Really? I wonder how widespread this really is. When a reporter wants to write a story, it’s always possible to find enough examples to build a story. But it doesn’t mean that the story has legs beyond the immediate subjects that are being highlighted in the story. Maybe I’ve just been sleeping at the wheel. Perhaps extremely well-to-do people really are pawning their David Yurman jewelry and Tiffany pieces to make ends meet. From the Wall Street Journal:Lee Amberg, owner of AA Classic Windy City Jewelry & Loan in affluent Evanston, Ill., said he’s been seeing Cartier watches, two-carat diamonds, David Yurman jewelry and pieces from Tiffany’s. One client, he said, brought in a fur coat from Saks Fifth Avenue that retailed at $9,000. She told him she needed a loan to help buy private-school uniforms for her child.Diamond Exchange USA is more of a hybrid store. In addition to selling its own pieces, it makes loans against customers’ goods and purchases used jewelry too. Located on a major thoroughfare in Bethesda, Md., it has a constant stream of Mercedes-Benzes, BMWs and other luxury cars pulling into the lot. Virtually all of the clientele are women. Many come to sell their gold or diamond jewelry.A potential new customer recently strolled in to speak with co-owner Justin Carmody. A resident of Potomac, Md., she owns a small wholesale company and was looking to obtain a $6,000 loan on a 1.91-carat diamond ring given to her by her husband. With a 10% fee, she learned, it would cost her $6,600 to get the ring back. If she failed to resolve her cash issues in a month, she’d be responsible for an additional payment — $600, or 10% of the principal — each month until satisfying the debt.Is it really this bad out there?
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