Turn Unwanted Bling Into Much Needed Cha-Ching

With the price of gold skyrocketing and the economy tanking, many people are looking through their jewelry boxes for items to trade for some cold, hard cash.

“We see everything from the things that have been in the bottom of the jewelry box to some very significant pieces,” said Bryan Abbott, owner of Los Angeles Gold & Silver on North Camden Drive in Beverly Hills. “We’ve seen Tiffany’s, Van Cleef & Arpels and Bulgari coming in with everything else because the price of gold is so high.”

The one ounce spot price for gold as of Tuesday was $1,505, according to Abbott. That’s 25 percent higher than this time last year and three times as high as it was in the 1980s, which is the last time the price of gold experienced huge increases, he said.

“I put someone’s gold on the scale and I think, ‘That can’t be right—it can’t be that high,’ so I do it again and I find out I was right,” Abbott said. “It really is that high.” 

Unlike 30 years ago, Abbott believes the current gold market is much more solid and long-term.

“In the 1980s, the market rose and fell very quickly,” he said. “But this market has been gradually rising and I think these prices are going to be around for a while.”

Jordan Tabach-Bank, CEO of Beverly Loans in Beverly Hills, known as the “Pawnshop to the Stars” because of its elite clientele, has also seen an increase in the number of people coming in to sell their gold jewelry.

“Gold has been higher than ever for a number of months now, but when it broke $1,500 per ounce people started emptying out their jewelry boxes and selling jewelry that they no longer want or need,” Tabach-Bank said. “Also, there are people who have a financial need who bring in their jewelry—not to sell it—but to get a short-term collateral loan on it.”

While Beverly Loans oftentimes caters to high profile individuals, Tabach-Bank sees clients from all walks of life. He recommends that those thinking about selling their gold jewelry or other gold items go to a reputable gold buyer where the scales are properly calibrated and the seller will be treated fairly.

“Everyone is trying to get into the gold-buying business because of the price of gold,” he said. “But people need to go to those who have been doing this for years and are licensed and reputable.”

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