Florida firm visits to buy gold and jewelry from affluent area ...

Tag : melting metals

"Times are tough," said Edward Aichinger, 77, referring to thecrowd that was gathering in a hallway of the Bloomfield HillsRadisson on Woodward Avenue on Thursday.
Aichinger was there to sell three old watches -- a Bulova, a Benrusand a Wakmann -- that he bought when he moved to the United Statesfrom Germany in the 1950s.
Since the event began Wednesday, more than 500 people have visitedthe hotel to have valuables appraised and purchased by the EstateDepartment, a Boca Raton, Fla., company that buys used preciousmetals, stones and coins for resale.
The event runs 10 a.m. to 6 p.m. today through Sunday at theBloomfield Hills hotel.
Gemologist and company president Andrew Kravit said it's thecompany's first visit to Michigan in 13 years and was targetedbased on the age and the affluence of the area's residents. Thecompany travels year-round throughout the United States and SouthAmerica buying precious metals and gems.
The company bills itself as offering the best prices for estatejewelry while charging a 10% margin on purchased items.
After purchasing the items, they are sent to local police forscreening against stolen property reports. Afterwards, they areshipped back to the company's Florida headquarters, where they aresorted for refurbishing for resale or are sent to a foundry formelting.
About 300 people visited the event Wednesday and about 100 itemswere purchased, including a $300 stainless steel Rolex watch acustomer bought in the 1960s and then sold to Kravit for $20,000.Items purchased Wednesday ranged between $20 and $70,000, he added.
The most lucrative item currently selling is gold.
According to the Web site www.kitco.com , gold sold at $300 per ounce in July 1998. It is now selling formore than $970 per ounce. Sellers surprised
Nancy Fox of Novi brought a cigar box full of her father-in-law'sgold and silver coins, some from the 1800s.
"It had just been sitting there forever," she said, adding she'd behappy to get enough money to pay for a tank of gas.
She emerged from the appraisal room saying she had gotten more thanshe expected but declined to say how much.
"I'm pleasantly surprised," she said as she left. "I'm going to gopay some bills!"
Carole LaPinta of Clinton Township brought a box full of coins andjewelry to sell.
"They are things I inherited that belonged to my mom and that hadjust been sitting there," LaPinta said, adding that she had tothink twice about selling some of it because of its sentimentalvalue. Some of the items were rings given to her by her husband,who is now deceased.
"The more I got to think about it, the more I thought 'I'm ready,'" she said.
Pasquale Lombardo, 68, of Clinton Township left with $2,500 in cashafter selling a collection of silver and gold coins and the goldband to an old watch.
"They kept the gold band and I kept the watch," he said adding thathe was surprised at how easy the transaction was.
"I'm going to take my family out to dinner," he said. "That and buya new engine for my boat."
Contact MARGARITA BAUZA at 313-222-6823 or mbauza@freepress.com .