Valentine's Day Buying Strategy from truTV's Hardcore Pawn - Interview

By April MacIntyre Feb 9, 2012, 4:45 GMT

One of the best reality TV series is the pride of the Motor City. Detroit\'s "Hardcore Pawn on truTV is a gritty and hysterical show about one of the largest pawn shops in the USA.

One of the best reality TV series is the pride of the Motor City. Detroit's "Hardcore Pawn on truTV is a gritty and hysterical show about one of the largest pawn shops in the USA.

The Gold family are colorful characters who are quick on their feet, owning one of Detroit's biggest pawn shops.  The family have bought and sold things you can't begin to imagine. Their shop is American Jewelry and Loan, and the customers attempt to sell things like prosthetic limbs and animal heads in exchange for quick cash.

Every day brings new danger as the Golds operate in the heart of one of America's most troubled and surprisingly beautiful cities.

With 50,000 sq ft of cash and goods surrounding them, there are millions to be made, but their profits come with huge risk.

Owner Les Gold took time out to speak with me about some hints for securing a hot deal for a Valentine's Day gift. 

Monsters and Critics: When you enter a pawnshop, what is the protocol for asking for a deal or the quality of the merchandise?

Les Gold:  You do not need to ask for a deal EVERYTHING is a deal.The question is how much will you take for it.

M&C: What are your tips for the most optimal deal for buying a gift at a Pawn Shop?

Les Gold: Retail is for suckers.  Pawnshops don’t get their merchandise wholesale. Instead, they purchase jewelry from people who need quick cash. That means the jewelry can be resold for a reasonable price.

M&C: How is precious jewelry sold normally?

Les Gold: Most pawnshops sell their gold items by weight, which means customers can usually get more bang for their buck at a pawnshop than at a jewelry store.

M&C: What are the ranges of jewelry items that can be found?

Les Gold: Vintage, heirloom and antique pieces can be found in a pawnshop for affordable prices. These beautiful, unique items often have amazing character. Don't forget about the guys. Pawn stores also carry men’s jewelry and watches. Size matters. The current trend in men's jewelry is for larger pieces in stainless steel, tungsten and titanium.

M&C: Is there any warranty or buyer beware issues to consider when buying in a Pawn Shop?

Les Gold: Worried about a warranty? Most pawnshops will replace missing diamonds if items are brought in every three to four months for a “prong checkup.” Watches may also be under warranty for 12 months from the purchase date, and the warranty will often include parts and labor.

Seth Gold spoke to us and gave us his take on purchasing at Pawn Shops.

Seth Gold: The best advice I can give pawn shop customers is to go in and ask for the deal you want. Most people are uncomfortable negotiating, so they don't ask. They just assume that if something is marked a certain price, that's what they'll have to pay.  We want to move merchandise quickly. We're not making money if an item is sitting on our shelves. So always, I mean ALWAYS, ask for the price you want. The worst the pawnbroker, or any store owner can say is no. And then you're exactly where you started anyway -- so why not give it a try. You've got nothing to lose and everything to gain.  After if you get really good at it, give us a call, we're always looking for someone that can make a deal!

The mid-season finale of Hardcore Pawn airs Tuesday, Feb. 14th at 9 p.m. (ET/PT) on truTV.

www.pawndetroit.com

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