Pawnshops and jewelry go together like peanut butter and jelly. Jewelry is one of the most commonly pawned items and requires a lot of thought before a pawnbroker can make an offer. This is because jewelry comes in various shapes, sizes, and types.
Without the right tools, it can be incredibly difficult to assess the true value of an item. Luckily, we developed a tool called Jewelry Master that can help you do just that! Read this short article to find out how Jewelry Master can help you make better buy/sell decisions and simplify the jewelry pawn process.
Helpful Tools & Intuitive UI
The Jewelry Master tool is user friendly and includes several incredible tools to help facilitate a transaction. When using the Jewelry Master, the first thing a user should do is familiarize themselves with the different tools and learn their functions.
Within the platform, you will have access to:
- Precious Metal Calculator
- The precious metal calculator is divided into Gold, Platinum, Silver, and Other. (Other = Titanium, Stainless, Tungsten, and Copper.) This process is as easy as entering the weight of the item and choosing the correct metal type. Now you will have an accurate depiction of the value of the metals included in the jewelry.
- Stone/Diamond Assessment Tool
- Diamonds are assessed differently than other stones. The cut, color, and clarity will all have an impact on the value of the diamond/item. With this tool, you can enter the proper information on the item—making it easier to buy or retrieve information on that specific item in the future.
- The stone assessment portion has similar functionality but is instead focused on the color of the stone.
- Diamond Count and Size Fields
- Again, diamonds require additional information to accurately value the item. The size and total carat weight for each piece can have a major influence on the price.
- Diamond Estimator
- After entering all of the relevant information about the diamond—the estimator tool will provide a relative price for the stones included in the piece of jewelry.
- Pawn Amount Suggestion Tool
- The value of an item and the pawn amount suggestion may not always be equal. This tool will show the amount returned by Jewelry Master based on criteria entered and settings in estimator configuration. Keep in mind that you can always manually adjust this amount.
- Image Upload
- The easiest way to remember a specific item is to see a photo. With this tool, you can upload a real photo of the item for later viewing.
- Category Groupings
- Grouping items into categories makes it easy to find similar items as a reference point. If you are entering a new item, keep things organized by selecting the correct category.
- Brand Groupings
- Finding the brand of an item can help you quickly determine the authenticity of a new item or categorize it in the system for easy inventory organization. It can also give you a clue into how to price an item.
- Customer Search Bar
- This search bar is an extremely handy way to pull up previous transactions and history. You can quickly pull up their information or catalog their info for future use.
- Additional Information Fields
- The additional information field is an area that allows you to jot down notes about the item. It can be hard to differentiate between some stones/jewelry—which is why it is crucial to have a space to notate characteristics about the item.
Jewelry Master makes it easier for the user to generate an estimate of the price and pawn amount—as well as providing the correct information on a piece. Depending on the size of the pawnshop, there may be numerous employees that all need to be on the same page when it comes to buying/selling jewelry.
Smart, Fast Stone/Diamond Assessment
Stone assessment is by far the most important part of a jewelry transaction. An incorrect assessment could cost the shop money or cause the deal to fall through. As we previously mentioned, Diamond values are based on the Cut, Color, Clarity, and Carat Weight of the diamond. All other stones will be graded differently.
With the Jewelry Master, you can come up with a reliable assessment with a few clicks within the platform. This is also where you can leverage the brand categories so you can boost the raw market value of jewelry by assigning a percentage to each brand. A ring from Tiffany's, for example, is worth more than one from a big box store. While this may seem obvious, it is better to have the information at your fingertips than make a guess and lose out!
Easily Add/Recall Additional Information
Adding notes on item listings is a great way to keep consistency between employees and items. With the Additional Information Field, you can enter any characteristics for an item, such as:
- Damages
- Maker's marks
- Size
- Optional location
- Any engravings, etc.
It is important to capture sizing on items that are size-specific (such as rings).
Using this field will make the transaction go smoother and improve the customer experience. Customer service has a significant role in the pawn industry. The satisfaction of one customer could have a major impact on business.
Customers love to feel like you have their best interest at hand and are much more likely to trust the shop when you show that you care. Having their information readily available is a great way to show that:
- They are important and valued
- The person serving them is smart and trustworthy
- Their needs are being heard
- And your shop is the one that will best serve their needs
With the Jewelry Master, you are equipped to knock their transaction out-of-the-park. Those little experiences are exactly what turns a "one-time shopper" into a trustworthy relationship.
Complete the Loan and Run an MLA Check
One of the most valuable functions of the Jewelry Master is that you can perform the loan transaction and run an MLA check during the same session. For security reasons, Bravo does not store Social Security Numbers, so you will need to ask your customer for their SSN to run this check.
This portion of the tool will show you a recap of all of the information you need to finish the loan transaction, such as:
- Type of ticket (loan or buy)
- Item description
- The regulation that the loan is written under
- Other items that exist on the same ticket
- See the interest rate
- And more!
All of this info is editable and can be updated manually. For example, you may want to:
- Change the regulation
- Change the interest rate - (Keep in mind that a manager will need to approve any negotiated interest.)
- Update item details
- Add items to the same ticket
- Or, buy the ticket from the customer
Once you have reviewed all of the information, completing the transaction is as easy as clicking save. It’s really that simple!
Don’t forget that the Jewelry Master is just one of the functions within the Bravo Pawn Platform. At Bravo, our platform was designed by pawnbrokers for pawnbrokers. We make it our mission to advance the pawn industry and make pawnbroking fun again.
Are you ready to find out what Bravo can do for you? Click here to schedule a full demo to find out about the numerous other benefits of our platform! We have a team of experts that are excited to show you around.
About the Author:
Tally Mack is a fifth-generation pawnbroker and eCommerce enthusiast. She loves traveling, being outside, and working out.
Before taking the reins as CEO, Tally served as Bravo's Vice President of Business Development, leading the company's sales and marketing organization. She's been instrumental in leading and executing many of the company's strategic shifts, including the acquisition of CompuPawn and the recent launch of UsedGuns.com.
Tally earned her Doctorate of Law (J.D.) from DePaul University College of Law in 2013 after attending the University of Colorado at Boulder, where she earned her B.A. in Communication Studies. She also completed the Key Executives Program from Harvard Business School in 2013.
Tally is a pawnshop lover and eCommerce enthusiast—dedicated to the success of both her employees and customers!
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