Michael Bloomstein’s family background was in antique silver and silver plate. His father and uncles carried out their business in the Pall Mall Safe Deposit and later in the Bond Street Silver Galleries in London, so the idea of dealing in precious metals came naturally to him.
By the age of seventeen, he had established a regular round of shops and antique markets in Brighton to call on and buy various items of silver, plate and of course any small quantities of scrap precious metals which were offered to him.
One of the things that always struck him as being particularly appealing about precious metal dealing was that he never heard his buyer utter the words ‘I’ve bought enough today’. This was very much in contrast to all of his other customers who often declared that they were over stocked.
1980 was a golden year for Michael, when his enthusiasm for bullion dealing greatly increased in response to the rocketing price of precious metals due to machinations of Bunker Hunt – the Texan Oil Tycoon who demanded physical delivery of his silver purchases, which set the markets on fire.
Around this time, Bloomsteins opened their first buying office in a garret above a warehouse owned by the well-known Brighton dealer Michael Dawes. Business took off and in 1983 they moved to their existing premises at 30 Gloucester Road, Brighton, East Sussex and took on more staff.
The business was considerably expanded by the introduction of a secure and insured postal service.
Bloomsteins are now responding to increased approaches by perspective buyers of gold bullion who have been somewhat disillusioned by the recent and rather eccentric activities of various financial institutions and wish to put their money into more tangible assets.
“Michael Bloomstein has supplied Antiques Trade Gazette with its weekly precious metal prices for almost three decades, as well as incisive comment about shifts in the markets. These have proved unfailingly reliable and are avidly read by our subscribers. We are delighted to have his continuing weekly contribution.”
“Gold Arts have been dealing with Bloomsteins for over 20 years. We purchase scrap and precious metals for all of our professional workshops. Bloomsteins gives a top rate level of service and commitment to us as customers and we would highly recommend them to you.”
“We have been supplied by Bloomsteins for over twenty years and they have been one of our major resources. Not only on a day-to-day basis supplying large to tiny amounts of metal, but also in their willingness to help with more unusual items, both bullion and tools. Their prompt, personal service is second to none and we have no hesitation in recommending them to everyone.”