WickedLocal.com/Medford - 12/17/09

GOLD RUSH: Medford business to stay in city for 'the long haul'

What started out with a simple e-mail has not only blossomed into a friendship, but a thriving business partnership.

About five years ago, Medford native Jeff Averbook was looking through an online professional jewelers network when he noticed a post from a guy named Dennis Shea. But what caught Averbook’s attention was where Shea listed his hometown.

Medford.

“I sent him an e-mail and told him I grew up in Medford and asked him if he wanted to meet for coffee,” Averbook said. “He was interested in getting into the jewelry business and that’s what I know.”

The two met, started talking and soon found they had a lot in common. Just last year, National Gold and Jewelry Buyers opened a small office at 101 Mystic Ave., where locals could come and sell their wares.

It was, they both admit, just a side business.

“I actually own [Metro Jewelry Appraisers],” said Averbook, who has 30 years of experience behind him in every aspect of the jewelry business. “Dennis distributes tools for jewelers so he owns his own supply company, [National Jewelers Supplies].”

For two days a week, Shea and Averbook dedicated time to their side business, quietly buying gold, jewelry, diamonds, silver and platinum. But the coming spike in gold prices and the Internet were about to send the business into overdrive.

“Gold is about $1,100 an ounce,” Averbook said, of the sudden boom. “In 1979/1980, it shot up and then came down. It’s a matter of supply and demand. Right now, China and India are buying lots of gold and what’s happening is that a lot of nice jewelry is being melted down. It’s an extremely unsteady market.”

But one that hasn’t seen such an increase in television or Internet companies advertising to buy gold from consumers in a long time. Averbook and Shea say what makes their business different is that they’re both local guys with a local business that residents can come to and meet with them face-to-face for an appraisal of their items.

“We’re in this for the long haul,” Shea said. “We’re not like our competition, throwing gold parties or coming into the Hilton and setting up for the day. We’re local guys. Jeff grew up here in Medford and I grew up in Somerville before moving to Medford [in 1989]. We run this as a professional business and we tell people to go out and get another quote after they come to us. We want them to come back because we offer them a fair price for their merchandise.”

Averbook said a lot of the business is return customers or people who heard word-of-mouth from a relative or a friend about their experience with National Gold and Jewelry Buyers.

“It’s all about fairness,” he said. “We give them a good offer because we want them to be happy. A lot of people come in not knowing what to expect, but we have a modern building that’s well lit with state-of-the-art security. We want people to be in a professional environment where they feel comfortable. That’s what makes us different.”

And, Averbook added, the business is a member of the Medford Chamber of Commerce and has worked with the Medford Police Department as well as city officials in providing some feedback on an ordinance that requires second-hand shops buying and selling to hold on to an item for 21 days.

“We send them our reports every day,” Averbook said of the Police Department. “They know what we’re doing. And because we are members of the chamber, that shows that we are not here to just buy your stuff, but to be part of this community.”

Hometown boys

If the name Averbook sounds familiar that’s because it is. Jeff Averbook is the son of Ben Averbook, the director of the Medford Saving Lives Program.

But, the younger Averbook said his father has influenced him in more ways than just the usual parenting. When he was younger, Averbook worked in his parents’ two retail jewelry outlets, Jeffrey’s Jewelers in Everett and Towne Jewelry in Malden.

“Sometimes people ask me about Jeffrey’s and I say, ‘Yep, I’m the Jeffrey,’” he said with a laugh. “I worked with my parents when I was a kid and then after college, I worked there for about five or six years.”

But when downtown retail started to go bad, Averbook said his father closed in Malden and then after 35 years, also shut down in Everett.

Averbook said he took the easy way out and studied gemology, despite earning a bachelors in English from the University of Southern Florida in 1978. In 1987, he went into wholesale work, then estate jewelry appraising and side work for insurance companies until 2002, when he struck out on his own.

“I’ve done everything in the jewelry business except being a bench jeweler,” he said. “I don’t do the repairs or designing, but I’ve pretty much done everything else.”

Shea, who like Averbook is a graduate of the Gemological Institute of America, didn’t start out in the jewelry business. In fact, he was laid off from a previous job and decided to go into business for himself, launching a successful trucking company for the past 15 years.

Shea then expanded into the fitness world, owning a club his wife now operates. But he still wasn’t satisfied.

“I was looking for something that was more settled and I didn’t want to deal with the weather,” he said. “I just never realized that it would all grow this fast. We’re now one of the biggest sellers [of gold] online.”

Shea said he’s not surprised by the sudden growth, considering the current gold market, but he added this is not the totality of the business.

“It’s nice that we’ve built a base here,” he said. “Things are good right now, but eventually the market will shift. We’ll stay here.”

And as the business celebrates its first anniversary, both men are still operating their individual companies. But, they say, they’ve recently started working more and more on something that started out as a side venture.

“It was a slow process because we do have our own businesses,” Shea said. “But now we’re growing and we’re about to go to five days.”

Averbook said overall, he’s pleased that he sent that e-mail.

“We know jewelry, we know gemstones and we’re not scrap metal dealers,” he said. “We work well together. It’s a natural fit.”

PRESS RELEASE: FOR IMMEDIATE RELEASE OCTOBER 20, 2009

Medford, MA--Medford business owners Dennis Shea and Jeff Averbook are proud to announce the one year anniversary celebration of their new company NATIONAL GOLD AND JEWELRY BUYERS, 101 Mystic Ave, Medford, MA.

"We're pleased to be able to offer consumers a convenient and efficient way to sell their unwanted, used, broken or damaged gold and jewelry items for cash on the spot. Our main goal is to offer the highest prices and best professional service in a bright, secure location. We realize that the Baby Boomer generation is inheriting jewelry that may be out of style or unwanted. Our decades of experience in the jewelry industry allows us to give you the best possible advice on selling your jewelry with absolutely no obligation, " says Shea.

"We saw a need in the greater Boston and North Shore area for people to feel comfortable when selling their jewelry. Honesty, knowledge, integrity and respect for your privacy are your assurances at National Gold and Jewelry Buyers. Whether you have one broken chain or dozens of items, National will make you an offer. Unlike travelling jewelry buyers who set up shop in hotels for one week, we are local merchants who are members of the Medford Chamber of Commerce," adds Averbook. National Gold and Jewelry Buyers is OPEN Monday - Friday 10 a.m. to 5 pm

Currently, Dennis Shea is the owner of National Jewelers Supplies in Medford, a growing internet-based company. Jeff Averbook, a Graduate Gemologist, has been in the jewelry industry for 29 years. He is the owner of Metro Jewelry Appraisers in Medford, a professional appraisal company serving the needs of consumers, estate planners, attorneys, and state and federal agencies.