Pawnbroking in Lockdown

Nov 30, 2020 | Pawnbroking

Like many businesses, Suttons and Robertsons has had to adapt during lockdown. First foremost, we have taken every measure to ensure we provide a safe environment for all our customers employees.

We have continued to provide pawnbroking services in-store online but we have only been able to provide our retail service online. Our online pawnbroking service has helped many customers unable to come into store, access funding from the comfort of their own home.

Overall, lockdown has certainly impacted the pawnbroking industry but there is increased optimism with the end of the national lockdown and the positive vaccine news.

How Has The Price of Rolex Changed?

Not surprising to those who know the industry, but the value of a used Rolex has increased as there has been less supply in the market during this period. Furthermore, there has been an increase in customers shopping online for luxury watches though many still prefer to buy luxury goods in-store from a trusted retailer.

Why Has Rolex Risen in Price in 2020?

  • Less stock from EU countries
  • Less production this year
  • Fewer chances to sell with shops closed
  • Traders waiting for Christmas

If you want to get your hands on a used Rolex, expect to pay the full price this side of Christmas.

How Has The Price of Gold Changed?

The gold price has been on a rollercoaster this year, topping $2,000 an ounce for the first time ever in August. This consequently has had a positive impact on the value of luxury items made of gold many industry experts expect the gold price to remain high in the short to medium term.

Why Has The Gold Price Gone Up?

  • Unprecedented levels of government borrowing
  • Large investment in Gold CFD ETF financial contracts
  • Investors hedging against volatile stock markets

Fine Art, Luxury & Classic Cars Fine Wine

The value of these luxury assets has increased by 5 to 15% in the UK, partly because the pandemic lockdowns mean fewer people have the chance or want to sell.

The luxury asset market is likely to be further impacted by Brexit as the transition phase ends in January 2021. It may sound extraordinary but in the past a watch dealer could buy from mainland Europe sell their assets in the UK. The amount of tax they will have to pay will now depend on future trade agreements. This is one of many reasons why we feel that over the next six months to a year, the value of these luxury assets will appreciate.

Our highly trained specialists have extensive knowledge across a wide range of luxury assets, we can provide you with a free valuation. If you are looking for an alternative to selling, our pawnbroking loans allow you to release the equity in your luxury asset whilst retaining ownership during the loan.

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