Diamond

Rethinking your old, gold ways to get money against your diamonds and investing in newer, more lucrative avenues is the need of the hour. rightly so. With rising inflation, dipping real estate prices and a sluggish job market; getting financing from conventional lenders has become more difficult. Given this scenario, investing in a collateral that appreciates over time is important. If you have a diamond or two lying around at home and are looking for some creative ways to invest it rather than letting it sit in a safety deposit box for years to come, here are some pointers. The world of financing against collateral such as diamonds is changing fast with new opportunities arising every day. In this blog post, we highlight 3 ways to get loans against diamonds with ease:

 

Getting Loan Against Your Diamonds – Should You Go For It?

The global diamond industry is projected to grow from $72 billion in 2017 to $91 billion by 2022. Selling a diamond ring is a popular asset to get a loan against due to its easy assessment of value. Before you decide to get a loan against your diamonds, you must ensure that the value of your diamonds is higher than the amount you are applying for. The loan must be repaid within a specified period of time, usually from one year to 10 years.

 

Option 1: Borrow Against Your Diamonds Yourself

Getting a loan against your diamonds is a good way to keep your diamonds and get the money you need. Before you get the loan, you should get an appraisal done, make sure you can repay it, and consider the interest rate.

 

Option 2: Using a Licensed Loan Broker

A loan broker can help you get a loan against your diamonds without the trouble of appraisals, paperwork, and other steps. The loan broker represents you in the transaction and charges a fee for his services, usually ranging from 1 to 3 percent of the total loan amount.

 

Option 3: Finding a Sponsor in the Diamond Industry

If you want to get a loan against your diamonds, you may want to consider finding a sponsor in the diamond industry. A sponsor is someone who is in the diamond business, who may be willing to lend you money against your diamonds and keep them as collateral. You, in turn, will pay the amount back with interest over a specified period of time. A sponsor is often willing to lend you money at a lower rate of interest than what a bank would charge you. This is one way to go about getting a loan against your diamonds. You can read more about how to get a loan against your diamonds using a sponsor here.

 

Conclusion

The world of financing against diamonds is changing fast with new opportunities. You can easily get loans against your diamonds.

Joseph

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