in hot popularity. But it can still fetch you a top price. Moreover, if you have adequately taken care of your branded item, it can add more value to your asset.

In a hard-up situation, you can take your designer item to your local pawnshop with confidence and walk out, securing a substantial cash loan amount against it.

So if you want to get a loan against jewellery or watches, get in touch today with the trusted pawnbrokers in London at The Luxury Hut. From getting a loan quote to getting your money, the entire pawnbroking process may take as little as only a few hours to complete. Begin the process now by filling in our online quote form. Or call on 0207 242 9160 to book an appointment at our Hatton Garden office in London.

Best Tips on How to Pawn Gold Jewellery at the Best price

best tips on how to pawn gold jewellery at the best price

Gold is a ‘safe-haven’ asset that only increases in value with time. Thus, in a short-term financial condition, gold jewellery can serve as the most valuable item to use as collateral for a pawn loan.

Indeed, pawning your gold jewellery piece with any trusted pawnbrokers in London or any other big cities can be a quick and efficient way to obtain some extra money. However, securing the best deal may not be that easy.

best tips on how to pawn gold jewellery at the best price

While there are many pawnshops to choose from to pawn your gold jewellery, they may not provide you with the best cash loan offer. It is always essential to choose highly professional and trusted pawnbrokers like at The Luxury Hut to make the process smooth and obtain the highest amount of cash loan against your jewellery of Gold.

Here are some of the best tips to follow that may help you to pawn your gold jewellery conveniently, getting the highest credit amount possible against it.

Take a look!

Try to choose the best time to pawn Gold

The price of Gold typically tends to appreciate even when the economy seems challenging. Thus, Gold is considered a safer bet in comparison to any other forms of investment.

With this in mind, if you have decided to pawn your jewellery of Gold, it is worth considering once the economic condition. However, it is also true that people can face a short-term financial crisis anytime in a lifetime. Thus, you can choose to pawn Gold with confidence whenever you need access to fast cash.

But if more challenging times are on the skyline, it can be worth holding up for the prices of Gold to increase. Nonetheless, it is hard to predict precisely future appreciation or depreciation of Gold.

Choose trusted pawnbrokers

Professional and trustworthy pawnbrokers in London like at The Luxury Hut offer a quick, secure and straightforward way to pawn jewellery and raise instant cash.

We have substantial knowledge and experience in the pawnbroking industry. Our expert evaluators continually keep track of the changing market rates. Thus, the value you are likely to obtain when pawning your gold item will be based on the updated price of the metal on the day of valuation.

Pawn your gold jewellery with The Luxury Hut London pawnbrokers and get the highest possible amount of cash loan against your jewellery of Gold.

Obtain value for your gold item

The best way to ascertain how much you can pawn your Gold for is by getting a free valuation from some of the trusted pawnbrokers near you. Eventually, you can choose the one who offered you the best loan quote.

However, with the trusted pawnbrokers at The Luxury Hut, you are likely to get a fair and competitive valuation of your precious jewellery item.

Fill up our simple online form, providing all details of your item and get a free quote for a loan against your gold jewellery shortly.

Pawn gold online

The Luxury Hut pawnbrokers in London provide its customers with a quick and secure way to pawn Gold online in London or from anywhere in the UK. The process is simple and straightforward.

  • Fill up a simple online form
  • Get a free loan quote shortly
  • Send your gold item to us at our Hatton Garden office in London via a specialized and insured delivery envelope that we may arrange for you
  • Get your final cash loan offer
  • Accept it and get paid instantly via any preferred method of payment.

From getting a quote, sending your asset to getting paid, the entire process may take as little as two days to complete.

How to Get a Loan against your Luxury Watch?

loan against your luxury watch

If you own a luxury watch and are short of cash, a convenient or ideally, the best option to access fast money is securing a loan against your watch.

