These days, a lot of us are finding our budgets to be just that little bit tighter. Prices everywhere are rising, while our pay packets seem to be staying the same, which leaves many people looking for a new way to generate cash. By turning to your valuables, like diamonds, you have the potential to raise some extra money.
Before you jump in and sort through your jewellery box working out what you can bear to sell, consider all your options. Is selling really necessary? Nowadays, it’s possible to take out loans against your valuables instead, which is handy for a number of reasons – find out what they are below.
Hang on to your favourite jewellery
I think one of the biggest arguments for borrowing against your diamonds rather than selling them outright is that you don’t have to part with them forever to get the money you need. After all, for most of us, things like diamond rings have serious sentimental value, so the thought of selling them can be quite difficult to come to terms with.
Loans are a really useful alternative that more and more people are opting for. To get your diamonds back, you’ll need to repay the right amount by the specified date, but provided you do that, you’ll be reunited with them before you know it.
Get a fair price
Another plus point is that by opting for a loan, you can make sure you get a fair price for your diamonds. All too often, if you need to sell your valuables to raise cash fast, you can end up accepting a lower price than they are worth.
So, how does taking out a loan differ? Well, provided you do so with a reputable company, an expert will carry out a thorough evaluation of your diamonds, which means you’ll have an accurate idea of what they are worth.
Plus, using this kind of firm, you can find out if you’ve successfully secured a loan as soon as this process is complete. From then, you could have your money within 24 hours. This means you’re not sacrificing speed by getting your diamonds properly assessed.
Take advantage of rising diamond prices
Now is perhaps an even better time than ever to take out a loan against this kind of jewellery rather than selling, thanks to rises in the value of diamonds. This month (September), rough diamond producer Rio Tinto announced its diamond value predictions for the future, revealing that prices are expected to rise over the next decade.
Without wanting to get too technical, this is basically because demand is predicted to outstrip supply. What this means for those of us hoping to get the most out of our diamonds is that you can maximise their worth by taking out a loan against them.
How? Well, you need to do a little more than borrow against them – but that is one step. First of all, securing a loan now means that you get a short-term financial boost. After successfully paying back said loan, you’ll be reunited with your diamonds. Hang on to them for a few more years and watch them become worth more and more; in the future, you can take out another loan against them or sell them outright, potentially benefitting from higher prices and thereby pocketing more money.