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Celebrate Red Carpet Season

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American Jewelry and Loan has one of the most extensive collections of fine jewelry in Metro Detroit — all at a FRACTION of the retail price. We’re the region’s source for GIA Certified diamonds, custom jewelry, estate pieces, luxury watches, and more.

Get the looks that you LOVE from this season’s Red Carpet at prices you will ADORE. Ask about our lifetime warranty on fine jewelry and easy payment terms including financing.

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Understanding Pawnshops–from the Inside Out

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Pawnbroking is one of the world’s oldest business models, dating back to ancient times.  Television shows like the one based on our Detroit pawnshop, American Jewelry, and Loan, have helped to raise consumer awareness of the industry which makes us very proud. For all of the positive light, however, there still exists a lot of confusion about what a pawnshop truly does.

We work, therefore, to educate consumers about pawn loans. Pawn loans are non-recourse collateral loans. We recently partnered with three nationwide nonprofit organizations who help many of the unbanked or underbanked customers that pawnshops often serve: Operation Hope, Greenpath Financial Wellness, and Junior Achievement. We hosted a workshop that was designed to inform our customers about their lending options and connect them with resources that could make a positive difference in their lives. We believe that everyone has the right to make informed choices when they need quick access to cash.

We are often asked about how pawnshops determine the value of merchandise that’s brought in. Recently, we’ve seen some very misleading information in the press that talks about the disparity of values from one pawnshop to the next. It’s time to set the record straight, so we’ve consulted with some of our pawnbroking peers from all over the country and asked them to weigh in on just how the value of an item that a customer brings to a pawnshop is determined.

“It is imperative that we see the item in person to ensure condition and proper valuations for both parties involved,” says Brad Blaylock from Marble Falls, Texas. At his store, Best Little Pawn Shop, he notes that they never suggest shopping valuations from store to store by electronic means or without taking the item with you as that will frequently end in disappointment when the pawn shop finally does see it in person. “Another reason for valuation differences may be simply demographics. “We may be able to value a farm implement significantly higher than a competitor  20 miles away in a larger city. Valuations can vary drastically within our state of Texas, many times just from one town to the other.”

Third generation pawnbroker Taylor Packwood adds “It is very apparent that many of our customers are in stressful situations, and for many of them, we are their first stop for help. We follow the Golden Rule with every customer” noting that while customers want the highest value for their item, his staff is careful not to over-loan which can lead to higher default rates. Nationally, the average redemption rate is 80% or higher.

At Iowa’s Allied Pawn, Jamie Smith notes that his team “Always qualifies the customer first” before looking into market value. “We always look for creative solutions we try to avoid saying ‘no.'”  Kim Foster, whose family operates six locations of Uncle Dan’s Pawnshop in the Dallas area, concurs noting that they always cite numerous sources when arriving at a value for an item.

Cliff Zlotnik captures the personal nature of the business “When we believe the customer is strongly attached to an item and wishes to try and redeem it, we offer to either loan or buy the item at the same price.” At Sparklez Jewelry and Loan, he says, “We don’t want them to have to sell an item and endure undue stress just to get a little more money.”

Pawnbroking is a complex collateral lending model with a history as long as civilization itself, and a promising future. Like most pawnbrokers, we always welcome the opportunity to help curious customers learn more about the work that we love. Learn more at our website or drop by your local pawnshop today!

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Les Gold to Appear on Food Network’s CHOPPED Season Finale

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Food Network’s hit show ‘Chopped’ is hosting a holiday party with four stars of reality television: Les Gold (Hardcore Pawn), Claudia Jordan (The Real Housewives of Atlanta), Jenni Pulos (Flipping Out) and Karina Smirnoff (Dancing With the Stars). In the first round, the larger-than-life celebs must use an edible wreath and festively-shaped bread. In the second round, the judges are surprised to hear that one of the competitors has never eaten a common green veggie found in the basket. Finally, marshmallow men and holiday cocktails make for a celebratory, unpredictable dessert round.img_0476

Read more at: http://www.foodnetwork.com/shows/chopped/3000-series/holiday-reality-check.html?oc=linkback

or via Detroit News

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financialliteracy

Right About Money Blog–Go Figure: ‘Hardcore Pawn’ Shop Offers Financial Education

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[From Right About Money Blog]: Seth Gold has seen a lot of struggle. His family has been in the pawn shop business since the 1940s, and in the past six years the Golds have chronicled the buying and selling of peoples’ stuff at his American Jewelry and Loan on the TruTV reality show Hardcore Pawn. Beginning this week the family has one more thing to offer: lessons in credit management and other aspects of personal finance.

