It is absolutely understandable to have questions about the safety of your jewelry when you use it to secure a collateral loan. Taking a loan on your jewelry requires leaving it with the lender, so the conditions in which it is kept and the procedures surrounding the loan are key to its security.
Preparing Your Jewelry
The jewelry that is offered as collateral is inspected at your appointment for any damage or areas of concern, such as a loose center stone on an engagement ring. The appraiser makes a note of any condition issues in the description of the item on the contract. Other identifying characteristics, such as the number of gemstones, the approximate weight of any gemstones, and any serial numbers is also recorded. A high-quality photograph of every item of jewelry at intake is taken and stored electronically for future reference.
Packing Your Jewelry
Jewelry items are each carefully wrapped in tissue and then sealed in waterproof plastic bags. These are then packaged in a padded envelope of appropriate size and sealed with packing tape. The loan number – tied to the customer name and date of the loan – is applied to the package on a label. The package is then stored in numerical order in secure storage. If the jewelry must be stored in an accompanying box, the box is first wrapped in plain paper and sealed, the loan number label applied prominently. Any accompanying boxes not used in secure storage are packed carefully in paper and labeled with the customer name and loan number to be returned with the jewelry upon redemption.
During the Life of the Loan
While the loan is active, the sealed jewelry package simply waits in storage until the redemption is scheduled. Accompanying boxes and paperwork are likewise carefully stored – untouched – while in loan. The secure storage space is under constant alarm and surveillance and insurance is provided for the duration.
Picking Up Your Jewelry
When you schedule a time to pay off the loan and retrieve your jewelry, the loan package and any accompanying boxes and paperwork are removed from secure storage in preparation for your visit. During the appointment each item is carefully unpacked for inspection and then carefully repacked, if required.
In Closing
At all times during the loan process – intake, storage, and pick-up – jewelry items are handled with care and respect. The level of security furnished for the storage of jewelry items meets and exceeds insurance requirements and loan industry standards and every effort is made to provide customers peace of mind while their items are stored with us.
