Use Your Diamonds to Raise Cash
Diamonds are a girl’s best friend, but they can be anyone’s best friend when you are in a cash bind.
Diamonds are beautiful gems that appreciate as time goes on. They will never go out of style. They are meaningful and timeless.
What’s more, your diamonds can be used to help you out if you’re having financial issues … and you don’t even have to sell them. Think it’s too good to be true? This article will let you know how to get money for your diamonds, without having to give them up for good.
Why Diamonds are a Great Investment
Diamonds are shiny, twinkly and catch in the light in majestic way. But they also make great investments. The gems are shown to have appreciated in value tenfold between 1960 and 2016.
With inflation rates being what they are today, you can expect those prices to increase even more over the years. This means that your diamond will be worth more and you’ll be able to sell if for a decent profit.
How Do I Know What My Diamond is Worth? The 4 C’s
A diamond’s worth is contingent on its characteristics. The main characteristics are narrowed down to the four C’s, color, carat, clarity and cut. Let’s look at what each of these means.
Carat: A carat is a unit used to measure a diamond’s weight. Each carat equals 200 milligrams or .2 grams. The carats can also be subdivided into points with each point equaling 1/100 of a carat. This allows you to get a very precise measurement of the diamond to a 1/100 of a point.
Most diamonds you see in the store will have the weight listed in carats or carat fractions. But very small diamonds may have their weights listed in points.
Color: You might think that all diamonds are clear. But if you look closely, you will see that they have a slight yellowish tinge. In fact, very few diamonds are completely clear.
A diamond’s ‘clearness’ is rated on a scale from D to Z with D being colorless and Z being light yellow. The closer to D the diamond is, the more it will be worth. It’s advisable to get a diamond that’s rated between D and I to ensure it retains its value.
Clarity: Diamonds are found in the earth’s surface. Therefore, they are likely to have their share of blemishes and imperfections. But the fewer blemishes your diamond has, the higher its value with be. The clarity is measured on a scale that starts at Loupe Clean (LC) which is almost flawless to Pique which is considerably ‘more blemished’.
Cut: The cut refers to the tiny facets and angles cut into the diamond to enhance how it reflects light. A diamond that’s poorly cut will be dull and lifeless while a diamond that’s well cut will reflect light brilliantly.
The way it reflects light is described in three characteristics as follows:
Brightness- the ability to reflect white light
Fire- which is how the gem scatters the light around
Scintillation and Sparkles- which are the patterns made by the dark and light spots in the gem
Cut is further divided into three parameters; proportion, symmetry and polish. These factors determine how the diamond’s cut is graded. The grades are as follows:
EX: Excellent
VG: Very Good
G: Good
F: Fair
Other Factors That Affect the Worth of Your Diamond
Here are some other factors that may be considered in evaluating your diamond’s worth.
Shape: Diamonds come in a variety of shapes. The most popular shapes are:
Round
Princess
Marquis
Square
Pear
Heart
Oval
Emerald
While the shape of your diamond won’t affect its value as much as the 4 Cs will, a popular shape will be more likely to sell and could get it a higher valuation. It’s also worth noting that round is the most popular shape of those listed above in part because it lends itself to a brilliant cut.
Fluorescence: 25 – 30% of diamonds will give off a visible blue glow also called a fluorescence. But all diamonds have some amount of fluorescence whether it’s visible or not.
Fluorescence is a not a desirable trait so it’s best to get a diamond with a low fluorescence rating. If you can access the lab report for your diamond, it will tell you its fluorescence rating. Ratings start at nil and move up to slight, medium and strong.
Certificates: It’s advisable to find a diamond that comes with a certificate. The certificate will show its cut, color, carat, and clarity. It will be useful in proving the gem’s weight and authenticity if you are looking to sell.
The Setting: The setting of your stone will also affect how much its worth. When considering the setting, the first thing to think about is the type of metal used.
Platinum is generally the most expensive diamond setting. It will also allow the diamond to shine without casting a yellow tint.
Golds come next on the ‘expensive’ list. The gold can be white gold, yellow gold or rose gold. All golds have the same value. However, like platinum, the white gold will allow the diamond to shine brightly while the yellow gold will tint the gem. Rose gold is becoming a popular choice because it gives the ring a vintage look.
Diamond rings may also be made of other metals but that’s rarely the case.
There are several setting types to choose from, but they won’t do much to affect the worth of the diamond. However, there are some factors that will be considered. These include:
The Popularity of the Setting: Popular settings include three stone, pave, and cluster. You may get more for diamonds with these settings due to the higher demand.
