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Pawn Detroit

Introducing: Two Hearts. One Journey — The Lili Gold Signature Collection

By | from Staff

Two hearts. One Journey.

In 2018, we celebrate the 40th Anniversary of American Jewelry and Loan. Some of the most important contributions to the longevity and success of the business are certainly a result of the influence of Les Gold’s wife, Lili.

 

In April, we unvieled pieces from a collection of jewelry that features a design commissioned by Lili herself which are manufactured here in our iconic Detroit store using the latest in 3D Printing tehnology.

The collection features limited production pieces in a variety of price points. Pieces are available for order at our Detroit store or online.

A portion of the proceeds from the sale will support one of Lili’s favorite charities, Wigs 4 Kids.

Trunk Show: The Lili Gold Signature Collection

By | from Staff

Two hearts. One Journey. In 2018, we celebrate the 40th Anniversary of American Jewelry and Loan. Some of the most important contributions to the longevity and success of the business are certainly a result of the influence of Les Gold’s wife, Lili.

 

On Saturday, April 7th from 2-4 pm we will be unveiling pieces from a collection of jewelry that features a design commissioned by Lili herself which are manufactured here in our iconic Detroit store using the latest in 3D Printing tehnology.

The collection will feature limited production pieces in a variety of price points. Guests will be able to order pieces which will be produced exclusively for them either in-store or online. Online ordering will be available via our online store with free shipping. Links to the specific products will be LIVE on April 7 as part of this special event.

A portion of the proceeds from the sale will support one of Lili’s favorite charities, Wigs 4 Kids.

Les and Seth Gold Serve on First ‘Gold Bank’ Review Panel

By | In the News

To kick off the celebration of the 40th Anniversary of American Jewelry and Loan, Les and Seth Gold established The Gold Bank which will support Detroit’s youngest entrepreneurs for years to come.

The first round of ‘Shark Tank’ style pitches were presented by students of Junior Achievement of Southeastern Michigan. For this exercise, Les and Seth were joined by their friend and colleague Kristen Holt, CEO of Greenpath Financial Solutions. The students hail from Les’ alma mater, Southfield High School.

“These students remind me of myself at their age,” Les said about the teens. The pitches, which both resulted in funding via microloans, were followed by a Q&A session.

The Gold Bank is intended to fund companies founded by students who participate in programming by Junior Achievement of Southeastern Michigan. To learn more, visit www.jamichigan.org!

and presented ideas for businesses centered on fashion footwear and phone cases.

CNBC: The wealthy are using pawn shops to finance their business ideas

By | Uncategorized

At American Jewelry and Loan, we frequently work with entrepreneurs to help them get the cash they need to keep their business running. Check out this interesting article from  from CNBC:

Wealthy people looking to fund new ventures are turning to their Rolexes and art collections as collateral for quick and easy loans from high-end pawn shops.

The handful of lending companies tapping into the trend let their affluent clients take quick thousand-dollar or million-dollar loans with high-end collectibles as collateral. That’s far greater than the average loan size of $150, according to the National Pawnbrokers Association. Business owners say the way the luxury goods-backed loans are growing points less to the financial distress associated with pawn shops and more to seize money-making opportunities.

The pickup in economic growth has shifted the balance toward small business owners growing their businesses, said Jordan Tabach-Bank, CEO of Beverly Hills-based The Loan Companies.

Growth is “certainly geared more towards opportunity loans than anything else,” Tabach-Bank said in a phone interview. His company operates brick-and-mortar high-end pawn shops in Beverly Hills, Chicago and New York. Business is doing so well that he’s considering opening a fourth location.

In another sign, Denver-based Luxury Asset Capital said it launched an online version called Lux Exchange in late January and has secured a credit line of $50 million from a family office.

A big part of the job is “educating the affluent consumer that they have all these assets sitting in their closet,” said Dewey Burke, president and CEO of Luxury Asset Capital.

One of his clients was able to use his watch collection to seal a commercial real estate deal. This client spent 10 years trying unsuccessfully to purchase a piece of property, Burke said. When it suddenly came up for sale last year, the client had just one week to close.

No bank would provide a loan in such a short time, Burke said. But after the client mailed in “four very, very high-end luxury” watches, Burke’s company was able to provide him with $400,000 in 48 hours.

Some clients also leave their luxury goods with Lux Exchange for a service that acts like a revolving line of credit.

“Often times if I talk about my business, the assumption is that people borrowing money from you, they must be in a bad spot. That’s simply not true,” Burke said. “We also and more often deal with business owners that are growing.”

