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.
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.
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.
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
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: