Complaint I am a Senior Citizen who went to the Jewelry Shop to sell some jewelry (gold) due to a pressing financial need end of March 2014. I presented the items, some with small stones ( i.e.diamond and ruby) was told the stones were virtually worthless and when I asked total weight in grams they said they do not use grams but penny weight.They kept the stones. They would not tell me the equivalent in grams. There were 17 items. I was offered a sum. I had two diamond pendants as well and was told they would take them on consignment. They told me what I could net but never what they would be sold for. I went in 6 weeks later to check and did not see my items. I asked and they said gold diamond jewelry wasn't selling well but would do better at Christmas. They would let me know when they sold and send me a check. So far I have not received a check or the return of my items almost one full year later.These practices are certainly questionable......'seller beware.'
Desired Settlement I would like my diamond pendants back. Or 75% of sale price for each one.They may argue- they are not responsible for goods left over 30 days but they told me they would contact me when they were sold.I would like full gram weight of my items (transaction on 3/31/14) and what % of market value they actually paid.Also advance full disclosure in writing of their practices-penny weight vs gram and the % they pay of current market value as well as specifics of each transaction to each customer
Business Response Unfortunately your yellow gold 2 pendants did not sell. We gladly inform customers of the status of a consigned item if they inquire, which you did in person once and if I recall correctly once by phone, but we don't initiate contact unless we have made a sale or we have a reasonable offer that is other than the agreed upon net price to the seller. It's not uncommon to have consignments for several months or more. Your items have been in our possession since 8-12-2014. You may have your March date confused with a different jewelry store visit. I don't recall meeting you before August of 2014. Feel free to come to the store at your convenience and pick up your items. They are packed and ready for a quick return to you. Please bring your claim check. Last three digits are 684. Sorry we did not have any success converting your jewelry into cash. Regarding your concern about gram vs. pennyweight. We use pennyweight (dwt.) because that is the standard unit of measure most refineries use. Had you asked for us to convert to grams all we have to do is press a button on the scale and it displays the gram weight instantly. Many customers ask for gram conversion, we quickly and easily tell them what it is. There is no advantage for us or a disadvantage to the customer whether we quote a price in grams or dwt. The dollars are all the same. There are 1.555 grams in a dwt. As for the small stones, we are above board in mentioning the fact that the very small stones in many scrap gold items often does not exceed the labor cost or effort to pull them out, as was the case with yours. Frequently they break or chip after trying to remove anyway. We try to work on a 10% profit margin when buying scrap gold and silver. You seemed more than satisfied when I quoted the dollar amount of my offer to purchase and the check written to you cleared my account the very next day. I'm sorry you feel like you were not treated fairly or had a pleasant experience here. I wish you had expressed your concerns directly to me AND not waited over 6 months to do so. As you can see from our BBB A+ rating, customer service and working to maintain our earned reputation is our top priority over any other factor and will remain so.
Consumer Response (The consumer indicated he/she DID NOT accept the response from the business.) Concerning Consignment-When I presented the diamond pendants their chains were cut off and items dropped in envelope. When I did an in store check 6 weeks later items were not on display. When I questioned this the response was "well items will really have a better chance to sell at Christmas" and that you would let me know or send me a check. When I recently asked that items be sent back to me you didn't even have my address. Items have no chance of selling if not displayed.
Pennyweight-I am the one who brought up knowing the current market value of gold in grams. You said "we don't use gram weight".AT NO TIME DID YOU EVER OFFER ME A CONVERSION TO GRAM FIGURE. You never told me the total weight of my gold or what market value was minus your 10% profit margin. No Conversion 'Button' Was Ever Mentioned.
Stone value offset by labor to extract-Stones are separated from gold as a normal part of the process anyway. To say a small ruby set with 4 prongs has no value past the cost of labor to remove it seems ludicrous as would the removal of small diamonds. It appears that the customer must 'pay' to extract the stones from gold he is selling by giving the stones to the jeweler because they are never worth more than the cost of labor. I find that hard to believe.
No I was not happy. However a way to demonstrate transparency and veracity would be to provide in writing the total weight of gold presented, itemizing number and types of stones and 'cost' to remove them, current market price for gold and then a deduction of the 10% profit margin you mention and doing so prior to completion of transaction.
A lot of information was never provided...... Full disclosure would eliminate any trepidation or qualms about receiving a fair deal.
I have learned a hard lesson about selling gold. Hopefully this complaint will help others.
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