Pawn Brokers Have Sold My Gold By Mistake

[Ljuk]

Hi could anyone please help me,any advice would be appreciated .To cut a long story short I visited a well known name pawnbrokers where I pawned a gold bracelet of mine,on the terms that I have 6 months to repay the loan and then get my bracelet back.The bracelet was a present from my partner from Thailand so was a expensive bracelet.My partner sadly past away recently ,so my first thoughts were to save the money to get this bracelet out ASAP before the 6 months.Well today I got the most shattering of calls from the pawnbrokers head office saying that by mistake they had sold on my jewellery .It was all to much for me to take in.The lady said she would be calling me back later this week once she had talked to her bosses on what they should do about the matter.Im so upset and angry.Any advice on what I should do please

[naomi24]

Have you never watched Posh Pawn, Jackdaw?

[Jackdaw33]

No. I may not have much of a life but I still have better things to do. In any event I rarely watch TV, my set was last switched on in November gone.

[bednobs]

naomi, they might say they lend against fine pieces, but it doesnt say they lend any more than the scrap value. Oddly i wouldn't have guessed you knew a lot about pawnbrokers

[naomi24]

bednobs, I don't know a lot about pawnbrokers but I do know they don't give only scrap value for valuable pieces of jewellery.

[EDDIE51]

^ to lend more than scrap value they would need to get a reliable valuation of the items,or more probably several independent valuations . That would be very expensive and could still be wrong. There is no way I can imagine any pornbroker lending more than scrap value.

[Jackdaw33]

Pornbroker, LOL!

[naomi24]

Eddie, wherever your imagination is leading you they do get valuations if necessary.

//You can usually only borrow a percentage of the value of the item you want to pawn. So if, for example, you have some jewellery worth £200, you might only be able to borrow £100.//

https://www.moneyadviceservice.org.uk/en/articles/pawnbrokers-how-they-work

[EDDIE51]

^ If you take a valuable piece to an auction house such as Sotheby's , and leave it with them for a later auction. They can loan you a % of the expected auction price and deduct it from the final payout. I have never heard of a pawnbroker doing the same. Auction houses do it because specialist auctions for particular types of items may only be held 1 or 2 times a year.

[naomi24]

ps. Many pawnbrokers are also jewellery retailers and so are able to value items themselves.

[naomi24]

Eddie, you're wrong. Pawnbrokers do not give only scrap value for gold. They will of course give scrap value for scrap gold, but not for valuable, saleable items.

[EDDIE51]

I never doubted pawnbrokers get valuations but I am sure they will deduct the cost of the valuation from the final sale price (even if they did do it themselves)

[naomi24]

That's irrelevant. The fact is pawnbrokers do not give only scrap gold value for valuable items.

[Tilly2]

I don't actually believe any of this.

I know that this will be deleted.

[Peter Pedant]

scrap value or melt down value is clearly wrong
if they had had a porsche and it was knocked down for scrap metal - they would if they were liable for the market value

but is market value - replacement value ?

await their offer as they clearly have accepted liability

[naomi24]

Ljuk, I'm sorry for the diversion but I don't like seeing misinformation posted here. I hope you can resolve this and wish you well.

[237SJ]

"Have you ever watched posh pawn Jackdaw" They have a few offices not far from me. I`m sure they have their place in the market but when my friend went to them with some branded jewellery pieces, they came up with a pretty abysmal price. She made far more money via internet sites. Don't believe everything you see on the TV

[naomi24]

237SJ, pretty abysmal prices is one thing - scrap value for all gold quite another.

[naomi24]

I'm off to cook supper - and polish my gold. ;o)

[Peter Pedant]

// I don't actually believe any of this.
I know that this will be deleted.//

from the internet it seems pretty rare
the principles are that
it is not different to any other ( insured) loss
and that the business will probably be insured against something like this

the big difference is that market value is lower ( in a jewel case up to 30% ) than replacement

[Tilly2]

Keep those plates shiny, Naomi.