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Lombard Mutual Pawnbrokers & Jewelers | Since 1948 http://lombardmutual.com Gold Selling & Buying Professional Pawnbrokers Tue, 21 Jul 2015 18:14:41 +0000 en-US hourly 1 https://wordpress.org/?v=4.2 April 2013 Diamond and Gold Sweepstakes :: No Purchase Necessary http://lombardmutual.com/april-2013-diamond-and-gold-sweepstakes-no-purchase-necessary http://lombardmutual.com/april-2013-diamond-and-gold-sweepstakes-no-purchase-necessary#comments Wed, 03 Apr 2013 14:58:37 +0000 http://lombardmutual.com/?p=1104 For the month of April and to celebrate the coming of Spring, Lombard Mutual is having our:

Springtime Diamond & Gold Sweepstakes.

1 Lucky person will win our 14k white gold, heart-shaped Diamond pendant valued at $700.00

Diamond Sweepstakes

14k White Gold Diamond and Giveaway – Value $700.00

To Start, click the link below and  like our Facebook page to Enter.

Want more chances to win, then share with friends and get bonus entries for each one of your friends that likes  our page. It’s really that simple and No Purchases are required.

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Cash for Gold NY | Jewelry Appraisal Tool Kit http://lombardmutual.com/cash-for-gold-ny-jewelry-appraisal-tool-kit http://lombardmutual.com/cash-for-gold-ny-jewelry-appraisal-tool-kit#comments Wed, 03 Apr 2013 14:45:59 +0000 http://lombardmutual.com/?p=983 With the Cash for Gold boom of today, many ask, how does a Pawnshop or Gold Buyer set the value on the gold or jewelry you sell them? Isn’t it as simple as checking for todays gold prices and working your way back from there?

The simple answer is …. NO.

This article builds on how the Jewelry Appraisers in NY assess your valuables. In our experience, individuals who sell gold, jewelry, silver coins or even diamonds, don’t particularly understand the value of the items they own. Too often clients may be misguided about their jewelry, and here are a few common mistakes:

1) “I paid a lot of money for this so it must be worth a lot…”
2) “This pocket watch is almost 100 years old!! Its got to be worth thousands of dollars…”
3) “I saw the same type of diamond ring for selling online for $10,000. I’ll take $9,000…”

As mentioned in our previous article [link], the appraising the gold you sell is the most vital part of our job. At Lombard we are responsible for making sure we give an honest and fair appraisal, both for ourselves and our customers. When a jewelry loan is taken on your diamond engagement ring, we at Lombard are taking the highest risk. Therefore, we spend a lot of time educating ourselves and the consumer on what to expect when inquiring about selling your gold.

So how do we check the value of  your jewelry? Before we can estimate any items worth we must first test to see if it is genuine. The Appraisers tool kit is quite standard in the industry. Most, if not all, jewelry stores and pawnshops in NY own the standard appraisal kit. Below you’ll find a few of our primary tools and their usage.

 

The Jewelry Loupe or magnifying glass. This time-tested tool is what usually begins the evaluation.

pawnshop ny - selling gold - appraisal

The Jewelry Loupe

The Acid Kit

Test Kit - Jewelry Appraisal - Cash for Gold NY

Jewelry Acid Testing Kit

Files & Black Plate

selling gold - testing gold for loans and sell

Jewelry File Testing Gold

appraising gold with jewelry test kit

Black Plate – Gold Filings Test

Scale

jewelry scale - weighing your gold

The Jewelers Scale

From above you can see the process is pretty straightforward:

1) Visual Inspection with our Loupe

2) File and scrape the gold to test with acid which determines how many karats or what percentage of the item is made out of gold versus other materials.

Finally the overall value is created based on the gold price of the day and the weight of the gold or jewelry for sale.

 

 

Although we go through the rigors of inspecting your items, even our pros have had instances of being fooled. The worst-case scenario is when a customer comes in with what they believe is a high valued item and we have to be the bearers of bad news. Typically this happens when a client is coming in to pawn a gift given by a loved one. Rarely, but occasionally, we see people who have purchased items they thought to be genuine but were in fact not.

So what are the lessons of this article:

1) Know from who and where you’ve gotten your jewelry.
2) When buying for yourself, always use a reputable retailer who can back up their claims.
3) Get multiple appraisals, but from jewelry retailers and wholesalers.

