Jewelers entering the pawn industry have mixed reactions

Jewelers entering the pawn industry Recently, Shanghai Lao Fengxiang Group invested 15 million yuan to set up Shanghai Lao Fengxiang Pawn Co., Ltd. Lao Fengxiang stated that he would make jade jewelry jewellery and diamond jade pawns as special features. The advantage lies in his professional identification technology. For Lao Fengxiang's move, the major jewellery stores in Shanghai have different reactions.

According to the Shanghai Chenghuang Jewelry Center, the jewellery industry has certain advantages when it comes to pawn, but they currently have no plans to develop pawn business. Yang Yawen, director of the city's jewelery media, said that jewelry itself has the function of preserving value and adding value. Many people also have plans to deal with the need to purchase jewelry collections. “If there is no pawnshop, it can only be privately traded, and there will be many cases of non-standardization. Lao Fengxiang’s establishment of a pawnshop provides a standardized channel for this group of people.” Yang Yawen said that the identification of jade jewelry is difficult, Therefore, it is an advantage to have professional identification technology.

Yang Yawen said that Chenghuang jewellery currently does not consider pawning, but chooses to do auctions. “This is a different position. If you want to invest in jewellery and have a hope of appreciation, auctions are a good channel. Pawns are used mainly for emergency purposes. Working capital."

Xie Jin, a manager of the Asia-Europe gold store, also indicated that he did not plan to enter the pawnshop industry. “Lao Fengxiang opened pawn shops. This is the development strategy of their companies. We currently have no plans for this.”

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