Mrs. Chang, a 45-year-old housewife in Flushing, N.Y., recently sold all her children's gold rings. These rings held great sentimental value, since they were presented by family and friends to the children on the occasions of their first birthday. The rings, and her entire collection of jewelry, have been kept wrapped up, as befits such highly loved and precious items. But, "It is just so hard to earn any money these days," Mrs. Chang confided. "Living is difficult. That is why I was forced to part with these rings and jewelry. I am so sorry for my children," she added, almost weeping.
Caught like everyone else in the economic crisis, Koreans have also found it hard to keep up in these troubled times. Like everyone else, they are worn out by domestic cares, and, like so many others, they have begun to visit pawn shops and jewelry stores in the hopes of selling off family heirlooms, just to have something to help defray their ever-increasing living expenses and put some urgently needed cash into their pockets. One salesman at the Im jewelry store, located in Flushing, Queens, said, "The economy has gone from bad to worse, and the number of Koreans who want to sell their long-held treasures, such as rings, necklaces, and bracelets, is growing daily. Often, these items are really family treasures. I am saddened to see people selling their children's rings or their marriage rings."
According to Korean tradition, such celebrated rings are valuable beyond their actual price because of what they represent. The fact that Koreans are selling such rings is a serious indication of their economic distress and growing desperation.
A salesperson at Kim's jewelry store, located on 47th Street in Manhattan, said, "Although the price of gold is not really very high these days, this has not stopped the growing number of customers who want to sell their gold or diamonds. Earlier in the year, when the price of gold soared, a large number of people sold their gold to reap maximum profit. These days, it seems that people are selling because they have to, because they need money for the simple necessities of life. It's quite a different situation."
Business at area pawnshops has never been better. People are coming in to sell gold, jewels, and watches, anything that can bring in cash. Mr. Seung-ho Lee, of the Union pawnshop in Flushing, said, "Most of my customers these days are in urgent need of cash. I'm seeing a larger number of people hoping to sell their jewelry or high-priced watches than ever before. I have even had customers who want to make deals on their cars – or houses! Because of economic crisis, a growing number of customers who have left things here have either never returned to pick them up, or have come back much later than they had expected or intended."
Meanwhile, others in the pawn shop business have noted that this phenomenon is unfair and very bad for Korean customers who are selling their jewelry, gold, and other treasures just to cover their living expenses. The price of gold and other valuable items is falling rapidly. Earlier this year, an ounce of gold was over $1,000; currently an ounce of gold sells for about $775. Jewelers are worried about this phenomenon and how long it will last in New York Korean community. And everyone is worried about how the economic crisis will affect their lives at their bottom line.