Watches from elite brands like Rolex and Cartier not only serve as a mere time-telling device but also a symbol of luxury and success that can be passed from one generation to another.

loan against your luxury watch

Today, the retail, auction, pre-owned as well as lending market related to luxury watches are incredibly expanding. People now perceive a luxury watch more as an excellent investment for a lifetime than a time tracking device.

Thus, pawning a luxury timepiece and securing an instant loan against it is merely one of the most common things that watch owners opt for during short-term monetary needs.

And with professional pawnbrokers like at The Luxury Hut in London, getting a loan against watches is more convenient than ever.

The Luxury Hut specialises in offering competitive pawn loan against luxury watches like Rolex, although we also accept other assets like diamond and gold jewellery items as collateral.

However, what is impressive is that the terms of our loan are simple, reasonable, and we lend the highest possible money against a luxury asset pawned with us.

Thus, for who are looking to raise fast money, pawn your watch with The Luxury Hut pawnbrokers in London and unlock its value instantly.

Get a Cash Loan Offer within a Few Hours

With The Luxury Hut, you can pawn your watch online or via appointment.

We have an office based in Hatton Garden, London, where customers can visit with their asset by making an appointment.

However, with a viable online platform, we make the process of pawning more convenient and hassle-free, allowing you to pawn watches from anywhere within the UK.

Thus, to borrow against your high-end luxury watch, follow our quick, secure and straightforward steps given below:

  • Fill up our simple online form with all details about your watch. Make sure to upload a good quality picture of your watch
  • Get a free loan quote immediately
  • Then, send your watch to us via a specialised and secured delivery envelope that we may arrange for you.
  • Or, call on 0207 242 5411 to book an appointment at our office and complete the transaction in person.
  • Receive your final cash loan offer
  • Accept it and get paid within minutes.

From getting a quote, sending your watch to getting paid, the entire process may take as little as two days to complete if you carry out the process online.

However, if you book an appointment and visit our office in person to secure a loan against your watch, the process will ideally take only an hour to complete.

Why Should You Pawn your Watch with The Luxury Hut?

The Luxury Hut pawnbrokers in Hatton Garden, London understand both the emotional and monetary value attached to your luxury timepiece. It might be a family heirloom or a graduation gift.

We, at The Luxury Hut, offer a professional and transparent process to ensure you obtain an accurate value and eventually, the fairest possible amount of cash loan against your watch, based on its current market price.

  • We aim to beat any high-street pawnbroking loan rate.
  • We have fair and transparent loan terms
  • You will obtain the full loan amount
  • No credit checks, no obligation or paperwork involved
  • There are no hidden fees or additional charges
  • Flexible repayment process – no early redemption charges.

Moreover, if you fail to pay back your loan within time, we may either sell your watch or help you to renew the loan, getting you a new contract. It won’t hurt your credit score or history.

Thus, fill up our online form now to get a free quote for a loan against your watch. Alternatively, call us on 0207 242 9160 for an immediate appraisal over the phone. Or book an appointment at our office in Hatton Garden, London, as per your convenience.

5 Most Expensive Diamond Jewellery as of 2020

5 Most Expensive Diamond Jewellery as of 2020

Diamonds are an everlasting symbol of luxury and wealth. And diamond jewellery is ideally the most expensive and valuable items in the world because of their grandeur and rarity.

However, jewels have passed through the hands of riches and royalties throughout history. Eventually, they command exorbitantly large sums of money.

5 Most Expensive Diamond Jewellery as of 2020

So, are you wondering how the most expensive jewellery look like? Or what makes them so expensive?

Here are five of the most expensive diamond jewellery items ever produced to date. Let’s take a look!

The Hope Diamond

The Hope Diamond is one of the world’s most fabled items of jewellery that comes with a vivid blue diamond of 45.52ct. This striking necklace is known to have existed for many years with noteworthy owners such as Harry Winston and King Louis XIV.

