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Silver Investing in Tough Times?

August 5, 2009 by Administrator · Leave a Comment 

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Over at The Faster Times, journalist Andrew Myers investigates whether or not silver tableware, bowls, pitchers, teapots, trays, and jewelry are a safe spot for investors to stash their cash during turbulent financial times. Myers says that if we look at silver as a precious commodity, there’s longstanding precedence pointing to: Yes. Read more

SDJB Expands Cash Loan Service

May 30, 2009 by Administrator · Leave a Comment 

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To better serve the San Diego community, San Diego Jewelry Buyers (SDJB) has announced that it has increased the firm’s limit on collateral cash loans on diamonds, fine jewelry, and watches to $250,000 per customer. According to SDJB president Carl Blackburn, the company has increased its cash loan limits due to the declining accessibility of mortgage loans from traditional banking institutions. Read more

New Jersey Jewelers Join Gold Rush

April 26, 2009 by Administrator · 1 Comment 

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San Diego jewelers take note, your colleagues in New Jersey are taking advantage of the recent popularity in gold buying parties, reports the Ashbury Park Press

When Thomas Calabro said, “We are at the heart of a gold rush right now,” he was holding up the heart: a mound of gold jewelry on a red velvet display board surrounded by South African Krugerrands.

All told, the assortment was valued at about $250,000. The coins alone were worth almost $40,000, sold to Calabro by a longtime client while gold was spiking at $954 an ounce.

“The last time gold was sky high was around 1979, the year we opened,” said the owner of Twin City Jewelers on Clifton Avenue in Lakewood. “We built this place on the last gold rush.”

In 1980, gold peaked at about $850 per ounce. Last March it broke the $1,000 mark for the first time in history.

Calabro has the current recession to thank.

As trust in traditional money investments erodes, many people are turning to the most reliable of currencies. And that means quadruple the business for Calabro in the gold sector.

The boost in the “scrap metal” trade for jewelers has hedged a slowdown in retail. So now’s the time when jewelers and jewelry owners are perhaps the only people in the country able to bask in this economic climate — indeed, they’re throwing parties.

After spending a while on the sidelines watching their businesses lose to private “gold parties” — the much flashier cousin to the Tupperware affairs — jewelers have started to play a hand.

Earth Treasures in Eatontown is advertising to host “gold-selling” fund raisers for charities, in which partygoers sell unwanted jewelry, silver, coins and scrap gold for cash, with the charity receiving a percentage of each transaction.

Calabro himself has visited many homes, arriving sometimes with $20,000 in cash and leaving after some hors d’oeuvres with a case of jewels.

“It was very frustrating,” Calabro said of the initial competition. “But if you can’t beat them, you have to join them.”

Gold Buying Parties

March 25, 2009 by Administrator · Leave a Comment 

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National Jeweler reports that the tough economic times, in combination with high metal prices, have people around the country gathering at gold parties to sell their old gold jewelry.

Folks in the media have been comparing the gold-buying parties to recession-era Tupperware parties, resulting in cash for participants, who are choosing to clean out their jewelry boxes as the price of gold rises above $900 an ounce.

According to news reports, the parties begin with guests bringing unwanted jewelry, watches and coins to a host’s house. The host, with the help of companies that are mining the trend like MyGoldParty.com, the Gold Refinery and Nassau Buyers, then tests the gold content and weighs the items, and pays out a certain percentage to guests based on the price of gold that day.

A percentage also goes to the party host, the party representative and the refinery that eventually ends up with the gold and melts it down, according to news reports. In addition to much-needed money, the parties also provide a safe haven, and a social outlet, for consumers looking to cash in on high gold prices but unsure about entering a jewelry store.

According to an Associated Press report of a gold-buying party held in Granby, Conn., one participant said, “It’s terrific because it’s a little bit intimidating to think about walking into the jewelry store, even though they may be heavily advertising it, and, you know, to someone that you don’t know and turning over your valuables to them.”

While gold parties can indeed be fun, San Diego consumers should be aware that the buying offers you get at such parties will most likely be less than at a reputable San Diego gold buyer, since the person who is throwing the party is taking a percentage off the top, which means less cash in your pocket.

