Took place ***** N ******* ******* ********* *** Was offered a lowball price for jewelry which was less than half what a pawn shop offered to loan me.
This was either the third or fourth time I visited Dallas Gold & Silver. One time I was very satisfied with the price that I was offered for form gold jewelry, twice the offer was less satisfying, and this time was obviously a ripoff. First of all, I am a geezer who always has trouble finding their shop, and so I usually call when I get in the neighborhood, and they have always been very gracious, and Ms. ***** ******** was this time as well. We joked about this when I arrived.
One of the pieces I was trading in was a medium-weight, 10 karat yellow-gold, class ring, which I commented about having been bought when gold was $35 per ounce. Ms. ******** offered me the lowest prices I have ever received for some half-century Thai jewelry, and then offered me only $100 for the class ring. When I received that offer, I told her I did not want to sell it then, and she looked a little put off, but at an associate's urging reversed the sale and returned the ring.
Later, I took the same ring to Cash Pawn America of DFW #11 and they offered to loan me $240 for the gold value in the ring--140% more than Ms. ******** had offered to buy the ring for.
Because of Dallas Gold & Silver's advertising, size and BBB rating, I had assumed that they were reputable.
Needless to say, Ms. ********** offer calls into question that conclusion.
I simply want other elder potential sellers to be aware of my experience. The moral of the story would seem to be always shop around, and never give the impression that you do not have it all together.
It's rare that any of our stores ever get a complaint like this. Since I have no way to evaluate the piece at this time I can only conclude that Marla made an error when weighing the piece. Gold purchases are made using our point of sale system and if the correct weight is input, an offer like this is not possible. My guess is that the scale was calibrated with the container on and then it was off when she weighed the piece resulting in the low offer. I can assure you that we are sensitive to the competition and offer to beat any legitimate bid. Occassionaly a pawn shop will offer more on a loan rather than an outright buy because they calculate the interest charge on the higher offer. It is never our intent to take advantage of or profile any client. Used correctly, our point of sale system makes this impossible. I believe there was a mistake in the calculation and apologize for that. I will take steps to make certain the people in all of our stores are made aware of the situation so it will not happen again.
Final Consumer Response
(The consumer indicated he/she DID NOT accept the response from the business.)
The response is nonsense. The article in question was 10-karat gold ring from the 1950s from one of the national class ring manufacturers. In making casual conversation, I mentioned that when the ring was originally bought, gold was selling for $35 per ounce, and had cost less than $100.
The cost of purchasing a similar ring today, because of the increase in the price of gold would be above $1,000. Mind you, I am not saying that I expected an offer of $1,000 because that amount included the workmanship, etc., in a new class ring. However, such rings, even at 10-karats, contain a significant amount of gold.
As far as the scale being off, she weighed some Thai gold rings which were bought in the 1970s, and offered me $100 for those, which I also think was a low-ball offer, but which I accepted. The point being that scales were working just fine.
Dallas Gold & Silver would do itself a favor if it could devise a system of making sure that a customer got fair value for their gold and silver. A person like myself is absolutely vulnerable to those who buy gold and silver from them. If Dallas Gold & Silver could develop such a system, they would probably more than make up in volume any amounts that they lost on individual pieces.
Low-ball offers are pandemic among the assorted purchasers. I have found the national pawn shops to be more honest than small, locally-owned shops. I was expecting Dallas Gold & Silver to fall into have significant integrity to not take advantage of an elderly person who had to sell gold.
Until Dallas Gold & Silver comes up with an effective program to eliminate that vulnerability, the Better Business Bureau should NOT give them a positive rating. The Dallas Gold & Silver clerk fully expected me to accept her low-ball offer and was visibly concerned when I did not. She knew full well what she was doing. I could not help but wonder if she was going to cancel the purchase from me and the clerk re-sell the ring to Dallas Gold & Silver and pocket the difference between the $100 she gave me and the legitimate value of the gold in the ring which was considerably higher. The company's statement "Used correctly, our point of sale system makes this impossible" is obviously false, because it happened. I would have to think that class rings are frequently bought by Dallas Gold & Silver since they are really "niche" jewelry--a person doesn't fing it useful to wear a class ring of another person, especially one which is obviously too old to not be the person wearing it.
If would be good for Dallas Gold & Silver to be as Caesar's wife was supposed to be, that is, above reproach--good business in the long run.