If you have loose diamonds or diamond jewelry that you don’t want to permanently part with, but you need money quickly for unexpected expenses, consider taking out a collateral loan on your diamonds. Our Tustin location performs diamond appraisals and can provide same-day diamond-backed loans for you. Watch & Wares is fully licensed and bonded, and we offer some of the most competitive prices in the area.
The Diamond Appraisal Process
In order to establish the value of the loan, we appraise your diamonds to see what their value on the secondhand market is. Our expert gemologists will assess your stones based on several factors: cut, clarity, color, weight, and condition.
The shape or cut of the diamond is important when assessing value. For example, round diamonds tend to hold the most value in comparison to other, more specialized shapes. The diamond’s color is also assessed, and we assign it a letter on the GIA color scale, with D being the whitest in color and Z being the most color tinted. Clarity will also be assessed according to GIA standards. Our gemologist will evaluate the diamond through as many facets as possible to ensure that they can see all of the present inclusions and identify any blemishes. After we have determined its clarity grade, we take the weight of the diamond into consideration. Diamond prices are based on the weight of the diamond in carats. If your diamond is set in jewelry, we will estimate the weight of it by measuring the diameter and depth down to the millimeter. Once we have determined the value of a diamond in your weight bracket, we will assess the condition of the diamond. Although diamonds are generally in good condition due to their extreme durability, they can sometimes break in areas over time. It is relatively rare for a diamond to be in poor condition, however.
Once we have taken all of these factors into consideration, our expert team will be able to determine the exact market value of your diamond and offer your a fair and honest loan value based on its value. If your diamonds are set in a jewelry piece, the value of the overall jewelry piece will also be evaluated and added to the loan total. For example, vintage estate jewelry tends to have a higher value.
Collateral Loan Terms
After one of our highly-trained gemologists assesses your piece and determines its market value, we’ll offer you a loan amount. There is no obligation to accept it, but we offer our best price right away. All of our collateral loans are four-month loans with a ten-day grace period. Our interest rates are based on the value of the loan, and they’re always state regulated. Should you choose to accept the loan plan offered, we’ll issue you a loan ticket that contains all of the relevant information about your loan terms. We’ll then hold on to your diamonds until you repay the full loan within the agreed-upon four-month timeframe. You also have the option to renew your loan by paying the entire interest owed. If you fail to pay back or renew your loan on time, then we will keep your diamonds as repayment. This makes collateral loans a good option for those with poor credit or those who fear damaging their credit score, as failure to repay collateral loans never affect your credit. If you do repay your loan in full, you can then come in and collect your diamonds at any time.
You can get a substantial amount of money quickly by borrowing against your diamonds with a collateral loan from Watch & Wares. If you have loose diamonds or diamond jewelry that you would like to have evaluated for a loan, stop by our Tustin location and allow one of our experienced appraisers to determine the value of your piece. We have been serving the Orange County area for more than 25 years, so you can trust us to consistently offer competitive prices with transparent processes and premium customer service.