17.01.10 / Uncategorized / Author: admin / Comments: (3)
PAWNBROKING EXPLAINED
Pawn broking is borrowing money for up to 6 months at a fixed rate of interest per-month, in return the borrower leaves with the pawnbroker
Goods to the value of the money borrowed, usually jewellery the goods must be kept by the Pawnbroker and no disposed of at any time during the 6 months,
The borrower can claim the goods back (REDEEM THEM) at any time during the 6 months on repayment of the loan amount plus the interest to date.
The rate of interest charged today varies typically around 5% this is a very a reasonable and secure way of borrowing. Anyone who may feel that it is embarrassing to pawn goods need have no worry as it is recorded
That Queen Isabella of Spain pawned her jewellery to fund Christopher Columbus to find the Americas.
We have a very wealthy customer who regularly borrows £100 AND DEPOSITS £100,000. OF JEWELLERY AS SECURITY she then pops off on a Cruise and redeems her goods 2 months later and pays £10 interest. IN THE INTERIM WE HAVE HER GOODS IN OUR SAFE DEPOSIT. It would cost her £150 for a bank safety deposit box!
Pawnbrokers premises can be recognized by the sign of 3 brass balls displayed outside, these are from the coat of arms of the Medici family, one of the very early pawnbrokers.
Identification will be required when pledging goods, you will receive a receipt (pawn ticket) this must be produced when redeeming the goods.
e.g. of a typical loan Borrow £100 at say 5% repay £105 any time during the first month, then a Further £5 will accrue each month till the end of the 6 month period, if the goods are not redeemed the pawnbroker must give written notice to the address on the pawn ticket of 14 further days to redeem the goods, or they will be disposed of to recover the loan and interest. The goods must be sold in a fair manner usually by auction.
We regret that we can only give advice on pawn broking personally at our
Phillips Jewellers and Pawnbrokers,
Units 1 and 2 Victoria Market,
Victoria Road West
Cleveleys Lancashire.
FY5 1BS
17.05.09 / Uncategorized / Author: admin / Comments: (2)
Tags: GOLD COINS.
Gold has been used to mint coins and make artifacts for thousands of years and many examples are on show in the museums of the world. Old coins are within the reach of the collector and details of the stock that is available can be obtained from any good coin dealer also the ’coin monthly’ magazine, a good starting point for anyone interested is Seaby’s catalogue. Details from :-
Seabys 14 Old Bond St, London, W1S 4PP 0207 495 1888.
For most people the gold coins of interest are those that are readily available for the investor. The main coins are British Sovereigns, weight approx. 8 grams of 22ct gold and the half sovereign at approx 4 grams.
For the investor wishing to buy larger coins the main coin is the South African Krugerand, this world famous coin can be traded in most countries of the world. The coin contains one ounce of fine (pure) gold 31.1035 grams this is alloyed with other metal to produce a durable harder wearing coin,with a total weight of 33.9 grams.
When buying or selling coins the price is a spread each side of the gold price i.e. if gold is quoted as £500 per fine oz. this is known as the ‘middle’ price,you must expect to pay a premium of 1-2% over the ‘middle’ price and would expect to receive 1-2% less when selling.
PLEASE NOTE THAT GOLD IS A VERY VOLATILE COMMODITY AND YOU MUST AWARE THAT IT IS POSSIBLE FOR THE PRICE TO CHANGE FROM HOUR TO HOUR.
01.05.09 / Uncategorized / Author: admin / Comments: (0)
Tags: VALUATIONS
What is my jewellery worth? This is the most asked question of any jeweller, the answer is complicated and it depends on the reason that the valuation is required.
The most often requested valuation is for INSURANCE REPLACEMENT
This is the price that you would be expected to pay in a high street shop to replace the lost jewellery PLUS 10% to allow for natural increase in retail
prices.
The second most requested is THE CASH VALUE if the goods are sold; this is how much a jeweller is willing to pay. If the item/s are gold this will be determined by the daily price of gold and the weight of the goods for sale.
If diamonds or coloured stones are involved the matter is much more subjective and as a rough guide approx. ¼ to 1/3rd of the INSURANCE RELACEMENT can be expected, but of course that is only a guide and if the item is particularly desirer able a much higher price can be obtained.
When selling the best course of action is to decide the type of shop to approach 1. The shop should sell second hand jewellery of the type that you are offering. 2 DO NOT TRY THE LARGE MULTPLE jewellers the will not be interested or will only offer a low price. 3 Visit at least shops IN THE SAME DAY (The price of gold can change dramatically from day to day)
Do not be fooled when you are given a high price, but informed that they are not buying. THE GOODS ARE WORTH WHAT SOMEONE IS WILLING TO PAY FOR IN CASH ON THE SPOT. Not some fictitious price that is not a cash offer.