 

 

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Selling Jewelry | True Value vs Perceived Value http://lombardmutual.com/selling-jewelry-true-value-vs-perceived-value http://lombardmutual.com/selling-jewelry-true-value-vs-perceived-value#comments Mon, 30 Jul 2012 14:17:58 +0000 http://lombardmutual.com/?p=979 Here is a typical question we get when clients come in to sell their precious valuables. “Hey, I just bought this expensive watch for my wife 2 months ago, why is it worth so much less when it’s fairly new?”

The question they should be asking is, “whoever said it would be worth more?”

A large misconception in the jewelry industry is that buying retail gold or diamonds is a secured investment for the future. The truth about gold, precious gems and metals is that they are investments that hold their value, but only when based on the material itself. We all know that anytime you buy any item at retail, it loses a portion of its value before you hit the door. Also, many people forget that buying high-end designer items like Cartier, Tiffany and Rolex carry a marketing cost in their retail value.

Marketing Cost??….What’s that?

Manufacturers of designer goods in any industry build in their design, tooling, advertising and branding cost into the final retail value of their product. Here’s a made-up simplistic example: Rolex makes an 18k gold watch with diamonds, selling at retail for $27,000, but in truth has an aftermarket material value of only $6,000. Basically, buying something new and trying to flip it back into cash a few months or even years later will most likely be significantly lower than what you paid.

Are there exceptions to this rule? Absolutely!

Items will have exceptions when you’ve purchased them many years ago when the value of the metals were lower. Another case is when someone has something rare and collectible. Too often we see people coming in with beautiful yet common pieces. The only way an item is typically valued above its base material cost is when it is a sought after, rare collectible. The basic story of supply and demand is probably the defining factor in most cases where the value is judged beyond the original purchase price.

In our industry we have a term for clients who think they can get their original or higher value for an item paid at retail…”Mooners”.

Basically the only place they’ll ever get the numbers they want would be on the Moon. The lesson here: understanding what makes up the value of your jewelry and how it translates into cash.

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Selling Gold, Not Just for The Cash Strapped! http://lombardmutual.com/selling-gold-not-just-for-the-cash-strapped http://lombardmutual.com/selling-gold-not-just-for-the-cash-strapped#comments Mon, 23 Jul 2012 14:07:14 +0000 http://lombardmutual.com/?p=967 Who says you have to be in debt to cash in on your jewelry?

In this weaker economy with increased gold prices, we see many types of clients walk through our door. Many people come to us because they do have an immediate need to get some quick cash. However, there has been a large influx of individuals opportunistically converting their unused or outdated gold for cash. In other words, many people are just doing same basic “spring cleaning” of their jewelry boxes.

The regulars are clients who come in that NEED the cash fast and they aren’t bashful in telling us why. Often it’s for a medical bill, to make payroll, or even for paying the kids college tuition. Whatever the case may be, those who NEED the cash tell us what they’re looking to get and we try our best to have them leave with some money in exchange.

Interestingly, there has been a new breed of sellers walking through our doors. Perhaps they’ve seen all the Pawn Shows on TV or ads running around the country. Either way, these “newbies” are those who found that they are simply holding on to old memories, passed down trinkets or outdated styles of gold or jewelry.

These new clients are easy to distinguish because they are often looking to find out the values of the items, have no preconceived notion on the value and typically they walk away with newfound cash in their pocket. We’ve begun to ask the “newbies” how they came to selling their items and what they intend to use the money for.

Here are the Top 5 reasons for selling their goods:
    • Been seeing all these pawn and auction shows on TV, so wanted to see what I can get for my old jewelry.
    • Grandparents passed down some very old and outdated jewelry that just sits in my drawer.
    • Was in a relationship with someone and all these jewelry gifts make me think about them, so I decided to get rid of it.
    • Someone told me this is a highly valued collectible and would rather turn it into something I could use.
    • Figured I could use the items I don’t wear any longer and trade them in for something I would like.
Here are the Top 5 uses for the cash they get:
    • Wanted to take the family on trip and now have the means to do so.
    • Going to buy new jewelry with the money.
    • Wanted a new car but was missing the down payment.
    • Just going to put it in the bank for a rainy day.
    • Paying down some student loans.
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“I saw this being sold on Ebay for…” http://lombardmutual.com/i-saw-this-being-sold-on-ebay-for http://lombardmutual.com/i-saw-this-being-sold-on-ebay-for#comments Tue, 17 Jul 2012 12:18:41 +0000 http://lombardmutual.com/?p=959 What you should know about the valuation of your gold and jewelry vs. what you see through online sellers such as Ebay, Amazon, etc..

