Pleasant Pawn Shop owner Asmar Akman sees investment in gold over pawn loans

When it comes to business, Asmar Akman says honesty is the best policy. “Stay honest, be straightforward, and don't ever exaggerate what you can promise," says Akman, the 42-year-old jeweler and the owner of Pleasant Pawn Shop. "If you say you’re going to do something, you have to do it. Credibility is everything.”

That's important when you're in the pawn business, especially under current economic conditions. The pandemic and the large-scale job losses that have come with have been a source stress for many Worcester residents. 

That stress has brought many to the pawn shop, but not for the reasons Akman thought they would. When the pandemic hit, Akman predicted there would be a jump in people seeking loans, not gold or diamonds, but surprisingly that was not the case. 

After the first round of stimulus had been sent out, customers came in looking to invest in items of long-term value over pawning for immediate cash. “When the stimulus checks were distributed, we saw very few loans given out, and contrary, there was a big spike in gold and jewelry sales,” Akman said.

Consequently, demand has caused Akman to increase his gold prices. Still, while that bolstered his business, Akman says it’s important to meet his customers with hospitality and empathy.  

“I quickly learned the psychology behind anyone that goes to a pawn shop is always financial, so there’s stress levels involved” said Akman. “People think pawnshops are bad, slimy places, there’s a stigma that comes with this industry. So, I’ve tried to change that stigma in terms of not being slimy, not being rude, and not being judgmental of people. People have problems, you have to understand where they’re coming from. When I opened my store in 2005 I had no inventory, nothing but a sign and a smile.” Akman shared. “I didn't see profit until probably the seventh year. I didn't have a car the first five years, I shared a car with my wife. It was very interesting. You sacrifice if you have a dream. It was drive, devotion, and a lot of customer service”. 

That attitude hasn’t gone unnoticed: Akman has received five “Best of Worcester” awards from Worcester Magazine over the course of his career — three for the best pawn shop and two for best gold trade. In 2017 he landed a spot in Worcester Business Journal's “40 under 40.”

Akman learned the ins and outs of the jewelry business from his father, Sabri Akman, a Turkish immigrant who for 40 years owned his own jewelry store, New York Jewelers, previously located at 330 Main St. in Worcester. It was in 2005 while Asmar Akman was working for his father when he stumbled into his purpose.

“I was hanging outside one day and I saw this older gentleman walk up to me, and he goes ‘hey what do you do?’ and I go 'this is my dad's store’ and the man goes ‘what do you want to do?’ and I said ‘I don't know, own a bank.’ He goes ‘you don’t want to own a bank, own a pawn shop.’ So I said 'why?' and he goes ‘it's like a bank but you loan out money on collateral.’ So at first, I didn't think anything of it but then I came to find out the next day when he came to me, he’s the president of Commerce Bank, Barry Krock." 

Later that year, Akman found a vacant spot where he could open his own pawn shop at 334 Pleasant St., where he eventually attained his title as a master jewelry designer. 

“After learning the psychology of the clientele, I said to myself, let me implement jewelry. I’d learned about the jewelry industry from my dad and had contacts on 47th street in Manhattan. So I had the knowledge, but I mostly threw myself into the fire. Then all of a sudden I went into design mode. Every year I kept progressing and learning more about how to be efficient, learned the structural engineering behind how pieces are made properly, and from there I fully took on a design section.”

After working in direct competition with his father for four years, Akman made a business decision that surprised everyone, his father most of all. 

“In 2009 I went to my dad and I said, ‘I’m going to buy you out, you’re going to come work for me now.’ And in one weekend I got a couple of trucks and we cleared out his whole store. My mom, Meryem, came too, they worked together for 40 years.” 

In addition to high-end custom jewelry designs and pawning services, Akman offers a slew of other services, from repairs and cleanings to appraisals for insurance companies.

"I educate every customer I can. I literally explain to them every number I crunch and what it represents. Dimension, weight, karat, cost per ounce, and labor. That way I can give my customers knowledge, and their best value.”

According to Akman, investing in commodities such as gold and jewelry in the midst of an unfriendly economy will make people money in the long run, depending on one's willingness to invest in a piece of high value.

“Here’s an example, let's say five years ago someone bought a necklace that weighed 1,000 grams. That would have cost them $25K, today that same necklace would cost $50K. So now, the value of that necklace is $50K because the price of gold was lower five years ago, and that’s the cycle. Gold, silver and platinum are all based on the world market. As the economy hits troubled times, such as giving out a lot of stimulus money, the value of the dollar goes down and the price of gold is driven up, it’s basic economics. It’s a cycle that's always repeated itself. So when the price of gold  per ounce goes up, that means my vendor's cost goes up, which means I have to sell jewelry for more money. It’s all based on the price of gold per ounce. I recommend investing in the heaviest piece of gold or diamond because the way to get value out of gold and diamonds is by mass. So, the heavier the piece, you’ll always get the best return with more substance, which means you’ll definitely get more money. If the initial investment is low, return isn't going to be crazy high. The more you put into an investment early, the more you’re going to get back. Whether it's in gold or a big-ass diamond, you’ll always get your best return on that” Akman said.

Still, while his hard-earned success has finally paid off, making his customers happy is what Asmar Akman enjoys the most. 

“The most rewarding part of my work is seeing how much customers love the product. When I design something and the customer says, “I never thought it would look this good,’ that's the most gratifying part, you can’t beat that,” Akman said. 

For business inquiries, contact Asmar Akman through instagram @asmar_jewelz or by walk in.