For the fourth year in a row, readers of Metro Times Detroit magazine have voted American Jewelry and Loan as the BEST Pawnshop in Detroit. To celebrate, customers are invited to visit one of our THREE Metro Detroit stores to help us celebrate with even bigger savings on our already-low prices with this appreciation coupon:
Our loyal customers LOVE our Gold Bar rewards program! Earn 1 for every new loan or every $25 spent in sales! The Gold Bars spend like cash and are coupons for $1 off your purchase. Occasionally, we have special savings events where you can save even more! For Mother’s Day, we’ll be offering TRIPLE GOLD BAR Savings Thursday, May 3 through Saturday May 5th.
Their story points out two of the ways that American Jewelry and Loan, like any pawnshop, helps the customers that they serve.
First, pawnshops offer short-term loans using a customer’s valuables (like jewelry or a guitar) as collateral. In return, pawnbrokers lend them money. When customers pay back the loan, their merchandise is returned to them. If the customer elects not to redeem his or her collateral, there is no credit consequence to the borrower and the items are sold at a value price to retail consumers.
Pawnbrokers are governed by all of the major federal laws that apply to other entities designated as financial institutions. We offer the consumer a quick, convenient and confidential way to borrow money. A short-term cash need can be met with no credit check or legal consequences if the loan is not repaid. Pawnbroking imposes a discipline on the borrower that other lenders do not. Pawn loans are a non-recourse option and do not cause people to overextend credit or go into bankruptcy.
Secondly, the news story spoke with customers who were shopping in our showroom. As these customers shared, pawnshops are a great source for buying a wide variety of merchandise at deep discounts. Our customers know to rely on us for so many things on their shopping list — from the tools they need for DIY projects to the fine jewelry that marks their milestones. American Jewelry and Loan was even named the Best Place to buy Electronics by HOUR Detroit Magazine — we have a huge selection of laptops, tablets, game systems, televisions, and stereo equipment at prices that are a fraction of what you’d expect to pay at a big box retailer.
Two years ago, American Jewelry and Loan became the first BETA Test site in Metro Detroit for a program that was focused on hiring, educating, and empowering individuals on the Autism spectrum.
“When we first found out about this opportunity, there was no hesitation–we have a need for talented skilled workers who can keep our ecommerce store running. This program fills that need efficiently and effectively” said Les Gold, owner of American Jewelry and Loan. Now two years later, all of the participants in the program remain an important part of our team and have grown in their roles individually and collectively, working almost every day to not only list items to our ecommerce store but also to process our technology inventory such as laptops, tablets, and game systems.
Through this partnership, American Jewelry and Loan is able to add staff to their team from a previously untapped workforce–individuals who are affected by autism. “When I leave work every day, I feel fulfilled, independent, and needed” Les said “now, thanks to this program, we’re able to provide that same pride to an entirely new population who might otherwise be unemployed, under-employed, or marginalized” he added.
“We were the first business to test this model–and if we have been able to make it happen in the back of a pawnshop, then I believe that literally any business can take advantage of this same opportunity” said Seth Gold, who oversees the ecommerce department for the store.
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.