Mark Goodge writes:

On Wed, 30 Dec 2009 08:49:26 -0800 (PST), Gary Baldi put finger to
keyboard and typed:

She said to the one offering £312, ok, I'll take it..........at which
point she was advised that the scrap value was about £40 and that's
all they would pay.

The second one repeated this except said £35.

Local jewellers are not paragons of virtue, trust me........

When most people ask for a valuation, what they most commonly need it
for is for insurance purposes. And in that case, the value that
matters is what it would cost to replace it, not what you would get if
you sold it.

However, when the something is sold the amount the seller receives[1] is
exactly the same as the amount the buyer pays. The valuation the
jewellers provided was the price at which they would sell the
items. With the amount they were prepared to pay, they would have been
making over 600% profit (allowing for VAT on the subsequent sale) if
they had bought the items and then resold them. This seems like rather a
large markup.

"Alan" wrote in message
...


Recent day-time TV advert for a pay-day loans offers a quick service. I
would think so with an interest rate of 2356% APR !

So if you wanted £100 today, and paid it back a week later, it would cost
you about £6.30 for the loan.

That doesn't sound unreasonable.

--
Bartc

In message , Tim
wrote
If a jeweller could get one for £X then your
"cost to replace" could be only just over £X...


No, the cost to replace is only worth that amount of money if there is
someone to buy it.

The cost to replace could also include charges for someone to find a
source of replacement and for attending auctions etc., which could be
many times its actual value.

Much of the stuff not meeting the expected value is possibly from the
Ratner collection.
--
Alan
news2009 {at} admac {dot} myzen {dot} co {dot} uk

In message , tim....
wrote

If the jeweller is only going to give you 35 pounds the company on the telly
is going to give you less.

One of the Radio 4 "money type" programmes did a survey and the high
street jeweller came near the bottom of the list, having the worst
offers. The online/postal outfits were better although there was a
massive variation in the price offered. In general they were only
treating the items as scrap by weight, usually excluding catches and
clasps because they were base metal.


--
Alan
news2009 {at} admac {dot} myzen {dot} co {dot} uk

Gary Baldi wrote:

On Dec 30, 1:39Â*pm, "tim...." wrote:

I really can't understand why someone with some jewellery to sell doesn't
just go into a local jewellers and see what they will pay first.

tim

My mother-in-law went into 2 local jewellers to value an early 19th
century 22ct ring (a big bugger too) plus diamond that she'd had
bequeathed to her about 50 years ago.

One said £307, one said £312.

She said to the one offering £312, ok, I'll take it..........at which
point she was advised that the scrap value was about £40 and that's
all they would pay.

The second one repeated this except said £35.

Local jewellers are not paragons of virtue, trust me........

How much does it weigh? Gold is about £21 per gram at the moment, and a
jeweller will give you a bit less than that. The ring is worth a lot more
than its weight in gold because it is an early 19th century piece. Selling
it for scrap is not the best way to realise its value.

"Alan" wrote in message
...
In message , tim....
wrote

If the jeweller is only going to give you 35 pounds the company on the
telly
is going to give you less.

One of the Radio 4 "money type" programmes did a survey and the high
street jeweller came near the bottom of the list, having the worst offers.
The online/postal outfits were better although there was a massive
variation in the price offered. In general they were only treating the
items as scrap by weight,

Obviously, but you would still expect the jeweller to make a better offer
because they have lower overheads than companies running a TV campaign and
it's much easier for the punter to walk away if the offer is insulting.

I'm surprised that they didn't

tim

On Wed, 30 Dec 2009 20:50:04 GMT, "bartc" wrote:


"Alan" wrote in message
...


Recent day-time TV advert for a pay-day loans offers a quick service. I
would think so with an interest rate of 2356% APR !

So if you wanted £100 today, and paid it back a week later, it would cost
you about £6.30 for the loan.

That doesn't sound unreasonable.
That's the flaw in the APR figure. Short term loans of a few days
show such a result.

In message , Tiddy Ogg
wrote
On Wed, 30 Dec 2009 20:50:04 GMT, "bartc" wrote:


"Alan" wrote in message
...


Recent day-time TV advert for a pay-day loans offers a quick service. I
would think so with an interest rate of 2356% APR !

So if you wanted £100 today, and paid it back a week later, it would cost
you about £6.30 for the loan.

That doesn't sound unreasonable.
That's the flaw in the APR figure. Short term loans of a few days
show such a result.


However, it's not £6.30, it's more like £13/14 including "fees" so its
around 14% per week. Furthermore, this is the rate for lower risk
customers as they must have a bank account and proof of income.

--
Alan
news2009 {at} admac {dot} myzen {dot} co {dot} uk

"Tim" wrote in message
...
"Mark Goodge" wrote
When most people ask for a valuation, what they most
commonly need it for is for insurance purposes. And
in that case, the value that matters is what it would
cost to replace it, not what you would get if you sold it.

Ahem - why not hang around outside a jeweller and offer
someone trying to sell one, a quid more than the jeweller offered!

If a jeweller could get one for £X then your
"cost to replace" could be only just over £X...



did that once only it was a shotgun...

I was on holiday at the time and visiting a gun shop when an old boy came in
with his beloved hammer 12 bore Farmers Gun. The shop owner said it was
worth very little and did not want to buy it.

The old boy walked out followed by me whereupon I said I'll give you £20 for
it and he accepted. I still have it to this day, 30+ years on.

"tim...." wrote in message
...

"Alan" wrote in message
...


Recent day-time TV advert for a pay-day loans offers a quick service. I
would think so with an interest rate of 2356% APR !

and there are ads offering to "buy your gold" that (anecdotally) pay about
10% of actual value.

I really can't understand why someone with some jewellery to sell doesn't
just go into a local jewellers and see what they will pay first.

tim





the One Show took this up a few weeks back. They had, by weight, £300 worth
of scrap gold. That's what a jeweller said he would pay for it. It comprised
of necklaces, bangles and rings. No stones involved.

They sent this lot to 3 online/tv gold buyers who offered the following
prices.

1. £180
2. £63
3. £60 (this companies TV add said "We will not be beaten on price")