Is American Jewelry and Loan Still In Business? Yes, American Jewelry and Loan is still in Business.
American Jewelry and Loan is a business that loans money to those who needed the most in exchange for valuable items, which they leave with the pawnbroker.
A pawnbroker is a person who evaluates the value of the items for an instant loan. The personal property that has been pawned to the pawnbroker is called collateral.
American Jewelry and Loan is a family-owned pawn store based in Detroit, United States. This pawn shop offers beautifully designed sections of luxury watches, diamond jewelry, gemstones, wedding rings, chain, premium lockets, and more at a fraction of the retail price.
The daily operations of the family-owned Business American Jewelry and Loan are the subject of the truTV reality show 'Hardcore Pawn.'
Hardcore Pawn reality TV show broke the TRP records, and they recently completed their 100th episode of the show.
American Jewelry and Loan Company has various services categorized as follows:
Pawn loans (short-term collateral loans)
Reality Television (Hardcore Pawn)
High Asset Lending
Purchase of items for fair market value
Customized Jewelry (watches, rings, and lockets)
Jewelry Protection and Care Plan
American Jewelry And Loan
One of the best pawn shops was founded in 1980 by Les Gold with the mission of community instant loans when people needed the most.
American Jewelry And Loan is one of Detroit's largest and most popular pawn shops. It is mainly focused on three categories:
Pawn: Pawn means to get a loan using a valuable item to secure the loan. There are many great benefits to a pawn loan, such as:
Quick, easy, and confidential way to borrow money.
A great alternative to a commercial bank because of the hectic banking loan process.
Customers' items can be pawned again, providing them with cash whenever needed.
Buy: You can purchase their product through their offline store or online (eBay). They have unique products like fine Jewelry, watches, necklaces, wedding ring, and more.
Sell: You can sell your valuable product for a fair market price. Certain items earn you more than you expect.
Les Gold and Seth Gold Are The Founders Of American Jewelry and Loan
American Jewelry and Loan is owned by 72 years old famous Pawnbroker Les Gold.
It is one of the world's largest and most recognized pawn shops and the hub of fantastic community soft loans. You are provided collateral on valuable items like Jewelry, electronic machines, vintage goods, tools, and more.
They are based in the central location of Detroit, Michigan.
Les Gold is the third generation pawnbroker of American Jewelry and Loan. He is the grandson of a famous pawnbroker who owned "Sam's Loans" at the age of 7.
He started his first business at 12 by buying large-sized pizzas and reselling them by the slice to his Hebrew school classmates. He opened his pawn shop in 1978 at the Green Eight Shopping Center in Oak park.
According to LinkedIn, The pawn shop now employs about 200 employees and serves around 1000 customers daily.
His autobiography, For What It's Worth: Business Wisdom from a Pawnbroker, was published in 2013. This book deals with his personal experience and struggles while establishing a famous pawn shop to help community-based people.
He details how he did it, from childhood businessman to founder of the famous pawn shop American Jewelry and Loan. He explained how anyone in any field could 'think like a pawnbroker.'
Regarding philanthropy, He is a kind-hearted person and an active member of The Heat and Warmth Fund. The association helped local families in need with paying their electricity bills.
Les has been known to hold fundraisers at his store in Michigan. A "Hardcore THAW" party was held in February 2013 and raised over $40,000 for needy people.
Seth Gold is the son of famous pawnbroker Les Gold. At the annual meeting and conference, he was the fourth-generation pawnbroker named National Pawnbrokers Association pawnbroker of the year in 2013.
He completed his degree at the University of Michigan and designations in diamond grading and colored gemstones from the Gemological Institute of America.
He is a big believer in technology, so he launched an e-commerce website that generates 30% of the company's sales. His leadership in the pawn industry has led to his serving as the youngest President of the National Pawnbrokers Association.
American Jewelry and Loan Revenue and Valuation
American Jewelry and Loan's annual revenue varies between $25 million and 100 million. The famous pawn shop gets funding of $350000.
The company's estimated annual revenue is currently $6 million per annum. The top competitors of the pawn shop are pawnamerica.com, amazon.com, moneymartpawn.com, shopsales.us, and ebaystores.com.
Furthermore, the company's headcount grew by 4.55% per person last year. American Jewelry and Loan pawn shop's NAICS codes are 522298,522.
American Jewelry and Loan pawn shop make a net profit of $11 million in 2022.
Pawn shops make money in three ways: loans on merchandise held as collateral, reselling merchandise held as collateral, and auxiliary services, such as cell phone activation.
Loans are made on a 30-day basis to borrowers who do not qualify for loans from a bank. Borrowers must repay the loan in full by the end of the month and pay the monthly interest charge. The borrower can pay the monthly charge because the interest can exceed the loan amount.
If a borrower can not pay the money back, the pawn shop can sell the collateral merchandise, such as a valuable watch, Jewelry, and expensive tools, at a 15-20% profit. It might already have a gain from loan payments. Conversely, if the item has decreased in value, the shop would lose money.
American Jewelry and Loan has five outlets all over the united states.
Hardcore Pawn shops are in Detroit, HazelPark, Pontiac, Southgate, and Lincoln Park.