Diamonds are one of the most valuable assets in the world, but it is difficult to find a reliable place to to buy or sell diamonds or to use diamonds to borrow money against their value . This blog post will discuss how pawnbrokers can help you buy, sell or borrow against diamonds.
We’ll also explore why traditional jewellers may not be the best bet when looking for diamonds. Pawnbrokers have no incentive to inflate prices as they don’t refer to retail values when looking at diamonds. Rather they look at the core value of diamonds as they are traded.
How to Buy and Sell Diamonds with a Pawnbroker
Before you can compare the services of a pawnbroker and a traditional jeweller, you’ll need to know how pawn shops work. If you want to borrow against loose diamonds or jewellery, a pawnbroker will assess the items and use the value to offer a loan amount. Once accepted, you’ll receive cash for diamonds (or whatever items you’re pawning) and the pawnbroker will keep hold of the diamonds as security for the cash loan.
You remain the legal owner of the diamonds and can get them back by paying off the loan. If necessary, the loan can be extended giving more time to repay. If the loan is not repaid within the six month time frame, the pledge can be sold by the pawnbroker to repay the loan.
Some pawnbrokers have diamonds for sale at more realistic prices than say a retail shop so it’s worth checking if they have unredeemed pledges for sale consisting of diamond jewellery such as diamond rings or tennis bracelets, Diamond cluster jewellery or separate gemstones.
Whether you have a single piece of diamond jewellery or multiple loose diamonds, a pawnbroker can help you access their monetary value as you get cash for diamonds. Want to know more? Get in touch with Maxcroft on 0208 518 1828 or email us at enquiries@maxcroft.co.uk.
Dealing with a Traditional Jeweller
If you want to sell diamonds, a traditional jeweller may not be able to provide the help you need. Today, many jewellery shops only sell diamonds to customers but will not necessarily be interested to buy diamonds from the public preferring to source their stock from industry suppliers instead.
Even if you do find a traditional jeweller who is willing to purchase your diamonds, you might find that they don’t offer you a very good price for them.
When you’re planning to purchase diamonds, a traditional jeweller might seem like the obvious place to go. However, buying from a jeweller means paying retail prices, which can be substantially higher than the prices available at a pawn shop. By looking around and finding a pawnbroker who is selling diamonds, there’s a good chance that you’ll find diamonds at a more attractive price.
Retaining Ownership of Your Diamonds
Retaining ownership of your diamonds is another key difference between selling to a traditional jeweller or borrowing cash against diamonds with a pawnbroker. If you sell diamonds to a local London jeweller, for example, it’s likely that they’ll purchase them outright. Once the deal is done, you’ll have no option to buy them back.
In contrast, working with a pawnbroker enables you to retain ownership of your diamonds, while accessing cash for them. Provided you repay the loan, the pawnbroker won’t be able to sell your diamonds. Once the loan is repaid, you’ll be able to collect your diamonds and retain possession of them, sell them or use them to take out another pawnbroker’s loan.
To learn more about borrowing money against diamonds at a London pawnbroker, talk to our friendly team now on 0208 518 1828 or email us at enquiries@maxcroft.co.uk.
How Long Does It Take to Get Cash for Diamonds?
At Maxcroft, we understand that sometimes you need cash quickly, which is why we make speed a top priority. In fact, you can get cash for diamonds instantly when you decide to use our pawnbroking service. We’ll simply appraise the item, offer you a loan amount and if you choose to proceed, you will receive the cash on the spot. If you want to get cash for diamonds in the form of a same-day cash loan, then our London pawnbroking service is certainly what you’re looking for!
How Much Are Your Diamonds Worth?
The value of your diamonds will determine how much you can access in the form of a pawnbroker’s loan. Diamonds can be extremely valuable, which is why many people choose to use them as security for a pawnbroker loan. However, the value of diamonds can vary depending on their cut, clarity, and size. Due to this, our experienced team will assess loose diamonds or diamond jewellery to determine the value before making you a loan offer.
Are you interested in borrowing money against loose diamonds or diamond jewellery in Essex or London? Maxcroft has over 40 years of experience, offers outstanding service and issues loans against assets and valuables.
If you’d like to discuss an item that you are considering pawning, take a look at our Pawn Diamonds website page here. Alternatively, contact our talented team on 0208 518 1828 or email us at enquiries@maxcroft.co.uk and we’ll be happy to help.
