Chicago built a dedicated 40-story tower for its watch and jewelry trade in 1927 — complete with an automobile elevator to the 22nd floor — and designated its Wabash Avenue trading strip a city landmark in 2003. Illinois added a new statutory framework for collateral lending in March 2024.
Chicago’s commitment to securing its gem and watch trade is literally architectural. The Jewelers Building at 35 East Wacker Drive — a 40-story, 522-foot tower completed in 1927, then the tallest building outside New York City — was constructed for the city’s diamond and watch merchants. Its signature security feature: a central automobile elevator that carried vehicles directly to the 22nd floor, allowing merchants to unload inventory without street-level exposure. The system ran until 1940, when the space was converted to offices. The building received Chicago Landmark status on February 9, 1994.
The Elgin National Watch Company was among the building’s first major tenants and donated the “Father Time” clock that still marks 35 East Wacker. Elgin’s corporate logo was Father Time — a named, documented link between this address and the American watch industry.
A second Jewelers Building stands at 15–17 S. Wabash Avenue, built in 1881–82 and designed by Dankmar Adler and Louis Sullivan. It was added to the National Register of Historic Places in 1974 (NRHP ref. 74000752) and designated a Chicago Landmark on December 18, 1981.
The commercial center of the trade runs along Wabash Avenue between Washington and Monroe Streets in the Loop. The district was designated a Chicago Landmark on July 9, 2003; its buildings date from 1872 through the early 1940s, and the strip has concentrated jewelry, silver, and watch trade in one walkable block since the early 1900s.
The Mallers Building at 5 S. Wabash, completed in 1912, was designed from the outset to consolidate independent jewelers under a single secure roof. The Jewelers Center now operating from that address lists 180 jewelers in the building.
Collateral lending in Illinois is governed by the Pawnbroker Regulation Act of 2023, codified as 205 ILCS 511. Governor Pritzker signed the enabling legislation — Public Act 103-0585 — on March 22, 2024. The Act introduced financing rate caps, mandatory disclosure requirements, and annual employee training obligations subject to Illinois Department of Financial and Professional Regulation rules.
Under 205 ILCS 511, a pawnbroker may charge a monthly finance charge of up to 20% of the pawn amount on loans under $500, which equals a maximum annual rate of 240% APR on small transactions. The Act also caps total active pawnbroker licenses at 250 statewide, with a separate ceiling of 150 licenses for specified counties — a provision that directly affects Cook County and the Chicago market.
Our lending activity in Illinois is originated by licensed lender partners operating under applicable state authority. Figures cited here reflect the statutory framework as general guidance only and are not loan offers; individual terms will vary.
We consider loans against luxury mechanical watches — Patek Philippe, Rolex, Audemars Piguet, and comparable references. Collateral assessment turns on movement condition, completeness of box and papers, reference, and current secondary-market demand. Geographic proximity to Jewelers Row does not affect our valuation; assessment follows your submission of watch details.
The loan does not require a credit check. Your watch is held in custody for the duration of the term and returned when you repay principal plus accrued charges. If you choose not to redeem, no further obligation attaches beyond the collateral itself.
For loan-to-value context, see How Much Can I Borrow?. Common questions on custody, insurance, and redemption are answered in the FAQ. Full fee and licensing disclosures appear at Disclosures.
Loans are originated by licensed lender partners. Loan offers, terms, rates and final decisions are made by the originating licensed lender at appraisal — figures shown here are general guidance, not loan offers.
Last reviewed September 3, 2026.
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