If you are the owner of a luxury watch, it is not necessary to sell your timepiece if you want to get some money. Pawnbrokers offer individuals the opportunity to get a loan against their valuables, keeping items like luxury watches as collateral until the customer comes to buy it back at a later stage. Taking important South African pawn and watch information into account, you will be able to find the deal that works out best for your budget, and also protects your valuable items when you pawn watches.
What You Need to Know
- South Africa has laws that protect pawnbrokers in the case where they might be dealing with stolen goods. For this reason, you will have to present positive identification in the form of your green barcoded Identity Document, or driver’s license when pawning your watch.
- Some brokers specializing in the sale of high end timepieces will have a holding period of a few days. This is to allow for the watch to be reported stolen, and the police to enquire if necessary. The practice protects them from being connected to the sale and purchase of stolen goods.
- There is a high demand for used luxury watches since they come at lower prices than buying new. For this reason, you will be able to get a good selling price at reputable dealers when you pawn watches that are high end.
- If you are pawning your watch with the intention to buy it back at a later stage, most pawnbrokers will require that you provide authentication that the watch is an original and not a fake. This works in your favor because you will be able to get a lot more money. Authentication can be determined by providing the original box and papers of authenticity that came with the watch when you bought it.
It is important to note that if you no longer have the box and papers of authenticity, a simple phone call to the manufacturer will help. If the broker gives them the serial number found on the back casing, they will be able to confirm authenticity. Having this important South African pawn and watch information will help you better understand the industry and hopefully work to your advantage if you are ever buying or selling a luxury watch.