BY JOHN COX, Californian staff writer
Jewelry boxes are taking the place of piggy banks for many cash-strapped consumers looking to raise money for gifts, nights out or even rent.
Although some of the shine has worn off since gold and platinum prices dropped from lofty heights earlier this year, jewelers say customers still flock in to find out how much they might get for their broken chains and out-of-style earrings.
“Current times have a lot of people thinking, ‘Hey, maybe I’ll get rid of some of this stuff,” said Jon Hall, owner of Don Hall Jewelers on Coffee Road.
The recent jump in business appears to stem directly from tough economic times. Jewelers recount a range of situations from desperate sellers needing money until their next paycheck, to more casual consumers who simply want cash for extras.
In some cases, people are just afraid to withdraw money from their checkbooks, said James Orloff, a Fresno jeweler who has reserved a room through this afternoon at the DoubleTree Hotel Bakersfield. Since Saturday he has been giving free appraisals and in many cases buying jewelry.
“This gives people a freedom that they can go to a movie, go out to dinner or buy gifts,” said Orloff, whose event at the DoubleTree is his fourth buying event so far this year. He added that customers sometimes donate part of their sale proceeds to charities, which as a whole are seeing donations drop off lately.
Business has cooled somewhat in the months since gasoline topped $4 a gallon and gold neared $1,000 an ounce, jewelers say. But they say the idea of rummaging through heirlooms has remained fresh in people’s minds, in part because consumers are paying more attention to business news, which often cites gold prices.
There’s also the me-too factor, said Gail Magnus, co-owner of Globe Loan Jewelry Co., a specialty pawn shop on 19th St.
When a women sells an old piece of jewelry, she often shares the news with friends who may then go looking for something of their own to sell, like a ring given to them years ago.
“Girlfriends are like, ‘I’d sell that — I don’t even like the guy anymore,’” Magnus said.
The trend helps jewelers, who overall have experienced declining sales amid the slower economy and the general uncertainty that preceded the national election.
As the holiday season nears, however, some expect shoppers to start restocking their jewelry boxes.
“People still like celebrating and giving things,” Hall said.
Source: http://www.bakersfield.com/
