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How does a ring "depreciate"? I inherited some jewelry that appraised for insurance at $100,000. They said its age added to its value since it dated from the Victorian/Edwardian era.
Also, lets face it, $90 is chump change in today's economy. The only time I ever pawned some jewelry was when my DS faced jail time or pay a fine. It was cash only, you can't pay a court fine with a credit card! I pawned a ring for $800 then re-claimed it later....long story
Just because that's what it's appraised for doesn't mean you'll find someone to buy it for that amount.
I can't speak for the other poster, but jewelry isn't a great investment. I wouldn't use the depreciate, but it's rare it will be worth more than you bought it for. You'd have to hold on to it for a long time and hope the price of diamonds goes up.
When a jeweler sells you an item they need to make money on it. What you're typically paying is the "melt value" of the item plus however much profit the jeweler is looking for.
so, store gives her a $90 ring, that she has to then buy back for $90?
it isn't like pawn stores go and value the items.... if she knew the ring was worth that much, she could have used a real jewelry store/consignment store
there's nothing that actually said the ring was "real", real as in not a fake ring, not questioning that she didn't sell "a" ring, we just don't know what kind of ring. She said it was worth $2000, the pawn shop said it was worth $90, she took the deal so she accepted the $90 valuation
I don't think you understand how pawn shops work. She didn't sell them her ring for $90. She wanted to get a loan, using the ring as collateral basically. After making regular payments and paying off the loan, she can get the ring back. That's not an option going through a jewelry/consignment store.
The pawn shop didn't say it was worth $90. They determined that's how much they would loan her. That's different than value. And it's fairly simple for them to determine if it's fake or real. A little hand held device can tell you in a second if it's really a diamond.
Something isn't right, nothing to do with the ring being lost.
I can't for the life of me understand why someone would pawn an item worth $2,000 for $90!? She needed the extra $90 for vacation? Just seems like a foolish decision.
A fool and their money (or diamonds) are soon parted.
I don't really understand why this is newsworthy. Pawn Shops probably misplace items every day and I'm sure there are established procedures for resolving the situation. They'll end up paying her the (real) value of the item or replacing it with a similar one, end of story.
sue they must have insurance...provide court with your pawn reciept as well as documentation of the value of your ring...pretty shady of the pawn shop.
I don't really understand why this is newsworthy. Pawn Shops probably misplace items every day and I'm sure there are established procedures for resolving the situation. They'll end up paying her the (real) value of the item or replacing it with a similar one, end of story.
It was a story on the local news, the woman contacted the station as part of their "trouble solvers" segment.
1. I imagine that a 14 year-old ring like this is worth only a few hundred bucks in the retail market due to depreciation.
2. I suspect that Pawn Contract would state that the shop is not responsible for a loss of pawned item through negligence . . . though it may not be enforceable.
3. I bet she doesn't have a homeowners insurance (with a jewelry rider) and, even if she did (a) the deductible is probably more than the fair value, and (b) the most she can recover is the fair value less the deductible. In other words, she'd only get a couple of hundred dollars from her insurance, best case. (see 1. above)
4. The best case scenario for the woman if she sues in a small claims court is few hundred bucks for fair value (less insurance proceeds, if any).
5. People who go to a pawn shop to borrow money are the same people who borrow money for a crappy used car at 24.9% APR . . . . they have no other choice if they must borrow money . . . . no credit, income or assets.
Sounds like she failed to make a payment. In that case the pawn shop is under no obligation to keep the ring or the receipt. The shop can sell the ring legally, keep the profits and toss the original receipt in the trash can.
Besides, it was her responsibility to save and protect her receipt, not the pawn shops, especially after she fails to make due on her bill.
Or you could have actually read the story, because it's very clear from your post that you didn't.
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