Frequently Asked Questions

What is a pawn shop?

A GEM pawn shop is a legal, licensed business that offers people the option of using their personal items as collateral in exchange for a secured loan.

How does pawning work?

At GEM, customers are able to bring personal items to receive an instant cash loan based on the valuation of their items. See our How It Works page to learn more about our loan process.

What kind of items can be sold or pawned?

*General items that can be sold or pawned include, but are not limited to:

- Fine Jewelry
- Diamonds
- Watches
- Electronics
- Designer Handbags
- Shoes
- Vehicles
- Musical Instruments
- Power Tools
- Appliances
- Artwork
- Silverware & Silver Flatware
- Gold coins and Bullion
- Silver Coins and Bullion
- Collectible Items (rarely)

If you are not sure whether your items qualify to sell or pawn, please give us a call at (718) - 596 - 5626.

All items must be in excellent physical condition and fully operable with all components included.”
Please be sure to clear all data and remove all accounts (iCloud and personal information) from your electronic devices before selling or pawning them.​

What kind of items cannot be sold or pawned?

"We do not accept items that are worn down, damaged, broken, or non-functioning.
We do not accept fake designer and luxury brands or knockoff models of any item type. All electronics including gaming consoles and televisions must include all cords and remote controllers. Televisions without remote controllers cannot be sold or pawned."

How much money can I request for a loan?

Your loan amount is based on the valuation of the item used for collateral. Based on your individual or business needs, you can receive a cash loan as small as $10 up to $10,000,000.

Will interest accrue on my loan?

Yes. Every loan will be charged an interest rate of 4% of the principal loan amount every month or part of any month.

What is the grace period for missed loan payments?

If customers miss a payment on their loan agreement, they are given a 30 day grace period to that missed payment. During this grace period, an additional 4% interest charge will accrue to their remaining balance.

How long is my loan agreement for?

In accordance to the State of New York's guidelines, we provide loan payment plans over a period of four months. However, loans periods may be extended or paid down earlier.

What do I need to receive a loan?

All customers requesting a cash loan must be 18 years or older with a valid form of picture ID. And the items planned to be provided as the loan collateral.

How can I extend or renew a pawn loan if I can’t repay/redeem it on time?

If you are not ready to take your loan out by the due date, you may pay the interest due and extend the loan for another 4-month period. This can be done in any Gem branch (with your yellow contract) or via the GEM’s Mobile App (Convenience fee applies). If you are ready to pick up your item prior to the due date, you may save on the interest due, as you will only be charged for any month used

What costs apply if I extend or renew my pawn loan?

Every pawn loan is charged interest at a rate of 4% of the principal loan amount per month, plus fees as described on your contract. If a payment is missed, GEM provides a 30-day grace period, during which an additional 4% interest charge will accrue to the remaining balance. Any additional renewal, extension, or administrative fees should be confirmed with GEM.

What is the process for redeeming my item after paying off a pawn loan?

To redeem your item, you must pay the outstanding loan balance, including any applicable interest or charges, within the agreed loan period or approved extension window. Most branches require 48 hours notice to prepare your jewelry items for pick up- please contact your branch for notification. Once the loan is paid off, GEM returns the collateral item used to secure the loan. Customers should bring their loan contract and a valid photo ID when redeeming an item.

How can I check my loan balance, payoff amount, or loan term?

GEM has a mobile APP! Your Sales and Lending Associate can send you a link to your secured APP account, where you can see all your loan transactions and layaway transactions. There is an option to make interest payments through the Gem Mobile App (small convenience fee applies). You can even send a direct message to the branch through the GEM Mobile App to ask any questions you may need answered. You can also check your loan balance, payoff amount, or remaining loan term by contacting GEM directly or visiting the branch where the pawn loan was issued by calling the phone number on your yellow contract.

What should I review before signing a pawn loan agreement?

Before signing a pawn loan agreement, review the loan amount, make sure all the items you provided for your loan are represented correctly on the contract, interest rate, payment schedule, due date, grace period, renewal or extension options, and what happens if the loan is not repaid. GEM states that loans carry a 4% interest per month, loan plans are generally provided over 4 months in accordance with New York guidelines, and a 30-day grace period applies to missed payments.

What happens if I cannot repay a pawn loan?

AIf you miss a payment, GEM provides a 30-day grace period for that missed payment. During the grace period, an additional 4% interest charge accrues to the remaining balance. If the loan is still not repaid or extended after the applicable period, the collateral item may be forfeited according to the pawn loan agreement.

How does the selling process work?

