How to Get a Jewelry-Backed Loan

More Than Just Jewels

Have you ever heard of a jewelry-backed loan? Fine jewelry has more value than just sparkle and shine. Your fine jewelry is a great option to use when you need quick cash. Many jewelry owners aren’t aware of the loan opportunities that their jewels give them. Your fine jewelry could be the perfect item for collateral.

What is a Jewelry Loan?

When most of us think of loans, we rarely think of jewelry. Jewelry can be used as collateral for a loan disbursement. A jewelry owner can have their items evaluated and receive a cash payment based on the evaluation of the item. The jewelry is then held by the lender as the owner makes payments on the loan. Once the loan is paid in full, the owner receives their jewelry back. This simple jewelry loan process can provide you with on hand cash.

How Does It Work?

Most jewelry loans are fairly simple. The goal is to give the customer the best offer for their items. You start by finding a reputable asset-based lender. You then provide a full description and pictures of the item to the lender. Information such as size, color, jewelry type, brand, original payment for the jewelry and photographs can be helpful when submitting descriptions on your quote form. Once the description is received, the lender will typically have experts review your item and provide you with an evaluation and initial offer. If you accept the offer, the jewelry must be evaluated in person by the lender and they will provide you with their official offer. Once the official offer is accepted the jewelry owner will receive their cash disbursement and the jewelry loan will be complete.

What Jewelry Qualifies?

To receive a jewelry loan, a certain type of jewelry is typically required. Fine jewelry under certain brands such as Harry Winston, Cartier, Tiffany & CO and David Yurman would be good examples of jewelry that is loan-worthy. High-end watches such as Rolex and BVLGARI would also be good items for a jewelry loan. If you own estate jewelry or diamond engagement rings, lenders often accept those pieces of jewelry as well.

The Diamond Banc Way

Diamond Banc focuses on offering clients the same expertise and discretion of a traditional bank, and aims to assist customers with obtaining the maximum value for their jewelry. Diamond Banc evaluates the jewelry and gives an initial quote based on the loan-to-value ratio, which is between 65%-75%. This percent is based on the estimated liquid wholesale value. For example, if you bought a ring for $7,000, the wholesale value may be $5,500. Diamond Banc would take 75% of that value which is $4,125 and that would be the loan offer.

If you want to start the jewelry loan process for your fine jewelry, Diamond Banc is here to provide you with quality service. You can contact us at 1-855-342-2262 for assistance or visit one of our five locations!

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