As a continuation to our previous post on “The Truth in Appraisals“, we’ve decided to explain what you see selling online versus real jewelry worth.

During a typical appraisal, I’m often told that a particular item I’m appraising is being sold on Ebay for much more than my current offer.  There are various things you should know about online pricing:

1) Items sold online are valued at whatever price the seller is asking for. Remember – we live in a free country… Online sellers aren’t jewelers or appraisers and have the right to ask whatever they choose for their item. If you feel you can get the asking price of a similarly listed item for yours, then by all means you should list it.

2) Online sellers are selling to end-users. At Lombard Mutual, we act as intermediary buyers or loan granters. We are valuing your item with the purpose of re-selling it in order for us to make a profit. Much like wholesalers, we need to buy your item with a certain margin to turn a profit and cover our overhead and expenses. The only way to avoid selling to someone with these costs is to sell to a friend.

3) “What have you seen your item actually sell for?” This is a common response I have to clients who have seen their jewelry being offered online. If you go to ebay and look at completed sales, you’ll be able to view actual selling prices and not just the wishful pricing of online sellers.

 

The basic lesson here is to be cautious of your expectations when it comes to selling your gold or valuables. We love when our customers take the position of being informed sellers, but it doesn’t work if they are not understanding of the proper tools and rational behind an appraisal. We strive at customer satisfaction and are willing to match or beat any real and documented offer one has received from other pawnbrokers or jewelers.

 

If you have any further questions, or wish to speak to one of our professional appraisers, than please don’t hesitate to call Lombard Mutual at (212) 819 – 0366.

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The Truth About Jewelry Appraisals http://lombardmutual.com/the-truth-about-jewelry-appraisals http://lombardmutual.com/the-truth-about-jewelry-appraisals#comments Thu, 05 Jul 2012 14:16:07 +0000 http://lombardmutual.com/?p=944 If you’re someone who’s interested in Pawning or Selling your Gold or Valuable, than there are a few important things you should know about the process:

The first step in understanding the value of your Jewelry item is to remove any & all emotional attachment you may have. Jewelers, Appraisers, and Insurance companies alike, unfortunately have no interest in the how or where your item came from. The business of these companies is to assess the value of the jewelry as it pertains to their business model and YES there is a difference. You may already be asking how one item can have varying values when the value of gold, silver and precious metals are a fixed and traded commodity. Here is where it gets interesting.

Insurance Companies: The role of an insurance company is to offer you coverage against any valuable or possession you wish to protect. They typically send an appraiser to check out the goods and offer you a value of near 100% and up as a measure to replace the item in an event of a disaster. This valuation is ultimately a number which fits into an equation that helps them determine a monthly premium for this protection. The higher the valuation, the higher the premium. You may already be able to see how the inflated appraisal works to the benefit of the insurance. In many cases we see people coming in with their insurance appraisal and they often get upset when they realize this is not the true value of their gold or jewelry.

Independent Appraisers: There are many 3rd party and independent appraisers that can offer you their services in relaying true value for an item. These appraisers are trained and certified by many organizations (which we recommend you ask before using) and they rely on current market values, collectability, rareness, quality, etc. Unless specified, they typically provide the average re-sale to consumer value which will usually fall into a close range if you were to go shopping this around. It’s important to note that Independent Appraisers provide a paid service which is strictly for valuation of your goods. They have no vested stake in what may happen after their appraisal. Simply, they are trying to provide a best estimate for the client.

Jewelers Appraisal: This is where things drastically change when it comes the item value. A Jeweler, is often a retailer, wholesaler and trader of gold and silver. There business is to supply the market with jewelery so that consumers have access to buying gold and precious valuables. The appraisal process in a jeweler must and always will take into account a margin for them to actually resell the item, the street or actual value, and risk assessed value. The jeweler must and always will cover the cost of their business service in making the final valuation. Whether it is from a reputable manufacturers such as Cartier® and Tiffany® or B2B through the gold and diamond trade and specifically in the pawning and selling of 3rd party goods, Jewelers build a number for all the appraisal factors mentioned. WHY? In the end the Jeweler is the one person in this matrix that is taking the risk. They are offering to immediately buy or loan against your item and need to both cover their expenses, future fluctuations in the market and provide that they don’t go bankrupt from improper assessments. This is why you will often see the largest fluctuation in value from one jeweler to another.