Customers can sell personal items of value that are in excellent condition and fully operable. To sell items at GEM, customers can walk-in or call one of our local branches to make an appointment to meet with one of our GEM team members. Customers can also begin the process using our online form to be contacted by one of our team members within 24hours of their inquiry. Their items will be authenticated by one of our professionals who will then make an offer based on the full valuation of those items. Once the offer is accepted by the customer, GEM takes the items and gives the customer cash-in-hand.
To learn more about selling your items at GEM, please visit our "How it Works" page for more information. ​

What do I need in order to sell to Gem?

All customers selling items to GEM must be 18 years of age or older with a valid form of picture ID.

What kind of items can I sell to Gem?

"Customers can sell personal items that are in excellent condition. Damaged items will not be accepted. All items for sale must be fully operable with all components included. (Ex: TVs can only be sold if cords and original remote are included).

Selling high-end luxury and designer items are ideal if you are seeking a greater cash amount as they often have the highest resale value. The overall condition and quality of your item(s) will determine the final cash offer you qualify for.”

How long does it take to receive payment after selling jewelry or other items?

Once GEM authenticates and evaluates your item, a cash offer is made based on its full valuation. If you accept the offer, GEM takes the item and provides cash-in-hand. For online inquiries, customers can start the process through the online form and expect to be contacted by a GEM team member within 24 hours.

Does GEM offer layaway options?

Yes. We offer layaway payment options on items that customers desire to purchase but do not have the full amount available. Customers can secure an item for layaway with a 20% deposit of the item's total cost. General merchandise can be placed on layaway for up to 30 days as customers make their scheduled payments. Jewelry and watches can be placed on a layaway plan for up to 10 months. ​

What is the grace period for missed layaway payments?

Customers have a two(2) week grace period for payments missed on their layaway plans.

How long is the layaway for?

Depends on what you put on layaway; it may vary from 3 months to 10 months.

Can I finance a diamond or jewelry purchase at GEM, and what terms apply?

Yes. GEM offers layaway payment options for items customers want to purchase but cannot pay in full up front. Customers can secure an item with a 10% deposit of the item’s total cost. For jewelry and watches, layaway plans are available for up to 10 months. Customers also have a -week grace period for missed layaway payments.

What Payment Method Do You Accept?

We accept PayPal for online payments.

How Will I Know My Order Was Accepted?

Once your order has been successfully completed, you will receive a confirmation email containing the details of your order information.

How Can I Change Or Cancel My Order?

Please email ecom@gempawn.net to cancel your order.

When Will My Order Ship?

"GEM ships items 1 - 2 business days from when the original order was placed. Orders are processed and/or shipped Mondays - Fridays. We do not process or ship orders on Saturdays, Sundays or National Holidays. Orders placed within these timeframes will be processed and/or shipped on the following business day.

Orders placed after 12:00 PM EST Monday-Friday, excluding National Holidays, will be processed on the following business day.

Once your package has shipped, you will be notified via email with your package(s) information including a postal tracking number.

Request For Refund

Refund requests must be made within 15 days of original shipping date. Shipping charges of any kind are non-refundable. Refunds will only be made in the original form of payment. Refunds typically take 3 - 5 business days to reflect on your account. Processing time for refunds may vary based on credit card provider and/or banking institution. Items are not eligible for refund after 15 days of original shipping date.

Items must be in the original condition in which they were received, including original packaging and protective wrappings. Requests made for damaged/missing items will not be processed or processed with a 10% restock fee contingent upon the extent of damage. Additionally, request made for items that show signs of where are also subject to a 10% restock fee and/or will not be processed.

In Store Returns

Items can be exchanged at the original store location of purchase. No Cash refunds, Our stores will gladly accept exchange within 15 days of the original shipping date.

Our stores generally operate from 10 AM – 6 PM, however the hours of operation vary by location. Customers must provide the original purchase receipt(s) to exchange any item(s). Requests made without original receipt will not be processed.

In store refunds for defective items only will only be made in the original form of payment.

Returns By Mail

For online return requests only, please email our Client Services by email us at ecom@gempawn.net. The email subject must read “RETURN REQUEST.” The body of your email must clearly state the following information:

Order number for the purchased item(s)
Name & description of item(s) you are returning/exchanging
Reasons for the request
Please allow 24 hrs for a reply from our Client Services team with further instructions on how to process your request.

Exchanges

We do not offer exchanges online. In store exchange is the ONLY option..
Please see our SHIPPING & RETURNS page for a full description of our policies and procedures. ​