COST OF LIVING
Pawnbrokers: £440m lenders that’ll sell you a diamond ring too
The cost of living crisis means a boom time for these high street lenders
Jewellery and watches are the most common items to pawn
JOSHUA BRATT FOR THE SUNDAY TIMES
The Sunday Times
I’m staring into a shop window at a glittering £13,000 ring that contains a sapphire as big as my knuckle. Next to it is a £24,000 Rolex, a row of gold bracelets and more twinkly earrings than I can count.
But this isn’t a high-end jewellers in London’s Mayfair, it is Mallard Jewellers & Pawnbrokers in Ilford, east London, a small shop on a busy high street, near a Primark and a Paddy Power. And business is booming.
The value of loans made by pawnbrokers across the UK rose 25.4 per cent from £351 million for the 12 months from July 2021 to £440 million the following year, according to the Financial Conduct Authority, the City regulator.
A loan from a pawnbroker means no credit check
JOSHUA BRATT FOR THE SUNDAY TIMES
Britain’s largest pawnbroker, H&T, said its pledge book