Gold’s Detroit pawn store is teaming with Junior Achievement of Michigan, Greenpath Financial Wellness and Operation HOPE to host a financial education seminar. This is a one-time event. But Gold expects they will repeat it in the future and maybe even turn into a regular feature. “The response to this idea has been outstanding so far, and I hope to continue doing what we’re doing,” Gold said. “This is really just the beginning.”

Pawn shops are part of an alternative financial world that includes payday lenders, as well as more shadowy credit operations. They are popular with the unbanked, whose ranks total 20 million adults in the U.S., according to the Federal Deposit Insurance Corp. The number is even higher–40 million–according to an estimate from Operation HOPE, which puts the number globally at 2.5 billion.

Read the full article at Right About Money Blog: http://www.rightaboutmoney.com/go-figure-hardcore-pawn-shop-offers-financial-education/

 

 

 

 

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DETROIT NEWS: ‘Hardcore Pawn’ shop to host financial literacy workshop

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From Detroit News:

Famed Detroit pawnshop American Jewelry and Loan is partnering with local organizations to hold a financial literacy workshop on Tuesday.

The workshop will teach attendees “good habits that build good lives,” said Margaret Trimer-Hartley, president and CEO of Junior Achievement of Michigan, which is one of the groups hosting the workshop.

“We’re trying to just raise awareness,” she said, and “we’re doing it at an earlier age.”

Trimer-Hartley said financial literacy can be taught through explaining investment strategies as simple as opening a savings or checking account.

According to surveys released Thursday from the Federal Deposit Insurance Corp., 7 percent of Americans did not have a bank account as of June 2015.

Without a bank account, households have to turn to check-cashing services and other non-traditional methods to make transactions most Americans see as routine, said Seth Gold, vice president of American Jewelry and Loan. Others often take loans that dive-bomb their credit scores because the terms of the loans aren’t often clear or easy to understand.

Read the full story at DetroitNews.com.

 

RSVP to Financial Literacy for Alternative Lending Customers

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According to the FDIC, about 17 million Americans are unbanked and still another 51 million are unbanked. For these individuals, alternative lending outside of the traditional banking system is a reality of their financial life. Pawnbrokers are the original alternative lenders.  In recent years, however, it’s become a crowded space. This workshop invites alternative lending customers to learn more about their options and understanding their options when they need access to short-term cash. Thanks to our presenting partners, attendees will also learn more about breaking the cycle of debt, budgeting, and improving their credit scores. Attendance is free and refreshments will be provided, but seating is limited, so please RSVP below:

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Are Beanie Babies Valuable? Les & Seth Gold, SheKnows Experts, discuss.

Bummer, Your Mint-Condition Beanie Babies Probably Aren’t Worth Much

By | from Les Gold, from Seth Gold, Uncategorized | No Comments

SheKnows: There are items laying around your home that are worth a lot more money than you think. There are also items you’ve been holding onto for years that are worth a lot less money than you think. At American Jewelry & Loan, every day customers come in with the following items expecting to leave with fistfuls of cash. And every day, we have to turn 95 percent of them away. You probably own some of the following items, but we hope you’re holding onto them for their sentimental value, because memories are all they’ll ever make you rich in.

Read the full story at sheknows.com.

Brandon Steiner: King of Sports Memorabillia

Brandon Steiner: Having What’s Next Mindset Key To Being Successful Entrepreneur

By | from Seth Gold, In the News, Uncategorized | No Comments

CBS Sports: My family and I own a pawnshop in Detroit called American Jewelry and Loan. This has given us the distinct opportunity to obtain some of the rarest and unique pieces of sports memorabilia on the market. On our podcast Gold Tone, we try and ask each guest about what they collect, so it was an instant match when we welcomed the CEO of Steiner Sports, Brandon Steiner who’s widely considered the King of Sports Memorabilia.

Steiner had some great business advice and talked with us about the importance of having a ‘What’s Next’ mindset. Steiner says, “In order to be busy and effective you gotta think less about what’s immediately in front of you, but more about what’s ahead for you

“Having a ‘what’s next’ mindset is key to being a successful entrepreneur,”

Read the full story at cbssports.com