jwebs
Elite Member
So, I planned on sending the gold that I just found into the refinery for some extra holiday cash, but I figured I would take it to one of the "fine jewelers" in town to see what I could squeeze out of them. Now I know that the pawn shops and other places in town wouldn't pay more than a 1/3rd of actual melt, as I asked around before I sent my last shipment in for melt. I figured the jeweler would be different...
I went in, and they quoted me a payment of $159 for 16.0 grams of 14kt gold. I was floored by the low offer, so I didn't even bother to try to negotiate. I thanked them for their time, and walked out. On my way home, I decided to stop at *another* well established fine jeweler in town. They quoted me about the exact same price. This time, I asked, and explained that I knew the intrinsic value of my items, and that I was very curious as to why both *reputable* establishments that I went to would offer so low an amount for scrap jewelry. The people that were there were apprentices, and did not know of their boss's reasonings, so once again, I said thank you and went about my merry way.
Now I'm a bit curious. The second place that I went to advertised on an electronic marquee that they "buy jewelry at top dollar" along with various other ads for special sales they were having(its located on a busy boulevard in a prime commercial location). I'm wondering if, regardless of how pressed people are for cash, anyone really accepts those prices? I mean, COME ON! I understand turning a profit is a necessity, but paying 30% of value of a highly traded, easily converted commodity like gold is just downright ROBBERY! I mean, I may be a little biased a little because I had an expectation of losing maybe 10% from going to a local fine jewelry store to sell as opposed to half that if I sent it in for melt, but I was willing to take another small cut for cash in hand today...but I was ***thoroughly*** disappointed in the integrity of these establishments.
I couldn't help but think that they are banking off of people coming to them because they don't have the reputation of a pawn shop, yet they're paying pawn shop prices, as they may just be assuming that the majority of the population is just ignorant about the value of their possessions. These people are probably making money hand over fist, and yeah, we live in a capitalistic society, and if it's not illegal, then it's fair game...as long as you get what you want. I think that that's just wrong, especially when you make your profits on the misfortune and ignorance of people, most of which are probably just having hard times, and may rely on the person they're going to with their goods to be honest and informative...but I guess that's just too much to ask in world where money rules everything....
Then again, the price of gold is insanely high right now for this exact same reason...so now it becomes a relative paradoxical mystery on who to blame for these people undervaluing goods so severely.
I don't know...I just felt a lack of decency at the offers of those stores, and it led me to wonder how widespread that type of thing is, and how much things of this nature might actually be hurting our society as a whole overall.
I went in, and they quoted me a payment of $159 for 16.0 grams of 14kt gold. I was floored by the low offer, so I didn't even bother to try to negotiate. I thanked them for their time, and walked out. On my way home, I decided to stop at *another* well established fine jeweler in town. They quoted me about the exact same price. This time, I asked, and explained that I knew the intrinsic value of my items, and that I was very curious as to why both *reputable* establishments that I went to would offer so low an amount for scrap jewelry. The people that were there were apprentices, and did not know of their boss's reasonings, so once again, I said thank you and went about my merry way.
Now I'm a bit curious. The second place that I went to advertised on an electronic marquee that they "buy jewelry at top dollar" along with various other ads for special sales they were having(its located on a busy boulevard in a prime commercial location). I'm wondering if, regardless of how pressed people are for cash, anyone really accepts those prices? I mean, COME ON! I understand turning a profit is a necessity, but paying 30% of value of a highly traded, easily converted commodity like gold is just downright ROBBERY! I mean, I may be a little biased a little because I had an expectation of losing maybe 10% from going to a local fine jewelry store to sell as opposed to half that if I sent it in for melt, but I was willing to take another small cut for cash in hand today...but I was ***thoroughly*** disappointed in the integrity of these establishments.
I couldn't help but think that they are banking off of people coming to them because they don't have the reputation of a pawn shop, yet they're paying pawn shop prices, as they may just be assuming that the majority of the population is just ignorant about the value of their possessions. These people are probably making money hand over fist, and yeah, we live in a capitalistic society, and if it's not illegal, then it's fair game...as long as you get what you want. I think that that's just wrong, especially when you make your profits on the misfortune and ignorance of people, most of which are probably just having hard times, and may rely on the person they're going to with their goods to be honest and informative...but I guess that's just too much to ask in world where money rules everything....
Then again, the price of gold is insanely high right now for this exact same reason...so now it becomes a relative paradoxical mystery on who to blame for these people undervaluing goods so severely.
I don't know...I just felt a lack of decency at the offers of those stores, and it led me to wonder how widespread that type of thing is, and how much things of this nature might actually be hurting our society as a whole overall.