Engagement rings can be the most expensive jewelry purchase a person makes, which is why bridal jewelry is one of the most pawned items for men and women alike. New York Loan, a luxury pawnshop in Manhattan’s Diamond District, frequently loans against diamond rings and wedding bands.
“Engagement rings, particularly GIA certified diamonds, are worth quite a bit of money and borrowers do not want to leave such significant possessions with just anyone” said Jordan Tabach-Bank, owner and CEO of New York Loan Company. “It’s a smart choice of collateral for those who have short term liquidity issues and value confidentiality and security.”
New York Loan has graduate gemologists in the office who are experienced and knowledgeable about diamond and colored stone bridal jewelry. Round, princess, marquis, pear, oval, asscher, and step cuts are the most common diamond shapes seen in engagement rings. Colored stones are making a comeback in engagement jewelry with stones like rubies, sapphires and emeralds. This luxury pawnshop also specializes in signed one-of-a-kind wedding jewelry from high-end designers like Tiffany & Co., Cartier, Graff, and Bulgari.
While some may be nervous to pawn such a sentimental item, borrowers can be comfortable pawning at “Pawnshop to the Stars” (as it was coined by the media). New York Loan’s offices are located in the International Gem Tower, one of the most secure buildings in Manhattan, with all collateral stored in state of the art vaulted security. The luxury pawnshop is dedicated to making sure clients feel comfortable with the transaction, and work closely with each individual to help them understand the pawn loan process from the moment they walk in until the time they eventually redeem. Tabach-Bank explains “Our redemption rate is higher than 90% –which means that almost all of our customers come back for their items, and engagement rings are no exception. We want rings back on the fingers of our borrowers, not in our showcase.”
Confidentiality is the cornerstone of New York Loan Company and its sister store Beverly Loan Company, no client information will ever be voluntarily disclosed and the location and office environment is uniquely designed to protect clients’ anonymity. For those who may be getting a divorce, and do not want to retain their bridal jewelry, New York Loan will also make a discreet outright purchase and pay top dollar.
It is important to remember to bring any available box, paperwork, and GIA certifications when making a sale to or loan with New York Loan. These additional steps can help raise more money and expedite the process.