Global wealth is on the rise as equity markets have run into record high territory, and prices for luxury goods are climbing. Last fall, a da Vinci painting sold for more than $450 million, the most expensive piece of art sold at an auction, according to Christie’s. In December, a vintage Rolex formerly owned by Oscar-winning actor Paul Newman set the record for the most expensive wristwatch sold at auction – $17.75 million.

Individuals are also using high-end pawn shops to use their existing collectibles to buy more.

“They’re able to fund the passion with the passion, versus using assets that would be used for other purposes. It makes a lot of sense for me,” said Morgan Duffy, president of Hayden Wood Insurance Agency, which focuses on the car collection market.

Sometimes using a traditional lender has resulted in not being able to make a purchase at all.

One of Duffy’s clients had $20 million worth of cars, and saw that the 18th out of 19 cars in one line was coming up for sale at an auction in four weeks. “He had tied up all his liquidity in business pursuits” and didn’t have the roughly $3 million for the car, Duffy said. “Even with providing evidence of what his collection included, we couldn’t get the traditional lender to wrap his head around it in time to purchase the car for his collection.”

But the overall trend for high-end pawnbrokers appears to be entrepreneurs needing large amounts of capital quickly.

In Houston, Pamela Wright of Wright Pawn & Jewelry said loans in the last nine months grew 20 percent from the same period last year, mostly driven by luxury goods. She said some of the business loans were for:

  • a young woman who needed to patent and create a cosmetic product that now sells through the QVC television shopping network;
  • a man who needed to purchase a car to become an Uber driver;
  • a woman who started a successful delivery service.

“There does seem to be an increase in clients patenting ideas to take to market,” Wright said. “It’s not just the sandwich shop down the street. These are people that are thinking outside the box.”

 

 

Read full article: https://www.cnbc.com/2018/03/05/the-wealthy-are-using-pawn-shops-to-finance-their-business-ideas.html

Oscars Red Carpet Jewelry — Get the Looks for LESS!

By | from Staff

American Jewelry and Loan boasts an extensive collections of jewelry from all price points including fine jewelry that’s reminiscent of pieces seen during the 2018 Red Carpet season which are available (at a fraction of the retail price) at our online store:

 

6 things to consider before buying jewelry for your Valentine

By | Uncategorized
[Read original post via SheKnows.com] It’s estimated that Americans will spend almost $20 Billion on Valentine’s Day gifts this year. Diamond jewelry is a traditional choice and it therefore makes sense to know what to look for if you should decide to invest in a diamond piece.

Our family has been buying and selling diamonds for four generations and we recognize the Gemological Institute of America’s expertise in the field as the gold standard. More than any other source, they offer training for professionals like us in the 4Cs — cut, clarity, color and carat.

Recently, we spoke with an expert from GIA on this topic. “Familiarity with the 4Cs of diamond quality is a crucial element in speaking the language of diamonds,” says Brenda Harwick, GIA Instructor. “Every diamond can be described by these attributes, which when taken together, help determine the diamond’s overall quality and value.”

When buying diamonds for a Valentine’s Day gift, consider how it will be worn by the recipient. You may be in the market for a statement piece that will be worn only on special occasions or a cornerstone piece like an engagement ring that will be worn daily. Jewelry is rarely an investment that pays high financial dividends. Rather, diamond jewelry is a beautiful expression of love that should fit your Valentine’s personal style. A good rule of thumb for buying diamond jewelry is to buy what you love, so long as you understand why you love it.

Harwick and the GIA offer six tips for helping consumers find their ideal piece of diamond jewelry.

1. Do the research

Familiarity with the 4Cs of diamond quality is a crucial element in speaking the language of diamonds. Every diamond can be described by these attributes, which when taken together, help to determine the diamond’s overall quality and value.

2. Choose a qualified jeweler

Consumers should select a jeweler as carefully as they would a doctor, lawyer or any other trained professional. Find someone who is credentialed, such as a GIA graduate gemologist. Take note of their affiliations with jewelry industry groups and professional associations.

3. Ask for an independent diamond grading report

A diamond grading report details the gemological quality of the diamond. It tells whether the stone is natural or synthetic, if it has been treated — and how — and its quality rankings in each of the 4Cs. Verification of information contained in any GIA diamond grading report can be attained by going to Report Check, GIA’s secure online database, or by accessing it directly through the GIA 4Cs app.

