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    Start with a Diamond
    Start with Setting
    May 12

    1480099754_33b9b0e65cTimes are tough and you may be wondering if it’s time to visit one of those gold parties. Diamonds have traditionally been a way to secure wealth as a commodity, instead of paper money, and there are companies that lend on diamonds, if that’s what you have. You probably aren’t going to own any big league celebrity-size diamonds, but even a small stone can help you score some ready cash.

    Pawn Your Diamond

    One easy way to use the diamond to borrow funds is to pawn it. Lots of people favor this approach because they aren’t actually selling the diamond they’re just using it secure a loan. They have a set period of time to come back and buy the diamond back. If you’re only interested in getting a loan with your diamond, there are many pawnshop companies that are willing to do that.

    Sell Your Diamond

    The second-hand market for diamonds varies on what type of diamond you have and what the market will bear. If you’ve gone through a divorce, you may want to sell, and there are online stores that will let you do that. IdonowIdont.com is one such second-hand retail market for diamonds. You will probably have to get the stone appraised to find out what it’s worth, so that will eat into the price of your diamond too. It’s great for sellers, but buyers may actually find a better place to shop is online places that can discount diamonds based on wholesale prices, not a retail price.

    Sell the Setting

    You can still opt to keep your diamond and sell the setting instead. Many old settings are made with 18k gold and are worth a bit all by themselves. You just find a buyer of gold and ask them to remove the diamond and buy the setting. If it’s worth enough to them, they’ll do it. You can always reset the diamond into a pendant or a new ring, and thus get the best of both worlds. Some cash and you get to keep your diamond! Just be sure that you have them remove the diamond in front of you, to avoid unscrupulous merchants who might want to switch the stone while you’re not looking.

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