Pawnshops surveyed told The Straits Times that business had increased by up to 20 per cent over the past few weeks leading up to the Chinese New Year - one of their busiest periods of the year.

Among the people who make up the crowd is coffee shop assistant Cheong Poon Leng, 54, who was spotted pawning three gold bangles and a gold ring for about $1,000 last Friday.

The sum gives her 'more than enough' money to put some goodies on her dinner table, such as abalone for her reunion dinner, she said.

Then, there are those who turn to pawnshops during this festive period to redeem their jewellery for the holidays.

Cabby Henry Ong, 63, redeemed a gold necklace he pawned two years ago last Friday. He coughed up $460 to redeem it.

He said: 'It is nice to get the necklace back so that my wife can wear it when we visit relatives during the New Year.'

And the business boom of the 80s and 90s - when pawnshops were packed to the gills before the festival and brokers would open till late on New Year's Eve to cater to the demand - has meant more entrants to the business.

According to the Registry of Pawnbrokers, in the past five years alone, the number of pawnshops here increased by almost 40 per cent.

There were 111 pawnshops at the end of last year, compared to 81 in 2003.

The new players include Singapore Post, which stepped into the pawnbroking business in 2004.

It now has six branches, and said that business had in fact grown 'steadily', without giving any details of its growth.

Another big player is the ValueMax Group, which now has six shops, and plans to open three more outlets by the end of next year, according to its operations manager Yeah Lee Ching.

Pawnshops are also dishing out more cash. In 2003, pawnshops here gave out $1.26 billion dollars in loans.

By 2006, the figure had shot up to $1.57 billion.

In the first nine months of last year alone, people here took out $1.17 billion in loans by pawning their valuables.

While gold and jewellery remain the mainstay of valuables pawned, some shops are taking in other items such as branded watches.

And the new times also mean new business practices.

Some pawnshops have expanded their definition of 'valuables'.

For example, the ValueMax Group also accepts new branded bags such as those by Louis Vuitton accompanied by their receipts.

Another pawnshop, which declined to be named, accepts laptops and mobile phones.

The owner of the pawnshop said: 'Some of our regulars are really desperate and have no more gold or jewellery left to pawn, so we accept their mobile phones or laptops to help them tide through their rough spot.'

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