However, Winston donated this incredible beauty in 1958 to the Smithsonian Institute. Ever since then, it has been on display there.

The Hope Diamond has been continually valued at hundreds of millions of dollars. But the real value of this fascinating piece is virtually not possible to evaluate due to its extreme historical significance and high profile.

Thus, the Hope Diamond necklace is ideally the most valuable diamond jewellery in the world.

Graff’s Peacock Brooch

Graff is the most notable and esteemed diamond jeweller in the world. The London-based manufacturer designed a fabulous Peacock brooch.

However, the more interesting fact is that the diamond brooch worth more than a private jet.

The brand embellished the brooch with 1,305gemstones, weighing about 120.81ct.

Moreover, the exquisite piece flaunts a vibrant blue diamond at its centre that itself weighs over 20 carats.

The value of the Peacock Brooch by Graff is nearly £89 million.

L’Incomparable Necklace

The elite Mouawad Jewellery brand developed this incredibly valuable diamond necklace.

The story says that a young Congo girl discovered the central gemstone entirely by-chance.

However, this gemstone is the most giant full-unblemished diamond in the world, weighing 407.8carats. The necklace also flaunts 102 smaller gems adorning its sophisticated design.

The Winston Blue

The platinum ring comes with the world’s flawless blue diamond. The ring was dubbed after the founder of Harry Winston– Nayla Heyek.

However, this 13.22 carats diamond ring sold for about £19.51 million at Christie’s auction house in May 2014.

Pink Emerald-Cut Graff Diamond

America’s Gemological Institute graded the emerald-cut diamond in the Graff Diamond ring as “Fancy Intense Pink”.

However, the prestigious Laurence Graff himself purchased this emerald-cut diamond of 24.78 carats for about £38 million.

The emerald-cut diamond comes with a perfect combination of purity and colour that is indeed a rare feature.

Moreover, Graff delineated the diamond in this ring as the “most fabulous” gemstone he has ever come across in his career.

Are you looking to pawn your diamond jewellery for instant cash?

The Luxury Hut pawnbrokers in London offer a quick and secure way to pawn diamond jewellery online and raise instant cash.

Whether you want to pawn a diamond ring or a Cartier diamond bracelet, we will provide you with an accurate price and eventually, the best amount of credit loan against your jewellery without any obligation.

As one of the most trusted jewellery pawnbrokers in London, we aim to make the entire pawnbroking process more convenient and straightforward.

Begin the process by filling up our online form today and get a free valuation shortly.

How to Pawn your Asset Online?

pawn your asset online_

As one of the trustworthy pawnbrokers in London, The Luxury Hut aims to make the pawnbroking process easier and more convenient than ever. With a viable online platform, we provide our customers with a quick and secure way to pawn luxury assets and raise instant cash without any obligation.

pawn your asset online_

The Luxury Hut pawnbrokers London offer the highest possible amount of cash loan against luxury watches, diamond and gold jewellery.

Fill up our online form, providing all the details about the asset you want pawn with us and get a free valuation today.

From filling up the online form, obtaining a quote to sending your asset and getting paid, the entire process may take as little as two days to complete. Thus, pawn your asset with us today with full confidence and get paid within minutes.

Why a Gold Loan is a Better Option to Get Extra Cash?

Gold Loan is a Better Option to Get Extra Cash

A gold jewellery piece can represent strong emotional ties, but it is also a significant investment. Whether it is broken, tangled or in any worst condition, gold is gold. It is worth money.

Gold Loan is a Better Option to Get Extra Cash

However, today it’s worth more money than it ever has been. Thus, pawning your gold and getting a loan against it is an excellent way to raise some extra cash instantly.

Although getting the best possible deal is not always easy, many trusted pawnbrokers in London like at The Luxury Hut ensure to offer a fair quote and eventually, the best possible amount of cash loan against gold.

Thus, you can choose to pawn gold with full confidence and secure maximum cash for gold justify away without any hassle.