4. Keep the purchase secure

Have the diamond appraised and insured. A diamond grading report is the independent assessment of quality, while an appraisal gives a monetary value. A personal message or the report number can be laser-inscribed on the diamond’s outer edge, called the girdle, to help identify it if it’s ever lost or stolen.

5. Purchase the stone loose and have the ring set later

If someone is unsure what their future fiancé prefers in a ring, one option is to purchase a loose diamond and decide on the mounting together later. Make sure to have the loose stone graded.

6. Consider the alternatives

Colored gemstones and pearls make unique and memorable alternatives for celebrating special occasions. Consumers should look for independent reports for colored gemstones and pearls, also available through GIA.

See original post: http://www.sheknows.com/living/articles/1112331/tips-for-buying-jewelry

Detroit Free Press: Young entrepreneurs to get micro loans from ‘Hardcore Pawn’ stars

By | In the News
[from The Detroit Free Press]:

Seth Gold, who gained celebrity status via his role on truTV’s “Hardcore Pawn,” tells a story that should trigger an aha moment for any budding entrepreneur.

Gold, vice president of American Jewelry and Loan in Detroit, remembers a seminar at a local college where he met a woman who was trying to get a specialty popcorn business off the ground. She took a Baskin-Robbins kind of approach. Think bubble-gum flavored popcorn, cookies-and-cream popcorn, you name it.

“She brought in bags and bags of popcorn. She had 30 flavors you could choose from,” Gold said.

Gold, 36, had one question: What flavors are people actually buying?

While options are good, consumers can get so overwhelmed that they don’t know what to choose.

And truthfully, creating too many options only forced the woman — who still had to pay bills by working a day job — to toil away on the popcorn business until 4 in the morning. All those flavors created extra costs and cut into any profits, too.

“Let’s focus on what you can actually sell,” Gold said.

For many, focusing on keeping it simple can be a huge step toward financial independence. What can you sell? What can you do to keep a job, build a career, make money?

Gold and his father, Les Gold, 67, are partnering with Junior Achievement of Southeastern Michigan to encourage high school students who dream of running their own business. The so-called “Gold Bank” has contributed $10,000 to fund short-term microloans as part of the JA program.

The “Gold Bank” money is controlled and administered by Junior Achievement.

High school students involved in the JA Company program throughout Southeastern Michigan will be eligible for a loan, maybe $200 or $1,000. But before qualifying for any money, they’re required to do a “Shark Tank” style presentation to a panel of business leaders, including the Golds.

Margaret Trimer-Hartley, president and CEO of Junior Achievement of Southeastern Michigan, said the size of the loan will vary, depending on the product and what’s needed to launch the business.

“This is a brand new concept,” Trimer-Hartley said.

Two student groups from Southfield High School for the Arts & Technology are expected to make pitches in late February. Other groups may be ready to make pitches for loans in early April, she said.

Some ideas include personalized iPhone cases and personalized footwear.

To qualify, the student companies must receive approval for their products from Junior Achievement USA and be able to successfully pitch their concept to the loan committee, she said.

The students will be responsible for paying back the loans, as well as paying interest at a low rate, in the same semester in which they borrow the money. The idea is to ensure that the program will fund more young entrepreneurs in the future.

“Young high school kids are going to come up with a business plan and present it to us,” Seth Gold said. “None of that money comes back to us, obviously.”

Les Gold, the patriarch pawnbroker who wrote a book called “For What It’s Worth: Business Wisdom from a Pawnbroker,” said he’d like to see more young people develop a strong work ethic and take on the challenge of running a business.

Gold said one of the challenges the business faces is finding dependable employees — including people who will show up as scheduled and stick with the job.

“Even as a kid, it was important to me to go out and work and make money,” said Les Gold, who is president and owner.

As a child, he started learning about the pawnshop business from his grandfather Popsie.

As a teen, Gold — who is often photographed now wearing eye-catching men’s jewelry — started designing and selling his own chain-style necklaces and bracelets to area stores.

Running three pawnshops — one in Hazel Park, one in Pontiac and the landmark one in Detroit at the corner of Greenfield and 8 Mile Road — remains the focus. But the Golds are taking part in several financial literacy efforts — including holding some seminars in their pawnshops.

A year ago, for example, the pawnshop owners teamed up with the Pontiac Regional Chamber and other local business owners to hold a three-week course on entrepreneurship.

 

Read the original story: https://www.freep.com/story/money/personal-finance/susan-tompor/2018/02/09/young-entrepreneurs-get-micro-loans-hardcore-pawn-stars/1083760001/