Hold onto your Hats and BRACE YOURSELVES for the coming STORM.
Make no mistake, we have a Storm ahead. All you have to do is watch the Metals Spot Market: Gold has reached a historic high of $2,300+ per ounce, with no hint of going down any time soon. Or watch all the Gold Broker’s TV Ads. Precious Metals are Hard or Tangible Assets.
What can you do? For Starters, do you have any Precious Metals (Silver, Gold, Platinum, Copper) Jewelry? Pull it out and take Inventory. List it on a Spreadsheet with Type of Metal, Description, Weight and Condition. If you note the Condition as Broken or Needs Repair, this is a “Big Problem”.
Why is Broken a Big Problem? Because it is not in Immediately Sellable Condition. In the Pawn Shop business, jewelry in the this condition is called “Drek”. Translation: Junk. The only value is in the materials used: Metals and Diamonds. NO value for Colored Stones (Emeralds, Sapphires, Rubies, etc). This is a Big Hit when calculating a Purchase or Loan Amount.
PROTECT YOUR INVESTMENT
HOW? Maintain your jewelry. Have that broken chain repaired. Replace the broken Lobster Claw. Retip the Prongs and Replace missing Stones. Reburbish the Metal with a cleaning, sanding, polishing to bring the finish back (as close as possible) to the original state. “New or Nearly New” is the desired description for each piece of jewelry you own. Yes, repairing and refurbishing your jewelry does cost varying amounts, depending upon the repair needed. Consider this like the maintenance on your House.
IF the piece in question is beyond repair, you still have the option of taking the materials and having a new piece designed and made. If you have several pieces, you might have a larger piece made. Plus, there is always the possibility of using some of the materials as payment for the labor needed to redesign and remake your new piece.
Amazingly, one of our Specialties at PRM is redesign and repurposing of broken or damaged jewelry!!!
Please use the Contact Form below to open a conversation about repairing or redesigning your broken jewelry.
Patricia Riley Metalsmith 