FT: (free registration required) US pawnbrokers benefit from hard times
On Manhattan’s 47th Street, the New York block through which about 90 per cent of US diamonds are sourced, some merchants report a sharp uptick in the amount of jewellery being brought in for sale. 'Its real sad – they don’t want to sell,' said Ruben, a 52-year-old street hawker who buys jewellery from passers-by in the diamond district. They might have paid $150,000 for a necklace but they will get back $25,000 or $30,000 at most. But it’s either that or lose their house.
FT.com print article
Labels: signs of the times