Buy jewelry for amount due on others' layaway

CENTER CITY - October 16, 2009 (WPVI) -- Among the many shops on Jeweler's Row, Unclaimed Diamonds has found an unusual niche, one that has become more popular as the economy has weakened.

"What we do is we specialize in items that people had put on layaway, never picked up and we sell them for the balance due," explains Unclaimed Diamonds owner Matthew Sulby.

The result, Sulby says, is that customers can get buy all sorts of jewelry for less than half of the original retail prices.

When we visited, among the unclaimed inventory, we saw a ring with a 40-point ruby surrounded by a half-carat in diamonds. It retailed for $1150, but was being sold for the balance due of $425.

A 3/4-carat diamond engagement ring that was originally $6500 was on sale for the balance due of $2151.

A weddding trio set that was $3765, was being sold for the balance due of $825.

Sulby's regular customers swear by the deals.

Hazel Smarowski of Collingdale, Pa., was shopping with her husband. "We wouldn't be able to have as much as we do if he wasn't really, really fair on price," she said.

Rasheeda Weston of Northeast Philadelphia said the store had "wonderful deals, wonderful. You can't beat them."

Sulby guarantees that items will appraise for more than you paid for them. If not, you can return the item and get a full refund.

And the unclaimed diamonds aren't the only gems that are discounted.

"A lot of our items are also manufacturers' samples, that we buy at the end of the selling season, and we offer those to our customers at a steep discount," Sulby explains.

He says those discounts can be up to 70% off retail.

To check out Unclaimed Diamonds current inventory, click here.

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