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If you decide that a gold buying party isn’t for you and you plan on approaching a San Diego gold buyer with your gold jewelry, then you want to be prepared. Before going to a potential buyer, read this article: 7 Questions to Ask Your Gold Buyer

More Folks Turning Gold Jewelry into Cash

February 25, 2009 by Administrator · Leave a Comment 

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More Californians are taking advantage of a jump in the price of gold to turn their old gold jewelry into cash, says the Santa Cruz Sentinel. The price of gold, which rose to $1,000 an ounce last February and March, then dropped to the mid-$900s, is back above $900 an ounce, sparking a gold rush.

The newspaper article mentions that Santa Cruz Pawn is the only licensed and bonded pawn shop in the city of Santa Cruz, and that it has been in business for more than 10 years, paying cash on the spot for jewelry that might be damaged, missing pieces or just not your style. Bruce Pedersen, owner of Watsonville Pawn, says that most people don’t know that they can come to a pawn shop to sell their gold jewelry. This is unfortunate, since Pedersen said that when he called the “cash for gold” phone number advertised on television, he got referred to another phone number, where he found the voice mail full and no longer taking messages.

Pederson also stated that the $900 per ounce advertised price quote is misleading because it applies only to pure 24-karat gold. Most gold jewelry is 10 karat or 14 karat, so it is worth less, he said. For example, 12 karat is 50 percent gold so the price could be $450 an ounce, half the rate for 24 karat gold.

Other advice worth remembering is that “if it’s gold over silver, it’s worth less,” says Michael Craig, owner of Monterey Bay Estate Jewelry and Antiques, explaining that silver is priced at $12 an ounce.

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While people of all walks of life are turning gold jewelry into cash, the opposite is true too. Many people are now turning cash into gold, seeing gold as one of the few secure investments in this volatile economy. To read about the cash to gold trend, go to this article: Record Sales for Gold Bullion and Coins.

Beverly Hills Pawn Shop Sees Surge

December 27, 2008 by Administrator · 1 Comment 

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This year business is up for California pawn shop owners, an indication of how much tougher this season has become for some. According to the LA Times, Collateral Lender (a well-known Beverly Hills pawn shop) has seen a 20% surge in customers over the last three months or about the same period the stock market tanked. Read more

7 Tips For Selling Diamonds & Diamond Rings in San Diego

October 8, 2008 by Administrator · Leave a Comment 

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Walking into a San Diego pawn shop or jewelery buyer’s office can be an intimidating experience if you have a diamond ring, earring, necklace, or bracelet that your looking to get a cash loan on or sell outright. You might be shocked by the amount of cash that is offered you. Before you walk through those doors, here are some things to keep in mind:

1) Understand that the price a San Diego buyer offers you will be substantially less than the retail price, because the buyer has to assume a great deal of added risk in buying your diamond or diamond ring. In other words, buyers have no assurance of the money they will receive when they try to resell your item, or how long they will have to hold onto your item before selling it at an acceptable profit.

2) The shape of your diamond will affect the price. For example, a round Brilliant cut diamond is often much easier to sell than a fancy shaped diamond like a Marquise, Heart, Trilliant, or Victorian cut. The more confident the buyer is that they have a ready buyer for your diamond the easier it is for them to assess the price. If there isn’t sufficient demand for the shape of your diamond in the current market that will lower their buying offer.

3) When a diamond is accompanied by certification this assists the buyer in pricing that item because this eliminates the need for them to grade the diamond themselves, the results of which may or may not perfectly match the findings on the certificate.

4) Keep in mind that the appraisal value of your diamond is the retail replacement cost. This figure has no bearing on the price which you will be offered should you decide to sell a diamond ring.

5) San Diego Pawn shops in general operate a business that requires greater liquidity. That is, they often need to turn around items much quicker than an established jewelry or diamond buyer. Thus the offer you might receive for a loan on a diamond at a pawn shop is likely to be lower than if you were to sell the item outright to a jewelry or diamond buyer.

6) Be wary of those San Diego diamond buyers who say that it is only the diamond that holds high value and that they just sell the ring for the scrap value of the precious metal. While mass market rings are valued at scrap value, branded fine jewelry that bears handcraftsmanship often holds substantial value and should not be chopped apart and melted down.

7) If possible, look for opportunities to sell your diamonds or diamond ring to a relative, friend, or friend of a friend in San Diego, as you may receive a higher price for your item by selling it privately in this manner.

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San Diego jewelry lovers probably know that Burma rubies are among the most coveted gemstones around. These gems now will become even more rare in the States with the start of the: Burma Ruby Ban.

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