by Rachel Schreiber

Glen Bednarsh is no diamond in the rough about metals and precious gems. His father, grandfather and great grandfather all manufactured jewelry and Glen carries on that family tradition.

Glen, owner of Ypsilanti Gold and Diamond Exchange, has made regular trips to New York accompanying his father on buying trips. “My father was a diamond broker and I learned the business from him and his cronies.” Glen grew up in Farmington and graduated from Eastern Michigan University with a BS. While attending school, he worked for Bay’s Jewelry Store in the Nickel’s Arcade. After graduation, Glen says, “I was thrown on 47th and 5th Avenue in New York, (the heart of the diamond district).” Before Glen could hang out his own shingle, he had to attend six months of gemology school in Carlsbad, California. Glen states, “You learn the basics. Such as how to grade a stone, how tell the different values of a stone or how to grade difference pieces of jewelry that might have diamond content. No two diamonds are the same.”

Ypsilanti Gold and Diamond Exchange creates custom designs, repairs watches, makes custom engagement rings, sells loose diamonds and buys jewelry. Glen states, “We have set up a service where people don’t have to stick their stuff in an envelope if they want to sell their jewelry. We’re a place where people can come in, have their jewelry weighed in front of them. We buy their merchandise. Our main goal and objective is to stay 15-35 percent above what the pawnshops are taking. Our customers will receive a much better and stronger price for their valuables.”

Glen talks about his customers’ reactions. “They cry because they’re so frustrated with the other stores at how little money they’re offered for their jewelry. Then they come to us and it’s refreshing because we’re paying top dollar for merchandise. They don’t have to wait for consignment, or send a bag away and wait for it to come back. They want to receive cash and know what the value of their jewelry is and walk out of the store after leaving their merchandise.”

Not everyone is selling jewelry. “Some people desperately want to have a place to fix their broken jewelry and for things that are out of style, they inherited or they don’t wear anymore,” Glen says.

“We work on small price margins and work on volumes. If we make our five to seven percent we’re happy. We melt the gold into a 10, 14 or 18 carat gold bricks. Small stones, like chips, are burned in the melt. The larger stones are taken out. We grade and tell people exactly what they would receive for them.”

Ypsilanti is the optimal location because it’s centrally located between Ann Arbor and Canton. Glen cares about the community.“People need to know I went to school in Ypsilanti and I believe in the area. I’m not going to go away. I’ll be here for a long time”. The customer has gotten away from the small, neighborhood jewelry store. We encourage them to come in and to get to know us. We’re offering a $10 gas card, at the time of purchase, to anyone who shows us they’ve driven five miles or more to get to our store.”

Lastly, he states, “This isn’t just about the economy, it’s about offering better value to people not just to sell, but to buy as well.”

Ypsilanti Gold and Diamond Exchange
Glen Bednarsh
1491 Washtenaw Ave.
Phone: 734-487-6666