Use of Small Diamonds: If you have small diamonds around the stone, it will increase the overall carats in the ring boosting the value. The bigger the diamonds are, the more the item will be worth.
Number of Small Stones on a Ring: If the diamond is surrounded by small stones, it will also increase the worth of the ring. The more stones there are, and the bigger they are, the more the ring will be valued at.
There also may be instances where small diamonds are included in a watch face or another piece of jewelry. If that’s the case, the diamonds will increase the piece’s value.
The total you get for your item will also be dependent on how much the item itself is worth. For example, if you have a popular Rolex model, it will be worth a lot. The addition of the diamonds will add to its valuation.
How to Get Cash for Your Diamonds without Selling Them
Diamonds make great investments but cashing in could mean saying goodbye to them forever. But it doesn’t have to be that way.
One way to get cash for your diamonds without selling them is by getting a pawn shop loan. Here’s what’s involved in the process:
Go to the Pawn Shop: First you will need to go to the pawn shop jewelry in hand. The salesperson will assess the worth of the diamond and offer you a loan that’s equal to a percentage of what it’s worth.
Walk Out with Cash in Hand: if you agree to the offer, you can walk out with cash in hand.
Repay the Loan: The loan will need to be repaid with interest and fees according to the terms you work out with the shop. If you default on the loan the shop will keep your item. However, your inability to pay will not reflect badly on your credit nor will it go into collections.
It’s as easy as that!
Why a Pawn Shop Loan is Better than a Conventional Loan
Of course, you could get a loan from a bank or another type of lender. But here’s why a pawn shop loan is better.
No Qualifications Process: A bank will require you to have a certain credit score and income to qualify for a loan. With a pawn shop, all you need is your item, and you will walk out with cash in hand.
No Long Approvals: A bank will want to see a lot of documentation before they approve you for a loan. This can drag out approval times to weeks and even months. A pawn shop loan does not require any documentation and you can leave the same day with cash in hand.
No Collections: If you default on a bank loan, you will be hounded by collectors, and it will bring your credit score down. If you default on a pawn shop loan, you may lose your item, but it will never go into collections or affect your credit score.
Why Boca Raton Pawn is the Best Place for a Pawn Shop Loan
There are many pawn shops in the South Florida area, but if you are looking for one that offers high valuations and low interest rates, Boca Raton Pawn is the best choice. Here’s a summary of what we offer.
Low APRs: BRP’s APRs are never more than 24%.
No Additional Fees: There are no additional fees and penalties associated with the loan. That includes early repayment fees.
Loans are Longer Term: Our loan terms are at least 60 days. This gives you plenty of time to pay them off without accruing high interest rates.
Private Meetings: At BRP, we understand that your finances are your business. No one needs to know that you are coming into our shop to sell or get a loan. We keep you safe from gossip by providing private meetings. Please call in advance to schedule an appointment.
Other Reasons to Love Boca Raton Pawn
And while our loans are great deals, that’s not the only reason you’ll love our store. Here are some of the other benefits we offer:
Knowledgeable Staff: At BRP, we deal exclusively with luxury items. That means our sales staff has a good grasp on designers and models of every era. They will use their knowledge to offer you reasonable valuations and to help you find the goods you are looking for.
Great Deals on Luxury Items: BRP’s high valuations mean people come to us first when they are looking to sell or loan their luxury goods. As a result, we have a wide selection of gently used items at low prices. You can visit us to get the items you only dreamed of owning. Come into the store or shop online.
What to Know Before Pawning Your Diamond at BRP
If you are considering pawning a diamond or another item at BRP, here are a few things you should know in advance.
Get it in the Best Condition Possible: Getting your item in the best condition possible will get you a higher valuation. With a diamond, even a simple cleaning can help. If there are any issues with the setting, have it repaired prior to your visit.
Bring in any Certificates and Receipts: BRP’s expert staff will know how much your item is worth, but other buyers may be suspicious. Bringing in a diamond certificate will show the gem’s value. It’s also helpful if you can bring in anything that shows you were the original owner such as a box or receipt.
We Only Accept Certain Items: BRP is a luxury shop that only works with certain brands and items. The items we accept include designer handbags, jewelry, and watches. The designers we work with are listed on our website. The designer factor won’t come into play if you are selling a diamond outright, but it could be an issue if you’re selling a diamond watch or another luxury item.
Diamonds are terrific investments. If you are looking to get cash for your gem, Boca Raton Pawn is the place to do it. We offer low interest rates, high valuations, and service you can trust. We look forward to seeing you in our shop!