New Jewelry Store Granted Pawnbroker License

A new business coming to Novi will not only sell jewelry, but allow customers to trade and sell their own precious metals or gems with the store.

Gold Buy and Jewelry, Inc. was granted a pawnbroker license by the Novi City Council at its meeting Monday.

The business will allow customers to buy, trade and sell any type of precious metal or gem, as well as allow customers to seek a loan in exchange for jewelry or other valuables.

Gold Buy and Jewelry, owned by Joseph Haddad, will open in Suite D of on Grand River Avenue near Meadowbrook Road.

City Council was hesitant to grant the license when the issue was first presented at its March 26 meeting and delayed the decision until Monday.

Because the store will be located in Gateway Village, the city had to look at which types of businesses were permitted in the area, according to an agreement with the developer. Several council members asked city staff to determine how much of the business would be devoted to pawnbroking.

Once the council heard that pawnbroking would only account for up to 10 percent of sales, all members agreed that the business would be primarily a jewelry store and therefore an acceptable business for the development.

"I was pretty upfront that I was comfortable doing this only if it was an incidental use," said Council member Terry Margolis.

City Council also looked at the only other pawnbroking business in Novi: . Owner Gary Weinstein told city staff that just 3 percent of his sales come from pawnbroking. 

Haddad, who has owned a business next to his future jewelry store for the past seven years, thanked the council for its continued support of his small businesses in Novi.