PROBATE VALUATION this is the same price as the cash value of the goods.
SALE BETWEEN PARTIES If two private customers wish to sell one to another the price is half way between CASH price and INSURANCE REPLACEMENT PRICE.
AGREED VALUE if the item is one off and impossible to replace you must agree a cash sum that would be agreeable to the owner in the advent of loss.
And last but by no means least SENTMENTAL VALUE it is impossible to place a cash price on it.
30.04.09 / Uncategorized / Author: admin / Comments: (0)
Tags: GOLD
The yellow metal that is so desirable has caused wars and many have died producing it.
Gold has many amazing properties in its pure state it will not even tarnish,
As was discovered when the tomb of King Tutankhamen was opened the mask was still shining as new after all those years.
Gold has many commercial uses but when used in the manufacture of Jewellery it is usually marked to indicate what carat (fineness) the alloy is.
If you can imagine a cake with 24 slices if all slices where gold the article would be 24 carat, if 0nly 9 of the slices are gold and the rest various alloys,
The article would be 9ct gold. The present day British hallmarks are 9ct
14ct 18ct and 22ct. in the past 12ct and 15ct have also been used.
The British system of government control of the gold marking is carried out at various goldsmiths halls (Assay offices) and is very strictly controlled so that if an item is hallmarked you are assured that the gold is of the standard marked, this is recognized the world over.
This system of marking dates back to the 12th century and has only changed
To add additional marks to identify the maker, the town in which it was marked, and the year of marking and also if the item has been imported.
By law any item of gold over 1gram must be hallmarked Silver must also be marked over 6grams.
Gold is also much used as an investment by both countries and individuals.
In most cases the private investor will buy gold in the form of coins to understand the value of gold when buying take the following steps.
Check on the internet the price of gold in pounds sterling (Kitco live market
Quotes ) this is the middle trade price if you are buying you will pay a premium and if selling you will receive a discounted price.
Be aware gold is very volatile in its price and the value can rise and fall dramatically, even in one day.
30.04.09 / Uncategorized / Author: admin / Comments: (0)
Tags: DIAMOND JEWELLERY
This is a brief history of diamonds, plus a little technical information to guide the prospective buyer with at least enough information to make an informed judgement when making the all important decision to purchase.
Diamonds where first found in India some 400 years ago, it was discovered that it was impossible to break or damage them, they acquired the description “invincible” or adamas in Greek so the name evolved to diamonds.
Today most of the world’s diamonds are distributed via a world wide central selling organization that control the world price thus ensuring a steady increase in the price year on year, thus helping to protect your investment in the diamond/s that you have purchased.
First of all you must learn a little basic knowledge so that you can ensure you make a purchase of the right stone/s at the right price.
First rule is that all Diamonds are governed by the four “C”s
1. CARAT Weight. 1carat = 100 points. i.e. .50 points = half carat.
2. CUT This is the shape of the finished stone.
3. COLOUR The whiter or nearer to colourless the more valuable
4. CLARITY. The marks are graded from flawless to 3pq.
The first and most important thing is the colour, the stone should be as near white as possible and any marks (and in nearly all cases it will have marks)
Are white and not very visible to the naked eye and above all the stone should have good refraction (Fire and sparkle).
A cardinal rule at all times you should only deal with an established jeweller
With a reputation to protect, so that in the advent you should be dissatisfied with your purchase, you have a contact who will want to resolve any problem that you may feel you have.
When making your purchase from a reputable source you should automatically be given a certificate FULLY detailing all about your purchase
Ensure that all the 4 “C” s are fully covered.
30.04.09 / Uncategorized / Author: admin / Comments: (0)
Tags: second hand jewellery
The question often asked “is jewellery an investment” the answer is YES and NO. Not an investment in the main, because jewellery is meant to worn as a fashion accessory and will, as a rule not produce a profit when sold.
The exception to this rule is when care time is taken to study antique and
Out of fashion jewellery.
Take out of fashion jewellery first i.e. CAMEOS some very fine examples are available at present, as the wearing of these items are out of fashion the prices are very low so if good quality pieces are selected when the fashion changes and they are again popular the opportunity exists to make a profit.
Read a good book on antique jewellery and look around antique fairs in order that you can familiarize yourself with quality.
P.S. A cameo is a shell, hold it up to a bright light to make sure that it has not dried out and cracked.
The purchasing of secondhand gold jewellery should be based on the weight plus a premium for the fashion charge, as a guide whatever the gold price is
i.e.£500 per Oz. divide by 83 and the answer is the price of 1 gram of 9ct Gold. As a general rule double that figure and add the V.A.T. to give the selling price.