Now that you understand the variables, how are you supposed to make a decision? The simple answer is to understand what you have in your possession (i.e – raw metal or stone value by weight and quality). It is often a good idea to shop around a few reputable jewelers to see if there is an average value that keeps presenting itself. You can also use the Internet, but we caution you to understand the differences you find there. This will be covered in our next article titled “Hey I saw this being sold on Ebay for …

If you have any further questions, or wish to speak to one of our professional appraisers, than please don’t hesitate to call Lombard Mutual at (212) 819 – 0366.

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Stop Selling Your Gold! http://lombardmutual.com/stop-selling-your-gold http://lombardmutual.com/stop-selling-your-gold#comments Fri, 15 Jun 2012 21:38:15 +0000 http://lombardmutual.com.s148194.gridserver.com/?p=927 Are you unsure how to go about turning your gold, jewelry and valuables to NEEDED cash?

Before you commit yourself, think about the following:

    • How much did you pay for the item?
    • Does it have sentimental value?
    • If you sell it, how much can you buy it back for down the road?
    • Can you turn it into cash WITHOUT selling?

One quick stroll down West 47th street in New York City will tell you one thing for sure: EVERYONE WANTS TO BUY YOUR GOLD JEWELRY AND VALUABLES!!

I was always taught that if everyone wants to buy your items, then they must be pretty valuable and important. Maybe, selling your items to the UBER HUNGRY dealers on 47th street is not the right answer. After all, short of forcibly dragging you in to their shops, they’ll do whatever they can to BUY your items.

Lesson #1 is: Call Lombard Mutual to set up a free appointment to discuss your options. Ask for Joseph. You owe it to yourself.

 

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Lombard Reuters Article http://lombardmutual.com/lombard-reuters-story http://lombardmutual.com/lombard-reuters-story#comments Fri, 20 Feb 2009 20:41:37 +0000 http://lombardmutual.com/?p=573 Featured in Reuters Lifestyle Life! Section – Author Leslie Gevirtz – Photo By Susana Verai

More women pawn their jewels in tarnished economy

NEW YORK (Reuters Life!) – Pawnbrokers are seeing many more new customers as Americans, mostly women, hock their gold jewelry to make ends meet.

“There’s definitely been a great many more first timers coming in,” Joseph Grunberg of Lombard Mutual Pawnbrokers & Jewelers said. “There are a lot more women then men, but that’s because more women have more jewelry.”

On Friday, when gold rose above $1,000 an ounce in New York trade, Grunberg said, “It’s been going on for a long time now. There is a correlation between the markets and our customers. And we view this as only the beginning.”

At the Provident Loan Society of New York, a not-for-profit pawnbroker with five branches in various New York neighborhoods, John Higney said his company has long seen a mixture of clientele.

From the branch on the posh Upper East Side, home to investment bankers, to The Bronx, home to working class families, what Higney has noticed is an increase in volume.

“We have some people coming in saying they worked on Wall Street and lost their job,” he said. “But we’ve had one person on line come in with a $40,000 item and the person right behind them come in with a $100 item.”

He said he had seen more business since gold has been hovering around $900 an ounce and expects to see more customers “a little later in the year as more people lose their jobs.”

Lombard Mutual’s Grunberg is also anticipating an increase in his business. “We only view this as early on. There’s going to be a lot more of this.”

Reporting by Leslie Gevirtz, Editing by Jennifer Ablan

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Lombard New York Times Article http://lombardmutual.com/lombard-new-york-times-article http://lombardmutual.com/lombard-new-york-times-article#comments Sat, 05 Apr 2008 19:37:47 +0000 http://lombardmutual.com/?p=571 Featured in New York Times Business Section – Author Michael Barbarro – Photo By Fabrizio Constantini

In a Modern Gold Rush, Can Memories Beat $913 an Ounce?

Gold rushes should be simple money-making schemes.

And on the surface, this one is. With prices hitting record levels, people are melting down rare coins. They are digging through drawers for family heirlooms to pawn. And they are giving gold parties, inviting friends to walk in with gold and walk out with cash.

“Gold is coming out of the walls,” said Joseph Grunberg, a pawnbroker and jewelry shop owner in the Diamond District of Manhattan.

He said his clientele is the rich and not-so — a stockbroker came into his store recently to sell his $30,000 gold watch, but he’s also seen people hoping that their old class ring might help pay the rent. “It’s a mega-mega business right now,” he added.