Here are four reasons why the gold loan is a better option to raise extra cash. Have a look!

Quick and Easy process

You can pawn your gold jewellery with any reliable pawnbrokers in London or any other big cities and get instant cash for gold quickly. Your pawnbroker will evaluate your precious asset precisely, considering all relevant aspects and current market price.

He/she will make you a cash loan offer. Accept it and get paid immediately. However, The Luxury Hut pawnbrokers gold provide a simple, quick and secure way to get a free instant quote.


No credit checks

Unlike a bank loan or any other traditional lending institutions, pawnbrokers do not carry out any credit checks before approving you a loan. The pawnbroker will lend you money based on the value of the gold jewellery item you leave as collateral.

If you are satisfied with the amount of cash loan for gold offered to you, your pawnbroker will only ask to provide proof of ID and sign a pledge receipt to enter the agreement.

Flexible repayments

Customers can pay their gold loan any time within or after the contract expires, by paying off the original loan amount and its interest due. However, you will not have to pay any early redemption charges if you retrieve your loan before your loan term ends.

Default on your loan will not affect your credit score

The Luxury Hut London pawnbrokers offer 14days cooling off time after a contract expires. You have to draw out the agreement within this time and pay the interest for the loan term.

However, the best part is that the pawnbroker may help you to renew your loan if you fail to retrieve your asset within the time mentioned above. You will get a new contract, and an added seven months to pay back the loan against gold.

Are you ready to pawn your gold? It is fast and straightforward.

If you are looking to get an instant gold loan, begin the process by –

Filling up our online form and get an initial price quote.

If you are satisfied with it, send your gold jewellery to us. Or, call us on 0207 242 5411 to book an appointment and visit our office in Hatton Garden, London with your asset.

Expert evaluators at The Luxury Hut are always on hand to offer seamless service to customers who are looking to get a loan against gold. We will make you a final cash loan offer. Accept it and get paid immediately in cash or via your preferred method of payment.

Can I Pawn My Rolex Watch?

pawnbrokers london

Rolex is synonymous with ultimate luxury, quality and precision. There is ideally no other watch brand in the world that commands a similar level of incredible recognition and respect that Rolex enjoys.

pawnbrokers london

A Rolex watch is instantly recognised and highly coveted all across the world. While they are made of precious metal, gemstones and high-end components, Rolex watches are nearly a currency in themselves.

So, for those who are wondering ‘can I pawn my Rolex?’ the answer is resounding yes.

Pawning your Rolex watch can be easier and more convenient than pawning a watch of any other watch brands. Rolex watches retain their value well over time. However, some models like limited edition watches or rare vintage Rolexes, may even appreciate.

In fact, many trustworthy pawnbrokers in London are often willing to pay the highest amount of credit loan against any Rolex watches, especially if it is in good condition.

Thus, if you are looking to raise instant cash, pawn your Rolex watch with any reliable London pawnbrokers and get paid in cash immediately.

Why Pawn your Rolex?

During a short-term financial condition, pawning your Rolex watch can be an excellent way to raise quick cash. A pawnbroker will appraise your luxury watch precisely and make you a cash loan offer immediately, without any credit checks or obligation.

Thus, pawning your Rolex watch with any trusted Rolex pawnbrokers is indeed a hassle-free and also, cost-effective way to raise cash instantly. You can unlock the value of your pre-owned Rolex watch without having to sell it out justify.

The tenure of a pawnbroking loan is usually six to seven months. Once you pay off the loan, you can retrieve your coveted asset.

How Much Will I Get If I Pawn My Rolex Watch?

Rolex watches indeed keep hold of their value better than watches of other luxury brands. Moreover, it shouldn’t come as a surprise that the price of new Rolex timepieces has significantly raised over the past decade or so.

Interestingly, this also bestowed a similar positive effect on the second hand Rolex watch market. And, this is good news for those who are looking to pawn Rolex.

