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Strapped For Cash But Have Diamond Jewelry Pieces? What To Know To Ease Your Financial Woes

2 November 2018

Mathéo Gerard

Going through a troubling time financial can be very stressful, but if you have a lot of diamond jewelry pieces you aren't sure what you want to do with, there is a way that you can get some money off the pieces without having to get rid of them. It doesn't matter if the diamonds are from an inheritance, an ex-spouse or partner, or where they came from; if they have value, you may be able to take advantage. Here are some of the things to think about.

Determine the Value of the Diamonds

You want to determine the value of the diamonds by having each one appraised. You want to take the diamonds to more than one diamond appraiser, to make sure that you truly know what the value is. Once you know how much each diamond or piece of jewelry is worth, you know which diamonds you can use to get a small loan.

Get a Diamond Loan

If you have a diamond that is worth thousands of dollars, you can take out an equity loan on the ring. You can use a diamond loan brokerage, and they will be a shop that specially deals with these types of diamond loans.

The brokerage will do their own appraisal of the diamond and then let you know how much money you can borrow. Then after the loan is paid off, you can decide what you want to do with the diamonds or jewelry pieces.

Consider Selling Outright

There may be advantages to selling the diamonds or the pieces outright. If you don't like looking at the piece and if you know you are never going to wear the item again, you may just want to sell it and get the cash to help with your financial strife, and without having to worry about paying any money back. See what the top price you can get is before you decide to do this.

There are a lot of different reasons why people collect, inherit, or are gifted diamonds that they no longer want, and why these use these stones to take out small equity loans or to make some money fast. If you are having a financial problem and you think that the diamonds you have are valuable, find out what the best option is for you. If you aren't ready to say goodbye to the diamond, get a small loan for the stone and get it back when the money has been paid back.

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