But there are hidden costs to cashing in. As thousands of Americans rush to sell off pieces of their past — an ounce of gold now commands about $913, as of Friday afternoon, up about $240 from a year ago — they are confronting treacherous emotional terrain.

Behind every 18-karat gold herringbone necklace and 12-karat toggle bracelet is the story of a bad breakup or a late great-aunt.

That has turned the seemingly uncomplicated process of cashing in on gold’s surging value into an emotionally fraught experience, bringing new meaning to the notion of a precious metal.

“People tear up as they tell us about the jewelry,” said Michael Mouret, president of Louisiana Gold & Coins in Baton Rouge, who, like many storekeepers, has become a therapist for conflicted gold sellers.

A tough economy across much of the country is pitting memories against much-needed money. Rita Wallace, 50, has collected coins for 30 years, a hobby she inherited from her grandfather. Selling the coins as scrap gold, destined for melting, was never her intention.

But after watching the price of gold soar this winter, Ms. Wallace, who is unemployed, decided to send off for melting her United States Mint coins commemorating the Statue of Liberty, the Constitution and the founding of the Jamestown colony in Virginia.

In the end, she was paid $5,000, far more than the coins’ value as collectibles, she said. “Is it really what I wanted to do?” said Ms. Wallace, who lives outside Columbus, Ohio. “No, not really. But it made the most sense financially.”

Gold’s steady climb in price has been driven by a swooning stock market, a weak dollar and fear of inflation, which have prodded people to turn to safer bets, like ever-reliable gold. Its value jumped from around $660 an ounce a year ago to more than $1,000 in March.

Prices have slipped back to about $900, but the numbers are still attractive enough to drive thousands of Americans to raid their jewelry boxes.

To mitigate the emotional toll, a handful of pawnshops and jewelers are playing host to gold parties, where a combination of alcohol, food and banter has transformed a cold financial transaction into something resembling happy hour.

At one such party a few nights ago, with a 28-year-old teacher in Shelby, Mich., as host, a group of women drank wine and snacked on vegetables as a jewelry expert calculated the weight and karat value of their gold, writing them checks based on that day’s gold price ($880 an ounce).

Raegen Findlay, a 29-year-old homemaker, arrived with several dozen pieces of jewelry, some hers, some belonging to her mother. As it was examined, Ms. Findlay panicked, picked up her cellphone and called her mother. Did she want to salvage the gems from a gold ring before it was sold off and melted down?

“Nah, she said to go ahead and sell it all,” Ms. Findlay said, relaying the conversation with her mother, who wanted the extra money for a coming vacation. The gold from Ms. Findlay’s mother was worth $365 — a figure that drew applause from the women in the room.

While wrenching for some, selling gold is cathartic for others. Over the last few months, a woman named Diane, who lives in Tennessee and asked that her last name not be used, has sold more than $1,000 worth of gold jewelry given to her by her former husband, including a 14-karat herringbone necklace (sold for $500).

“If I had not gotten a divorce, I probably would not have parted with it,” she said. “But I did not need that kind of karma lying around the house.”

Stanley Crane, a 66-year-old coin and jewelry collector, said the high price of gold was the equivalent of a get-out-of-jail-free card for those who are stuck with, say, an 18-karat wedding band saddled with emotional baggage from a breakup, or a chunky gold charm bracelet that has fallen out of fashion.

“It forgives a lot of bad stuff and makes up for a lot of mistakes,” he said.

Mistakes like damaged coins. For years, Mr. Crane, a retired trucking company employee in White Lake, Mich., has tried to unload dented and scratched coins that have languished in his collection for lack of a buyer.

When gold prices began to surge this winter, the weight of the flawed coins overshadowed any aesthetic flaws. He just traded an imperfect gold coin worth $936, at the time, for two smaller gold coins, potentially worth much more because they are in mint condition.

Not everyone’s story ends that happily, or profitably. Many are discovering, much to their embarrassment, that all that glitters in the back corner of their jewelry box is not gold — or at least not the valuable kind.

Several weeks ago, a 30-something woman walked into Lombard Mutual, the pawnbroker and jewelry shop in Manhattan, to find out how much a pair of gold drop earrings might fetch.

Behind the counter, the shop’s owner, Joseph Grunberg, performed a routine test and delivered his verdict: “Gold plated,” he said.

“I’m shocked,” responded the woman, who would identify herself only as Jessica because of what she said next. “It figures. My boss gave me those earrings right before she fired me.”

“She claimed,” Jessica added, with disgust, “that they were real gold.”

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