However, the amount of credit loan you are likely to obtain when pawning your Rolex watch with any trustworthy London Rolex pawnbrokers will depend on several factors.

These factors include its model, age, condition, availability, demand, original box and papers (if any) and also, current market price. Combining these factors and confirming all the details provided, your pawnbroker will give you a cash loan offer immediately.

With any trusted pawnbrokers in London or anywhere in the UK, you can rest assured you will secure the highest amount of credit loan possible against your pre-owned Rolex watch.

What Will It Cost to Pawn My Rolex?

A well-established and trustworthy pawnbroker always provides a simple, secure and transparent service to customers who want to pawn Rolex. A pawnbroking loan is a simple form of credit that does not have any hidden charges, requires no storage fees and no early redemption fees.

The maximum pawnbroking loan tenure is typically six to seven months. You will make a single payment at the end of your loan term but pay only the interest for the loan months.

However, a customer can pay back the loan any time within the contractual time, paying off only the loan amount and the interest due. You will retrieve your Rolex watch at the time of repayment.

For those who want to ‘pawn my Rolex’ and find out ‘how much is my Rolex worth’:

Fill in this online form, providing all details about your luxury watch and get a free valuation shortly. Or,

Call on 0207 242 5411 to get an estimate immediately over the phone.

Top 5 Most Expensive Watches Ever Produced by Rolex

rolex pawn

Rolex is indeed synonymous with luxury, quality, class and also, a brand to aspire to for many collectors. Since its inception decades ago, this Geneva-based Swiss brand continues to possess the same appeal today. Interestingly enough, Rolex takes up some of the highest positions for the most expensive timepieces in the history of watchmaking.

rolex pawn

Today, we have come up with a list of the five most expensive Rolex watches ever made by the brand, based on their valuation or sale price. Have a look!

1. Rolex Paul Newman Cosmograph Daytona

The Paul Newman Rolex Daytona may look relatively standard to the untrained eyes. However, the eye-catching Daytona that belongs to the iconic actor Paul Newman is supposedly the most valuable watch the brand has ever created. While Paul Newman wore the timepiece every day, it is often referred to as the ‘Paul Newman’ Rolex Daytona.

In 2017, the Paul Newman Rolex Cosmograph Daytona watch was sold at auction for an astronomical price of about £14.4 million.

Want to raise instant cash? Pawn your Rolex watch today with the trustworthy pawnbrokers London.

2. Rolex Bao Dai

The Rolex Bao Dai is one-of-a-kind Rolex watch, owned once by Bao Dai – the final emperor of Vietnam. And, when it comes to royalty, Rolex watches always command an astounding price. However, the watch was made from 18ct yellow gold and featured a black dial along with diamond markers. You can merely predict the value of this watch from its appearance.

This exquisite gold Rolex sold for nearly £4.04 million at auction a few years ago, making it the second-costliest timepiece ever produced by Rolex.

3. Rolex Antimagnetique

The Rolex Antimagnetique portrays the old world of horology whose value has sprouted over time. The watch was produced only 12times, and the manufacturer had never released it to the wider public. However, Rolex is known to have gifted the watch exclusively to racers and drivers in 1942.

This elegant and classic example of old-world Rolex sold for an eye-watering £2.03 million in 2016. While there is only a dozen of this watch in the market, it seems that the Rolex Antimagnetique watch’s value will increase with time.

pawnbroking

4. Eric Clapton’s Rolex Cosmograph Daytona Albino

Introduced in 1971, the Cosmograph Daytona Oyster Albino is a classic and sophisticated watch in its way. However, it is another beautiful Rolex timepiece that became extremely famous for its noteworthy owner, Eric Clapton. This Cosmograph Daytona was one of the four with unique silver chronograph totalizers, featuring a classic silver and black design. This led to the Oyster Albino colourway.

Eric Clapton’s Cosmograph Daytona Albino sold at auction for £1.13 million in 2015.

