If you need quick cash and you have diamond jewelry or loose diamonds lying around the house, now is the best time to have it appraised and use it to get a loan. However, before doing so, here are a few things you need to know.
- Only have your diamond jewelry appraised by gemologists or diamond grading experts. Doing otherwise (engaging with fly-by-night diamond buying operations or businesses) can compromise the value of your diamond, affecting the amount of the loan you can make.
- Secure an appraisal from a reputable company. What do we mean by reputable? A company that is built on honesty and integrity. A company that puts a high value on your most treasured diamond jewelry, and can protect it from potential theft. Some businesses hide theirs in unsecure vaults, while others have hi-tech equipment to safeguard your diamonds. Does the appraiser have references? It would prove credible if you have professional references like banks, trust companies, and attorneys.
- Discretion both on your part and theirs. You don’t want to announce to people that you’ve just been to a diamond buyer or loan provider and have it made obvious right? Make sure the company also resides in a safe neighborhood or you risk not just your jewelry but your life too.
- Go to a diamond appraiser who can professionally appraise your diamonds. They must have full knowledge of of Diamond Color, Cut, Carat and Clarity. Educate yourself on the 4 Cs and you won’t be thought the fool when you have your diamonds appraised.
Diamond Color – this refer to the presence or absence of color in white diamonds. Color specifies the tone and saturation of color, or the depth of color in a diamond.
Diamond Cut – this refers to the reflective quality of a diamond. Brilliance or shine of a diamond depends heavily on the quality of its cut.
Diamond Carat or Weight – some people mistake a Diamond’s Carat to Gold’s Karat. Carat is used to determine the weight of a diamond. A carat is equal to .2 grams or 200 milligrams.
Diamond Clarity – this refer to the natural imperfections present or exists within a diamond. The clarity of a diamond determines its value. The more blemishes it has, the lower the value.
Think carefully if you want to sell it outright or just put it up for a loan. Obtaining a diamond loan may prove wiser in the long run as diamond prices go higher as time passes by.
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