White Pine Trading LLC, a recycled diamonds firm, is increasing its diamond liquidation services for the pawnbroking industry by providing a cash-advance system that could enable sellers to raise cash flows while White Pine looks for the best price through its international sales events and brokerage.
White Pine has tested the service over the past year, with more than 10 pawnbrokers in the United States.
In the pilot program, diamond experts from White Pine worked with pawnbrokers to appraise their diamonds and provide cash advances of approximately 75 percent of those market-based appraisals. Typically, this would amount to a one-month extension of credit, the firm said in a statement.
“Owners of pawnbroking businesses across the country continuously stressed the importance of cash flow,” said Myles Schakler, Director of Sales for White Pine. “White Pine created this program in direct response to this need. Our goal is to help pawnbrokers further their business in today’s highly competitive and global marketplace by giving them immediate access to cash even while we identify potential purchasers for these goods through our global sales events or brokerage program.”
By submitting their diamonds to White Pine’s global sales events and daily brokerage program, the company believes that pawnbrokers gain maximum exposure and are better positioned to achieve real market prices. White Pine’s global network includes more than 3,000 diamond wholesalers, jewelry manufacturers and dealers in 11 countries.
White Pine also believes that pawnbrokers benefit from the advice and global contacts of these experts, who identify target markets and customers from Manhattan to Mumbai.
“Speed is one of the hallmarks of our turnkey approach for pawnbrokers, which typically enables us to move inventory within 30 days of the initial cash advance,” added Schakler. “We’re proud to be able to help this important sector of the U.S. jewelry business.”