5. Rolex GMT-Master II Ice

Created in 2014, the Rolex GMT-Master II Ice is made from white gold, embellished with sparkling diamonds on every inch. Extremely luxurious, alluring and plopping with diamonds, there is ideally nothing overnice about this magnificent watch. When it comes to staggering luxury, only a few timepieces can pretty match up to the Rolex GMT-Master II Ice.

Whatever Rolex watch you consider to be the most expensive in any way, we cannot deny that something is charming about each Rolex model mentioned above.

However, for those who are looking to get a loan against Rolex watches, get in touch with any trustworthy London pawnbrokers like at The Luxury Hut. With professional pawnbrokers London at The Luxury Hut, you are likely to obtain the best possible amount of credit loan based on the actual value of your luxury watch.

Also Know: How to sell a used Rolex watch in London

A Brief History of Pawnbrokers in London

pawnbrokers

The origin of pawnbroking can be traced back to thousands of years when pawn shops first turned up. And, lending cash against assets has been a practice in many ancient countries like China, Greece and Europe. While more and more people today prefer this convenient high street way to raise cash for a short period, trustworthy pawnbrokers London are working to make the pawnbroking process more secure, transparent and straightforward.

pawnbrokers

However, pawnbroking in Europe started to flourish during the Middle Ages. The practise of pawnbroking was introduced in England by Norman Conquest. While the first bank of England indeed established ‘pawnshops’ in 1695 with a specific interest rate, it helped the poor who had no legal protection at that time. Moreover, the Lombardy region of northern Italy was another seedbed of pawnbroking, and gradually, the term ‘Lombard’ became synonymous with the term ‘pawn shop’.

Pawnbrokers Licence Law of 1785

The Pawnbrokers Act of 1785 licenced the pawnbrokers for £10 in London and £5 for the country that was indeed a staggering sum at that time. This ensured that London pawnbrokers were heavily regulated and abided by specific rules. However, the rate of interest was set at 0.5% per month, and the maximum loan term was confined to one year. As per the law, pawnbrokers could be fined twice the worth of an item for not returning it after the payment was made.

The Pawnbrokers Act of 1800

Lord Eldon introduced this act that became quite popular among pawnbrokers because it increased the interest rate up to 1.5%. The licence fee was also increased to £15. However, the legislation was revised three times, and a new act of 1872 replaced it finally. In fact, pawnbroking served as the only convenient means of obtaining a loan for the poor during this time.

Pawnbrokers Act, 1872

The Pawnbrokers Act of 1872 introduced many rules that are yet in force today. Individuals under 12years of age or drunk were denied a pawn loan. Licenced pawnbrokers London were required to engrave the word ‘pawnbroker’ above their shop’s doorway.

Pawnbroking became highly popular because of the industrial revolution, creating a new base of the working class. However, it continued to stay popular until after World War II.

The Process of Pawnbroking Today

Although pawnbrokers once earned itself a prejudiced reputation in the past, their image has significantly changed over the last twenty years or so. Indeed, the upsurge in the pawnbroking industry came during the credit boom in the 1980s. However, things for London pawnbrokers today are not much different from what they were in the Victorian period.

Indeed, all pawnbrokers in London are now heavily regulated and required to acquire a licence to trade from the Financial Conduct Authority. London is the early home of luxury watches and fine jewellery. And, the famous street such as Hatton Garden is the home to nearly more than 300 diamond and jewellery trading business.

Trustworthy pawnbrokers in Hatton Garden, like at The Luxury Hut provide discreet and transparent pawnbroking service and an instant asset-based loan against watches, jewellery, diamond and gold. Whether you are looking to pawn your luxury watch or get a loan against a diamond ring, get in touch with the reliable pawnbrokers Hatton Garden or your local trustworthy ‘pawnbrokers near me’ and receive an instant cash loan offer without any obligation and credit check.

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